Cash Only a thing of the past?

[Matt.smith.TP]

Hello All,

I'm curious on peoples view of cash only business's Covid has changed consumers behavior and I've personally seen a change to SME business changing from cash only and now accept card payments.

If a business had cash only outside would you go and withdraw cash or go to the next store that takes card?

Interested to know.

 

[fisicx]

Last time I went to an ATM was pre-covid. I’ve got a few coins in the car to pay for the odd occasion a car park does take a card but that’s it. Even the charities collecting at the supermarkets now have sumup machines.

 

[Ozzy]

If a store was cash only then I wouldn't be able to buy from them. I haven't carried any cash at all for quite a few years now, must be 6 or more years since I carried a wallet.
I pay for everything using Apple Pay on my mobile, don't even carry my bank cards either. Just my phone, so personally yes I feel cash is a thing of the past.

 

[johndon68]

Our local chip shop went from accepting cards before lockdown to being cash only now, doesn't seemed to have harmed their business at all...

 

[ctrlbrk]

I voted 'other' because, like most things, it depends.

If you are asking internationally, some countries have still many businesses that either rely solely on cash or do not have electronic payments as their primary system.

Japan is one of the most technologically advanced countries in the world and yet paying cash is still very popular, even in big cities.

In the UK on the other hand, I would not expect to have to pay cash practically anywhere.

 

[Matt.smith.TP]

Last time I went to an ATM was pre-covid. I’ve got a few coins in the car to pay for the odd occasion a car park does take a card but that’s it. Even the charities collecting at the supermarkets now have sumup machines.

I agree, I lost my wallet 2/3 weeks ago replaced my cards and was shocked it update on my google pay straight away.

4/5 years ago i was paying for my lunch in Boots with my watch and people were shocked!

 

[Matt.smith.TP]

If a store was cash only then I wouldn't be able to buy from them. I haven't carried any cash at all for quite a few years now, must be 6 or more years since I carried a wallet.
I pay for everything using Apple Pay on my mobile, don't even carry my bank cards either. Just my phone, so personally yes I feel cash is a thing of the past.

I live in a small town if they say it's cash only, I ask why and try and explain the benefits of one but i will very rarely go and withdraw cash to return

 

[Matt.smith.TP]

Our local chip shop went from accepting cards before lockdown to being cash only now, doesn't seemed to have harmed their business at all...

My Favourite Chinese never took Card and wasn't on Just eat or other apps, it closed in November last year.

I'm still not over this!

 

[Matt.smith.TP]

I voted 'other' because, like most things, it depends.

If you are asking internationally, some countries have still many businesses that either rely solely on cash or do not have electronic payments as their primary system.

Japan is one of the most technologically advanced countries in the world and yet paying cash is still very popular, even in big cities.

In the UK on the other hand, I would not expect to have to pay cash practically anywhere.

I think it'll have a place for years to come personally but I think if you don't take card payments you will get left behind but it all remains to be seen, Some people are unwilling to pay by card

 

[simon field]

There’s a whole taxless economy out there which relies on cash moving around without trace.

Builders, window cleaners, hairdressers, mechanics, contraband, naughty substances etc.

Cashless? Nah, ain’t gonna happen I’m afraid!

 

[NicoJ]

Personal experience is that this is more common than you think, at least where I live. I've been caught out several times recently because it was cash only.

So, no definitely not a thing of the past.

 

[estwig]

I got far too many builders wrapped round me, to stop using cash, it's a problem.

Paying for the shopping in Tesco's with fifties, raises eyebrows now, it never used to!

If Gov updated the archaic VAT thing to something more sensible, there would be a lot less people flying under the radar!

 

[estwig]

There’s a whole taxless economy out there which relies on cash moving around without trace.

Builders, window cleaners, hairdressers, mechanics, contraband, naughty substances etc.

Cashless? Nah, ain’t gonna happen I’m afraid!

My dealer takes Paypal or bank transfer, delivery is within the hour!

It's a modern World for sure!!!

 

[simon field]

My dealer takes Paypal or bank transfer, delivery is within the hour!

