Jump to content
IGNORED

A nail in the coffin for "cash"?


Port Said Red
 Share

Recommended Posts

My father in law likes to put money into saving accounts for his grandkids and great grandkids, he wanted to keep this going despite the current situation so he went to the bank whilst on his weekly shopping trip. They refused to take cash........... I'll just repeat that. The bank, refused to take cash! 

I have seen signs in shops saying please pay by card where possible and I would guess for the vast majority that will work ok, personally I have had a £20, £5 and some loose change in my wallet for about 7 weeks now, and it looks likely to be there for at least 7 more. Online is easy, a card or preferably Paypal account is easy, and in the high street even Big Issue sellers are trialing the hand held card readers, but I think there is a section of the economy that will be mortified at the thought that cash might disappear.  

Link to comment
Share on other sites

3 hours ago, Port Said Red said:

My father in law likes to put money into saving accounts for his grandkids and great grandkids, he wanted to keep this going despite the current situation so he went to the bank whilst on his weekly shopping trip. They refused to take cash........... I'll just repeat that. The bank, refused to take cash! 

I have seen signs in shops saying please pay by card where possible and I would guess for the vast majority that will work ok, personally I have had a £20, £5 and some loose change in my wallet for about 7 weeks now, and it looks likely to be there for at least 7 more. Online is easy, a card or preferably Paypal account is easy, and in the high street even Big Issue sellers are trialing the hand held card readers, but I think there is a section of the economy that will be mortified at the thought that cash might disappear.  

A mate of mine, a year older than me and pretty tech savvy, still refuses to use online banking. He won`t listen to anyone about it and still insists on carrying cash to pay for everything.

Link to comment
Share on other sites

43 minutes ago, grifty said:

Isn't this more about reducing hand to hand contact of the cash and transferring germs/viruses?

Yes it is currently, but my point is, there are fewer and fewer outlets dealing in cash. I was talking to one of the local shops just before all this and he was saying that their "cash" takings we 40% lower than 2 years ago. We went to Amsterdam in December and even on the market stalls, they had signs saying card only. We went there with 200 euros and came back with 180. Now they have extended the contactless payments to £45, It's going to go even further. Imagine the savings for the government by producing less currency, especially with all the work they have had to do to make it secure. 

 

48 minutes ago, Lanterne Rouge said:

A mate of mine, a year older than me and pretty tech savvy, still refuses to use online banking. He won`t listen to anyone about it and still insists on carrying cash to pay for everything.

I won't go near the banking pages without my VPN on and using the incognito option, just common sense really.

Link to comment
Share on other sites

21 minutes ago, !james said:

We'll all go cashless soon, it'll just be a few of the older generation and the tinfoil hat bridge who will refuse. Can't remember the last time I paid with cash for anything. 

It wasn`t that long ago, a couple of years maybe, that I used to get surprised by someone buying a coffee with a card. I do it myself now more often than not.

  • Like 1
Link to comment
Share on other sites

31 minutes ago, CyderInACan said:

@Arthur Daley won’t like this eh @Dollymarie

Don’t even get me started! Although he’s had me out doing pretty much all the food/lager shopping, and then he just bank transfers me it. He did complain the other day he’d had a tenner in the house for ages and not spent it cos the shops aren’t keen to take cash at the moment :rofl2br:

Link to comment
Share on other sites

20 minutes ago, Dollymarie said:

Don’t even get me started! Although he’s had me out doing pretty much all the food/lager shopping, and then he just bank transfers me it. He did complain the other day he’d had a tenner in the house for ages and not spent it cos the shops aren’t keen to take cash at the moment :rofl2br:

Can’t you get him into the 21st century?

Link to comment
Share on other sites

Cash will always be cash when all this is over. Have to admit though I’m using card more often and finding it easier and it prevents putting your hands on cash and receiving cash in change from shops. There will always be the older generation and I’m not to far away for being in this class that cash is always king. 

