Have you gone cashless?

[Pale Rider]

Mention of bank notes in another thread reminded me I very rarely use cash now.

Things were headed that way before Covid, but with retailers now preferring cards for even small purchases I don't use cash from one week or month to the next.

Lockdown means fewer opportunities to spend face to face, but I think nearly every retailer I might use in the future now takes cards.

The mobile card readers have made a difference - the last burger van I used had one, and I noticed on a couple of farming documentaries that every market stall holder selling food has one.

My last semi-regular cash transaction was at my local drive through car wash - currently closed due to lockdown - but I think the driver in front of me last time paid with a card.

I suspect cashless may become part of the post Covid new normal, because I can't see people willingly going back to cash.

Oddly enough, my last cash payment was also my most expensive recent purchase - £2,000 for my new bathroom.

Have you gone cashless?

 

[Dave7]

TBH......prior to Covid, with the scare mongering, I was loathe to go contact less. As you say, its now a way of life.
There is a small 'card' shop that we support for all birthday cards etc........he doesn't have a card gizmo so I have to pay cash ut it now seems odd doing so.

 

[Mike Ayling]

Our local Indian and Chinese take away providers require cash claiming that the can't get their bank apps to work but methinks it might just be for tax planning purposes.
Mary and I use cards for everything else.

Mike in Oz

 

[ianrauk]

Yes. I really can't remember the last time I either used cash or had cash on me.
For shop payments I mostly use my phone and larger purchases a card.

 

[PeteXXX]

Use it or lose it! I imagine that the push for 'cashless' will be the excuse to close more ATM's leaving those that prefer cash to struggle to get any.
Having said that, I use card a bit more than hard cash more now but still have £££ in my wallet.

 

[IanSmithCSE]

Good morning,

<grouch>No, never; Cashless payment is just another cost to be covered in the retail price with no benefit to the customer. <end grouch>

Up until recently the card payment fees were too high, so many retailers had a minimum of say £10 and others added these fees on to the selling price.

Then the law came along banning this, so some businesses put up all of their prices, others ignored the law and charged anyway and some introduced a Service Charge that applied to all transactions including cash to cover this fee.

It is true that the retailer's card transaction fees have dropped a lot, quite recently Paypal introduced a 5% + 5p for very small transactions, Zettle offer a 1.75% fee on all card transactions. These are getting close to bank cash handling fees so are less of a barrier than in the past.

Even in a pub that is 17.5p on a £10 order or possibly 25% of the net profit margin. Of course this fee doesn't divide well, so it's easier to cover it with a 10p price increase rather than a 3.3p one.

So for businesses where the price is already at the limit of customer acceptance, going cashless might be the last straw, this not something that they would notice immediately, just one or two less customers adding up over time.

About 10 years there was a company called Cashbox, they would lend pubs etc, cheap cash machines and the pub would put it's own cash in the machine, Cashbox kept the interchange fee and the pubs saved having to put their cash into the bank.

You can get a cash machine for around about £1,500 if you accept that it is not physically secure against theft, fine for inside a pub where you can empty it at night.

Unfortunately the guy that founded the company ended up in court as he used to work for a bank and had done something wrong when setting up the business, so it was never clear if the model would have worked.

Once cash has gone or mostly gone, it would seem that transaction fees can creep up over time quite easily.

I also expect that the pay by phone option is going to come under regulatory pressure soon as it is becoming too popular and it is in effected un regulated short term credit.

Bye

Ian

 

[PaulSB]

We withdrew cash three times in 2020 - 3 x £50 and I still have £40 in my wallet.

I've used contactless for as long as I recall and feel the big difference is the "embarrassment" of offering contactless for a couple of quid item has gone.

 

[Brandane]

I've been cashless for all of my 59 years .

 

[ebikeerwidnes]

I only use cash for a couple of things
main thing seems to be the chippie - the one that is not closed on a Monday only deals with cash - the other one seems to have one but I have never seen it used so I just give them cash

 

[biggs682]

Tbh we have been using contact less payments since first lockdown.

But then apart from filling the car up not been shopping other than online.

Our local Chinese will only deal in notes or animals

 

[Brandane]

Seriously though....
Like most I have been using contactless payment a lot more recently. The concern I have is trying to keep track of it on bank statements, when there are so many more transactions than previously. Only recently I found a couple of "WTF?" transactions, as the name of the company on the statement bore no resemblance to the name of the retailer. I had to rack my brains but it turned out to be genuine. On the plus side, it has stopped me from accumulating excess loose change, a pet hate of mine!

 

[oldworld]

After saying I'd never use contactless payments I now don't carry any cash and haven't carried any for over 6 months.
I've found this method works everywhere I've needed to pay, so far!

 

[Slick]

Pretty much cashless but my wallet has been sitting through in the kitchen since Christmas eve and I lifted it for the first time on Friday as I bought a new vehicle and had to fuel it.

When running a business, cash was always king but I honestly can't remember the last time I even needed coins in my pocket as I don't even buy a paper now but I still feel quite uncomfortable without a couple of quid in my pocket even if it's the same coins I've had for months.

 

[Fab Foodie]

Yes, apart from an emergency 10 in my wallet.

 

[Salad Dodger]

Cash to pay for Chinese takeaway deliveries.
Cash to pay for firewood, which we buy by the cubic metre bag.
Card for everything else.

If we ever get back to singing and playing at local pubs, then I will go back to paying cash for drinks, rather than on a card.