It's a modern World for sure!!!

True enough. Plus there’s always Tor / ****** ?

 

[Mark T Jones]

I personally live cash and have noticed several places going back to taking in.

But the trend will be relentlessly towards plastic or electronic for sure

 

[MBE2017]

Cash will carry on, but it is starting to die out a lot. Even if cash was made redundant, people would revert to bartering. I used to be cash for everything, but only had £30/50 cash in my pocket since the start of covid, now almost exclusively cards.

I always pay my mechanic in cash, nothing dodgy about it, he is always happy to give a receipt but he prefers it to cards and it is very hard to get a decent honest mechanic.

 

[MOIC]

Under 30's in China pay for everything by (mostly) WeChat payment. Restaurants, shopping, cabs, you name it, it's all payment by phone.

Cash, in this age group is very very rarely used.

That's the way forward.

 

[tony84]

Ever since I have had a card, I have always paid on card - 40p for chewing gum? card. The only exception to that was a night out. Using card, would be quite scary the next day. Cash you are limited to what you have.
All of my mates used to take the P and laugh at me, but now all of them use cards or their phones/smart watch to pay for everything.

Our local Chinese (which is amazing) doesnt take card - I no longer go. We get an indian/kebab/pizza now instead as all the other chinese' are terrible.

If I go in a shop and it is cash only I would probably walk out. The only exception might be if there is a (free) card machine next door. If I have to go looking around for a cash machine I might as well go looking for a shop that takes card.

The only exception I can think of is a greengrocers. I went in the other week and spent 22p! She looked at me like I was an alien when I pulled out a card. Which I get, it would probably cost them more to process the payments. Wanting to support local and a cash machine over the road I went to the cash machine withdrew a tenner and they have to give ma £9.75 change. She must have hated me, but I just dont have money in the house. I had to raid my daughters piggy bank last time I needed some - I paid her back, but put the money in her bank account via bank transfer.

 

[Matt.smith.TP]

Interesting views, I think cash will have it's place for 10 -15 years then it will dry up and we'll revert to cashless.

I think in that time paying by a physical bank card will be outdated, finding more and more changes in technology.

For example in my world My son doesn't receive Pocket money he get's money added to his Monzo bank card as Cash isn't the best option for him.

Thanks All

 

[Ozzy]

My CTO a attended a seminar by one of our tech suppliers where one of the speakers presented a wedding ring which could also be used to make contactless payments. I’ve also seen finger print payment technology in use in Hong Kong and China too. It’s definitely moving along fast.

 

[Mark T Jones]

a wedding ring which could also be used to make contactless payments.

Now that is a scary thought!

 

[Financial-Modeller]

My CTO a attended a seminar by one of our tech suppliers where one of the speakers presented a wedding ring which could also be used to make contactless payments. I’ve also seen finger print payment technology in use in Hong Kong and China too. It’s definitely moving along fast.

They've been available in UK for a few years.

The Kerv Payment Ring Is Available In The UK For £99

The Kerv payment ring is available in the UK for £99 if you're someone who has been looking for a simple way to make payments without having to pull out

www.androidheadlines.com

My other half is on her second after leaving the first one in a bathroom in a restaurant after washing her hands. Probably not a risk to consider if she had been using cash!

 

[Mark T Jones]

My other half is on her second after leaving the first one in a bathroom in a restaurant after washing her hands. Probably not a risk to consider if she had been using cash!

I believe the punch line goes 'I haven't told the police, the thieves don't spend as much as the wife'.

 

[Bob Morgan]

The 'Poll' seems to have shifted somewhat, since yesterday - It is now looking rather like the Philippines Election Results, melded with the Comments Section from the Daily Fail!

 

[Ozzy]

It would be interesting to run this poll on Facebook, Instagram, Tik Tok, etc to compare results across different demographic of people. Just thinking my 20 y/o daughter pays for everything through either PayPal or Apple Pay herself, yet my wife of a similar age to myself uses cash all the time (never ask a lady her age).