Is it to comforting to sit on your wallet with a wad of cash. It makes you feel rich where a piece of plastic does not.

Link to comment
Share on other sites

23 minutes ago, City oz said:

Cash will always be cash when all this is over. Have to admit though I’m using card more often and finding it easier and it prevents putting your hands on cash and receiving cash in change from shops. There will always be the older generation and I’m not to far away for being in this class that cash is always king. 

Is it to comforting to sit on your wallet with a wad of cash. It makes you feel rich where a piece of plastic does not.

I think it will be seen as an anathema in a generation, people will reminisce about the old days when you actually saw money.

Link to comment
Share on other sites

23 hours ago, grifty said:

Isn't this more about reducing hand to hand contact of the cash and transferring germs/viruses?

it is. Even now some people hold notes in their mouths whist packing their shopping before (trying) to use them to pay for it. Especially older men, and licking their fingers to count banknotes, its a habit they can't break.

Link to comment
Share on other sites

On 01/05/2020 at 17:33, Lanterne Rouge said:

A mate of mine, a year older than me and pretty tech savvy, still refuses to use online banking. He won`t listen to anyone about it and still insists on carrying cash to pay for everything.

That's me; having spent the last ten years in a treasury function dealing with banking system there is no way I am using online banking.  Notice how often their systems go down?  That's because they are mostly written in obsoltete code with a dwindling pool of people who can use that code propping them up.  A really big system failure lasting a week or more is on the cards IMO.

 

On 01/05/2020 at 19:15, !james said:

We'll all go cashless soon, it'll just be a few of the older generation and the tinfoil hat bridge who will refuse. Can't remember the last time I paid with cash for anything. 

 

I wouldn't have thought I qualify as either of those.  I like cash because it massively simplifies my banking.  I have about eight transcations a month, one or two of which are cash withdrawals, so it's easy to check and keep track.

I don't want thirty transactions for various low value purchases cluttering up my bank statement and requiring receipts and checking; that's precisely why we have cash: the transaction is fully completed there and then and does not need to be subsequently revisited and checked.

  • Like 1
Link to comment
Share on other sites

4 minutes ago, Eddie Hitler said:

That's me; having spent the last ten years in a treasury function dealing with banking system there is no way I am using online banking.  Notice how often their systems go down?  That's because they are mostly written in obsoltete code with a dwindling pool of people who can use that code propping them up.  A really big system failure lasting a week or more is on the cards IMO.

This is sort of true but the root cause is risk.  No bank wants to be the first to try new systems, or to try and update old systems when there are trillions flowing through them.

When systems start failing routinely the risk picture will change and they'll do it.  There will be some disruption but it won't be all systems at once and it will be manageable.

PSD2 is slowly forcing banks to build newer systems alongside the old ones which will help but the backbone is still based on 50+ year old architecture.

  • Like 1
Link to comment
Share on other sites

3 minutes ago, Nibor said:

This is sort of true but the root cause is risk.  No bank wants to be the first to try new systems, or to try and update old systems when there are trillions flowing through them.

When systems start failing routinely the risk picture will change and they'll do it.  There will be some disruption but it won't be all systems at once and it will be manageable.

PSD2 is slowly forcing banks to build newer systems alongside the old ones which will help but the backbone is still based on 50+ year old architecture.

Yes, totally agree that this is how it will change.

The failures though are already too frequent to my mind.  If you have a single bank and always pay by card then what do you do if that card's processing system is down for several days to a week rather than the 12 hrs / 24 hrs it has been  to date?

Especially if you are on holiday or a break; not that they're options at the present.

I can't however see myself doing online banking at any point; primarily because I think I have only done one genuine banking transaction in the last ten years - paying for a holiday let by bank transfer about six years' ago.

Link to comment
Share on other sites

2 hours ago, Eddie Hitler said:

That's me; having spent the last ten years in a treasury function dealing with banking system there is no way I am using online banking.  Notice how often their systems go down?  That's because they are mostly written in obsoltete code with a dwindling pool of people who can use that code propping them up.  A really big system failure lasting a week or more is on the cards IMO.

