Is Cash Making A Comeback?

[naomi24]

//Cash use in the shops rose for a second year in a row after a decade of falls, according to retailers.

Notes and coins were used in a fifth of transactions last year, the British Retail Consortium (BRC) said, as shoppers found cash helped them to budget better.//

 

https://www.bbc.co.uk/news/articles/c1el81lenq1o

[ToraToraTora]

Not so much a comeback as a bottoming out. I think we have reached the level of cash usage that will go no lower.  There is still a need for cash, especially when the card machines break which they do! I always have some bangers on me so I don't get caught out like the saucepans when the machines are not working.

[Omg21]

One of our local shops has just decided to accept cards only.  It hasn't gone down too well with the people that I know.  They would still like the choice of cash or card.

[Khandro]

An old musician / artist friend (r.i.p.) & I made a pledge many years ago to always applaud or reward live music.

In my local town yesterday two elderly guys were busking, one with guitar the other a mandolin, so I did the honours, with cash of course. 

If cash ever goes away, they'd starve.

[dave50]

I thought shops had to pay a fee every time someone used a card, so I would have thought they  would prefer cash. Perhaps I'm wrong. 

[gulliver1]

Cash is King.

[Ken4155]

Despite the fact i mainly use my card when paying for bought items, i would boycott any store that was 'card only'. No-one likes to be told how to spend their money.

[Untitled]

I hate cash. It is dirty and inconvenient. I hate having coins rattling around in my pocket. Electric payments are a huge quality of life improvement in my opinion... one of the few that i have noticed over the past 10 years. 

[newmodarmy]

Sorry ken, mine was for gulliver.  (Congrats on your Fatasy Football score last night, by the way.)

[newmodarmy]

I hate cash too- especially when someone gives a  pile of copper and silver. (I did a neighbour's shopping recently and paid by card. She repaid me in full- £7.90- but all in coins including loads of coppers- grrr. It'll hang around for ages.)

[chelle7272]

Business do pay ofr sutomers using cards, thought that cost is often passed on to customers in the price of goods.

The difficlty a lot of businesses have is banking cash as there are few bank branches around.

[barry1010]

Dave, banks charged shops for handling cash, too

Plus the other disadvantages of a till grab by thieves and till dipping by staff. 

The risk of taking large amounts of cash to the bank and getting mugged, or the cost of a security service to collect.

Not to mention the time taken to count the cash and balance the till.

These days buskers, charity tin rattlers  and the Big Issue sellers will often take cards - again, less chance of mugging.

I nearly forgot the fake bank notes, too. 

 

[gulliver1]

12.42.🤣🤣 Ha ha.

[barry1010]

Gulliver, cash isn't king as it doesn't have s.75 protection (that has saved me thousands), nor can you claim cashback.

It's not king when you've dodged paying VAT and don't get a receipt and things have gone wrong.

It's not king when you can't find the receipt for that expensive purchase that's broke three years into a five year warranty.

It's not king when you get mugged or lose your wallet - when it's gone, it's gone.

[straydog]

Dave 50 The trouble is the banks charge businesses a fee for handling cash these days depending on the bank and the method of payment.  For instance 

Lloyds Bank: Charges £1.50 per £100 for cash paid in over the counter 

NatWest: Charges £0.70 per £100 for manual cash handling in branch 

Barclays: Charges 60p per £100 for cash deposits, plus a fee for the Barclays Collect service 

the businesses then have to factor in their own costs for counting it all up and taking it to the bank!

[barry1010]

I forgot the customer making a show insisting he gave you a £20 and only got change for a £5.

[straydog]

Sorry Barry at 12.49 I didn't see your post before I posted!  Basically saying the same thing without the mugging!

[sp1814]

People prefer contactless payments 

https://www.takepayments.com/ways-to-pay/#:~:text=Nearly%20half%20of%20our%20respondents,with%20just%2017%25%20for%20cash.

 

Also - you can't use cash for online purchases and online retail sales have risen from 10.6% in to 265% in the ten years from 2012. 

https://www.ons.gov.uk/businessindustryandtrade/retailindustry/timeseries/j4mc/drsi

[davebro3]

I keep 20 quid in my wallet & few coins in the car "just in case" but I rarely use cash.

[gulliver1]

Who did you nick the 20 Quid off ? Dave.