 

[Matt.smith.TP]

My CTO a attended a seminar by one of our tech suppliers where one of the speakers presented a wedding ring which could also be used to make contactless payments. I’ve also seen finger print payment technology in use in Hong Kong and China too. It’s definitely moving along fast.

Interesting! I thought it was dangerous enough on my watch !

 

[Ozzy]

I thought it was dangerous enough on my watch !

Even though I wear an Apple Watch with pay setup on it I still haven't used it to pay for anything. My phone with facial recognition just seems quicker and easier than typing the pin on the watch.

 

[japancool]

While I only very rarely use cash anymore when I'm here, I do when I'm in Thailand or Japan.

There's something satisfying about feeding bills into a vending machine, and having it give bills in change. Ending up with a pocket full of useless 1-yen coins is less satisfying.

 

[gpietersz]

Plus there’s always Tor / ******

Tor is not a payment method, but does offer reasonably good anonymity.

Cryptocurrencies are payment methods and almost all of them offer very weak pseudo-anonymity, and the mechanisms needed for anonymity (like mixers) are getting banned. There are very few use cases where they are better than both cash and banktransfers or card payments.

 

[simon field]

Tor is not a payment method, but does offer reasonably good anonymity.

Cryptocurrencies are payment methods and almost all of them offer very weak pseudo-anonymity, and the mechanisms needed for anonymity (like mixers) are getting banned. There are very few use cases where they are better than both cash and banktransfers or card payments.

Yes I know Tor isn’t a payment method, it’s a browser in the dark web.

Used in conjunction with ******, it works very well indeed!

 

[IanSuth]

3 of the 4 most local chinese takeaways nr me are Cash Only, no card or cheque accepted

 

[IanSuth]

It would be interesting to run this poll on Facebook, Instagram, Tik Tok, etc to compare results across different demographic of people. Just thinking my 20 y/o daughter pays for everything through either PayPal or Apple Pay herself, yet my wife of a similar age to myself uses cash all the time (never ask a lady her age).

Be interesting to look at the average night out spending of a student using contactless compared to if forced to carry and pay in cash as well.

I deliberately take cash to rugby club to limit my spending (and not visit the burger van on way home)

 

[Ozzy]

Be interesting to look at the average night out spending of a student using contactless compared to if forced to carry and pay in cash as well.

I think we know the answer to that would be very closely aligned to the impact on Amazon if they removed their "One Click" buy button from their website and app too.

 

[simon field]

3 of the 4 most local chinese takeaways nr me are Cash Only, no card or cheque accepted

Triads prefer cash!

 

[StevensOnln1]

3 of the 4 most local chinese takeaways nr me are Cash Only, no card or cheque accepted

I'd be amazed if any retail or food/hospitality business still accepted cheques.

 

[japancool]

3 of the 4 most local chinese takeaways nr me are Cash Only, no card or cheque accepted

Cheque?!?!?

What's one of those?

 

[japancool]

I've seen plenty of old dears at my local supermarket fish out used £20s to pay for their shopping.

I'm assuming they're either pensioners or drug dealers.

Or possibly both.

 

[IanSuth]

i got looked at weirdly on Rugby tour as I took a wedge of old £20's with me as i try and get through £1k in old 20's I had sat around from pre Covid (sold a motorbike for cash)

 

[Paul Norman]

I was amazed, recently, to speak to a person locally who still likes to pay cash for everything.


At that point they had around £400 in cash on their person.

I would definitely lose that.

I tend to have change, for essential items. But if I turn up at a cafe and they only take cash, I will just press on - because I would need to find an ATM to get the money.

Of course, if I know in advance I am going to a cash only place, I could go armed with some cash.

 

[Mark T Jones]

I'd be amazed if any retail or food/hospitality business still accepted cheques.

Over the lockdown summer, I cycled 10 miles to a popular, very old-fashioned pub to meet a friend.

Immediately I spotted a sign saying 'cash or cheque only'.

Seeing me with a cycle helmet they said 'don't worry, just send a cheque when you get home'

As it happens my friend had cash and paid. Apparently they have no plans to change - and only a tiny fraction of people don't pay.

I remember to take cash now.