Cash, are its days numbered?

PFGEN

GCM
Corona has petty much made things cashless here. I took out 50 euros in January and its still sitting in my wallet. It's likely to be there for some considerable time. Nobody wants cash anymore.

Gone are the days when I used to carry around several different currencies for the odd opportunity to make some extra. Usually student types looking a closed Bureau de Change and no local money. I'd offer them some really shit rates but then I was the only one open. The intro of the euro put paid to a lot of that, another nail in the coffin of free enterprise.
 
What do i give to my grandchildren when they visit, how do i explain to a 8 year old that"you need to buy a card reader, and get a bank account" how are the young going to find out about the worth of money earned, without seeing the real thing, in its raw form, and understanding its worth, and function. What do i give my 15 year old grandson when he cuts my hair? what do i put into the paperboys Christmas card .....a F-ing IOU?
I struggle to see the connection between handling cash and understanding its worth or function. It’s just a way of paying for something.

Both of my daughters (14 & 12) have cards and bank account apps on their phones. We can top them up with cash from our phones. Their grandparents live either a five hour flight or a 24 hour flight away and communicate with them mostly by Skype. They top up the girls cards when they give them cash.

As for the paper boy, thats another concept who’s days are numbered. Printed newspapers will go the same way as cash. I can’t remember the last time I read a newspaper; my children probably never will.
 
I will not use cash machines which charge me to take my own money out, nor will I purchase from businesses which charge me for using a card.
IMHO the former has far more reason to charge; cash machines are expensive to install, cost money to operate and require the secure delivery of significant quantities of cash. Why should they be free to use?

Modern card readers cost bugger all to buy and run and pass an insignificant fee on to the business to cover the transactional cost. A fee that is probably cheaper than the alternative of handling cash. Why should the business charge for their use?
 
IMHO the former has far more reason to charge; cash machines are expensive to install, cost money to operate and require the secure delivery of significant quantities of cash. Why should they be free to use?

Modern card readers cost bugger all to buy and run and pass an insignificant fee on to the business to cover the transactional cost. A fee that is probably cheaper than the alternative of handling cash. Why should the business charge for their use?
Why should I be charged for access to what is mine? When I first got a job, I was quite happy to queue on a Friday lunchtime outside the pay office, and pick it up all in one go. Cash machines outside banks, post offices and supermarkets are free to use, and I use them. Cash machines in some other locations like some motorway services are not, and I dont have to, I don't want to, and I'm not going to use them.
 

Chef

LE
IMHO the former has far more reason to charge; cash machines are expensive to install, cost money to operate and require the secure delivery of significant quantities of cash. Why should they be free to use?

Modern card readers cost bugger all to buy and run and pass an insignificant fee on to the business to cover the transactional cost. A fee that is probably cheaper than the alternative of handling cash. Why should the business charge for their use?
Firstly. That insignificant fee to the business is passed onto the customer already at lower priced purchases. Would it stay low in a cashless society?

Secondly. I'd say to increase their profit margin. Theoretically if and when the cashless society arrives the millions it costs to transport, store and guard money will not need to be spent. So prices to the consumer should go down a bit.

I don't think that'll happen
 

Anonymous Yank

On ROPS
On ROPs
It’s pretty simple; about 75% of transactions are cashless and about 25% of the population don’t carry cash. So, if you don’t take cards or charge for their use, you’re turning sales away.

Any small business using a bank-provided card machine is paying around 2.5% card fees. Independent providers like Square charge 1.7%, yet most small businesses still use bank provided machines.

If you take cash, you have to count it and take it to the bank. Even if you use a bank POS and pay 2.5%, an hour spent handling cash costs more than the savings you’ve made on 500 transactions of under £5.00.

Hence my comment.
JPM/Chase (Paymentech) seems to be slowly creeping up it's fees for new clients... My own biz account gateway with them is at 2.5%, I have helped set up a few biz accounts for clients with them and they jumped up to 2.7% a couple of years ago. When I helped my gf switch her biz to Chase late last year they set her rate at 2.9%.

Square is, of course, 1.7%, and the immediate option brings that up to a total of 2.7%. I don't mind paying an extra imaginary (due to rounding) 2 cents on an immediate $10 anyway.

I don't however keep more "cash" than I need in the bank. Most of it is pulled out and converted to physical metals, and I top up the cash in my wallet to $1000 at the beginning of every week.
 

miner69er

Old-Salt
As i have said in earlier posting be aware of negative interest rates. That and CPI / RPI will eat into your money. RPI/ CPI say 2 % then negative rate of -2%. So overall you are losing £4 on every £100 you hold. £40 on every £1k etc. Still happy.
Any George Osbornes want to put there tuppence - or minus onepence into the argumentt?
 

endure

GCM
IMHO the former has far more reason to charge; cash machines are expensive to install, cost money to operate and require the secure delivery of significant quantities of cash. Why should they be free to use?
Back in the day (the late 60s early 70s in the UK) cash machines were introduced by banks on the basis that they would be beneficial because the banks could employ fewer counter clerks thus saving banks and their customers money.
 