 

 

I wouldn't have thought I qualify as either of those.  I like cash because it massively simplifies my banking.  I have about eight transcations a month, one or two of which are cash withdrawals, so it's easy to check and keep track.

I don't want thirty transactions for various low value purchases cluttering up my bank statement and requiring receipts and checking; that's precisely why we have cash: the transaction is fully completed there and then and does not need to be subsequently revisited and checked.

People still check bank statements?! I can download mine as a PDF if I need to. Any fraudulent activity is flagged up as last month HSBC alerted me by text and phone call and stopped the payment. If I make a large payment online or to a new company you get sent a text to verify its you etc. 

I'm in my 30s and don't know anyone my age or younger who doesn't use internet banking. Simple to pay tradesman there and then, transfer between savings accounts, credit cards for holidays covered by ATOL etc. Understand the point about card machines going down but can't remember the last time that happened when I've been out. 

  • Like 3
Link to comment
Share on other sites

9 hours ago, Eddie Hitler said:

Yes, totally agree that this is how it will change.

The failures though are already too frequent to my mind.  If you have a single bank and always pay by card then what do you do if that card's processing system is down for several days to a week rather than the 12 hrs / 24 hrs it has been  to date?

Especially if you are on holiday or a break; not that they're options at the present.

I can't however see myself doing online banking at any point; primarily because I think I have only done one genuine banking transaction in the last ten years - paying for a holiday let by bank transfer about six years' ago.

It’s not a separate system though is it? Wouldn’t your fears be the same just having money in the bank, whether you bank online or not?

Link to comment
Share on other sites

3 hours ago, Port Said Red said:

It’s not a separate system though is it? Wouldn’t your fears be the same just having money in the bank, whether you bank online or not?

It is the access to it.  Cash is a general system that will still work if we have a twenty four hour power cut affecting all electrical systems.

Link to comment
Share on other sites

On 03/05/2020 at 14:23, !james said:

 Understand the point about card machines going down but can't remember the last time that happened when I've been out. 

Happened to me in Casablanca, Morocco. Not much fun at the time I must say and hardly a Dirham in my pocket.

Edited by BigTone
Link to comment
Share on other sites

I thought I would resurrect this thread, nearly 16 months on and the push for card only transactions is only increasing. We went to Windsor Racecourse 2 weeks ago and even the bookies were looking for card tansactions, and paying out onto the card as well. We also took our grand daughter to a fair today and paid by card.

I thought these sort of places would be the last bastions of cash, but those little portable machines are are only accelerating the change (no pun intended :) ). 

The savings to the treasury could be huge in time.

Link to comment
Share on other sites

1 hour ago, Port Said Red said:

I thought I would resurrect this thread, nearly 16 months on and the push for card only transactions is only increasing. We went to Windsor Racecourse 2 weeks ago and even the bookies were looking for card tansactions, and paying out onto the card as well. We also took our grand daughter to a fair today and paid by card.

I thought these sort of places would be the last bastions of cash, but those little portable machines are are only accelerating the change (no pun intended :) ). 

The savings to the treasury could be huge in time.

Cash is dead, anyone who holds onto the mantra cash is king is living in a different century. With inflation long term effectively making you money worth less year on year, it makes little sense to hold the vast majority of your money in standard bank accounts. Even with the ability to withdraw cash and or pay by card, in my opinion keeping your money here and making transactions in this way is not the way to go if you want to grow your wealth. People need to open there eyes to the value of their earnings and how they should invest pay and store their earnings. Cash and card are going to.leave a lot of people very poor in the future, those willing go pay and those willing to be paid by other means are going to be the winners longer term.

 

Once the only unit of measurement to pay is buy card (if enforced by banks) it won't be long before we go back to the bad old day of paying for the privilege of depositing and withdrawing of our hard earned cash.

Time for the greater population to open their eyes.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...