OneTenner

LE
Book Reviewer
I was self-employed for seven years, mainly retail but some 'trade' customers - most relatively high value transactions at >£300 a time, sometimes four or five a day. 'trade' could be many thousands per invoice line. I took the early decision to go VAT registered before I reached the mandatory threshold for two reasons, 1) trade customers. 2) It gives a certain 'legitamacy'.
I also took the decision to 'prefer' card or BACS payments. Debit card payments were 50p per transaction, credit card were 3.4% per transaction plus the monthly fee for the portable card reader which was £25 pcm. The alternative was to take cash & cheques and then try and find time to pay it in, maybe once a week would work - except that would be a full day I wouldn't be earning as I used to travel UK & Europe wide on a regular basis. So for me, cash was a pain - I used to get people asking 'how much for cash?' and 'can you knock the VAT off for cash', the cash price would be an increase in the electronic payment price and the discussion around VAT was along the lines of 'why should I take all the risk, you get all the benefit and still have to account for materials?' - not quite that blunt, but close....
I rarely use cash, I think the last time was November '19 picking up the Mrs. at the airport where I had to pay £2 at the barrier for car parking or face a £100 fine for stopping momentarily on an airport road....
 

B42T

LE
Not sure which will go first, cash or the Euro currency. the € is little more than a monopoly currency anyway and unless the Despots in Brussels create a single treasury with a zone-wide budget then that's where it will always remain, in a games box with the rest of the pieces. IMHO the entire COVIC-19 virus is being used as the 'perfect storm' for closing economies worldwide while the US Fed prints trillions and trillions of $ whilst inflation can't happen as there's no financial velocity to cause it. Meanwhile, the FED buys everything and destroys all forms of competition.
brill, can you go and get 100 million of this monopoly money and then send it to me, thanks mate.
ohhh and get me some other currencies as a bonus cos they are obviously worthless to you.

there are some clowns ( i actually mean future financial gurus on this site).
 

Arte_et_Marte

ADC
Moderator
I'm seeing a lot of them types who having been diddling HMRC for years now in tears as they are getting furlough/grants based on on their tax submissions. I can see HMRC forcing through legisation banning cash transaction in the future to as othre have stated stop black market/undeclared earnings.
Aye it goes on, however, it's not illegal to be paid in cash, I am quite often as a labourer, I don't have a choice, (well I do, not get any work) but I pay any tax due, and keep my NI stamp going. It's never a big sum once I take off travel and PPE. Cash payments will not be banned in my working life and HMRC can and do take dodgy tradespeople to task.

Agree about the Covid grants though. Hahaha!
 
Back in the day (the late 60s early 70s in the UK) cash machines were introduced by banks on the basis that they would be beneficial because the banks could employ fewer counter clerks thus saving banks and their customers money.
I remember my father showing me this new fangled machine for getting cash. It only issued £20 at a time IIRC, which came in a plastic box or wrapper. Until then, the only way of getting cash outside of banking hours was to cash a cheque in a business that allowed it. Usually the pub. And then only what your guarantee card guaranteed.

I think the advent of cash machines was as much about offering customer convenience as it was about saving customers money. Of course it did save the banks some money, but they still had an army of tellers until the advent of phone banking and, subsequently internet banking which was the big killer or branches.

I’ve no issue with luddites wanting to retain cash, just as long as they recognise that it isn’t free and are willing to pay for the privilege.
 
Or own a shotgun and take other peoples food at gun point
As Bill Burr noted, if you do all that self sufficiency thing and grow all your own food all your doing is feeding the toughest guy on the block.
 
I'm in the fortunate position of having a rather good fruit and veg market within a 10 minute walk where the basic selling point is "pound a bowl".
Now that market has been there since the 1200's and I doubt much has changed over the centuries: last weeks failed £4 sourdough loaf on a hipsters very briefly held stall could no doubt be echoed by the plaintive wails of Jeanne D'Garlic back around 1478...carte Monsewer...ouch.
 
Given the drive to now require to pay for stuff 'Contactless', is this now the perfect time for the cash to be consigned to the annals of history?

Lost of good reasons to do so, like:

Reduces contact with other humans.
Reduces Tax evasion.
Makes drugs dealers more traceable.
Might do away with Pikeys.

Your thoughts please....
Not good for cash in hand doleys, illegal immigrants, mini cab drivers, etc.
 
Back in the day (the late 60s early 70s in the UK) cash machines were introduced by banks on the basis that they would be beneficial because the banks could employ fewer counter clerks thus saving banks and their customers money.
Er, you did mean increase the already massive profits the banks make?.
 
When last were you in down and dirty Africa?
As I stated in the first line of my original post to you I don't know the situation in South Africa, I was explaining the situation in SE Asia. Your first post did not refer specifically to Africa, you referred to the "third world", I explained how the situation was in my part of the third world.
 
The world is a lot bigger and a lot poorer than just your part of it. I’m guessing your view of poverty is as you cruise past it in your 4X4.

The very poorest are not even recognised by their government, how can they be getting ‘e-cards’ when they are not registered?

‘Cheap and nasty‘ mobile phones will not have the ability to log on to the internet. Many users of these cheap and nasty mobile phones won’t have the first idea of what the internet is, and they’d probably only have a vague idea of what a bank is.

Poverty is not just having to use a government provided e-card to buy a train ticket, it’s more than likely walking to a field and stealing a couple of potatoes, then walking further to eat them raw, or cook them with scavenged wood scraps.

Poverty is not having a clue how to use a light switch, never mind paying the bill in a local shop.
There might actually be some relevance in your post to what I said in explaining the situation regarding emoney use in the region where I have lived and worked for 20 years.

But I can't see what on earth it is.
 

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