Chance comment, my thoughts

Hubby mentioned it and my mind went into overdrive.
I wonder how you would react at the thought of………
A Cashless society.
moneyNo physical money, at all.

Apparently, there was an experiment to this effect in Manchester (source).
Funny, I don’t remember reading or hearing anything about it.
But then in June 2014 we were house hunting and living in a tent, though we did listen to the radio (and it was Radio 4) in the car sometimes and kept abreast of the news in the supermarkets by reading the headlines.

It’s a sign of the times with all the Plastic everyone carries in their wallet/purse, but a lot of the ‘little shops’ don’t take card payments. This was one of the reasons why people didn’t buy anything in said little shops, because they couldn’t pay with their card.
The Little Guy probably can’t afford the line rental for the card machines, let alone the bank charges for processing each and every card payment. Add the fact that it’s a higher percentage charge to the retailer for Credit Cards (especially the elite Diners and American Express), I don’t blame them for wanting to deal in cash only.
This obviously has a knock on effect though at having to bank physical money either during banking hours which could raise security issues or using a Night Safe Deposit box, again for which there is a bank charge.

The Cheque Guarantee Card was withdrawn in June 2011, so as cheques could no longer be guaranteed up to the value on the card (£50 or £100), shops stopped accepting them in payment for goods shortly thereafter.
Banks charge for processing cheques, usually per item rather than a percentage of the amount banked. If a cheque bounced, the drawer (issuer) was charged for insufficient funds (thus increasing their bank debt for which more charges were applied) and the payee was out of pocket when the unpaid item was debited to their account.
In my High Street banking days (1973-80), unpaid cheque charges to the drawer were 25p per item. Today it’s anything between £20 and £35.
At that time, banks charged 10p per item for clearance of cheques deposited to a business account.
I don’t know how business account charges are applied these days for comparison.

credit cardsI can accept that people do not like to carry large bundles of cash, and many establishments have a minimum card transaction anyway, unless you are prepared to pay an extra 50p or £1 to cover their banking costs.
Let’s face it, it’s an insult to the retailer to want to use a card to purchase an item for £1, the same as it’s a little extreme to hand over a ten pound note for a 25p stick of chewing gum (I confess I actually did that as I had no other money on me, but I did apologise).

But to be a totally cash free society?
For people like Hubby and I who like to pay cash to hopefully get a discounted deal (usually works) or have a limited amount to last the week, it’s a daunting prospect.

Like everything, there are two sides to the coin (pun intended), but one thing is definitely clear.
Be it Cash or Plastic, either way the Banking World will make a fortune out of the spending and purchasing habits of Joe Public. Money, especially the lack of it, is Big Business.



About pensitivity101

I am a retired number cruncher with a vivid imagination and wacky sense of humour which extends to short stories and poetry. I love to cook and am a bit of a dog whisperer as I get on better with them than people sometimes! In November 2020, we lost our beloved Maggie who adopted us as a 7 week old pup in March 2005. We decided to have a photo put on canvas as we had for her predecessor Barney. We now have three pictures of our fur babies on the wall as we found a snapshot of Kizzy, my GSD when Hubby and I first met so had hers done too. On February 24th 2022 we were blessed to find Maya, a 13 week old GSD pup who has made her own place in our hearts. You can follow our training methods, photos and her growth in my blog posts. From 2014 to 2017 'Home' was a 41 foot narrow boat where we made strong friendships both on and off the water. We were close to nature enjoying swan and duck families for neighbours, and it was a fascinating chapter in our lives. We now reside in a small bungalow on the Lincolnshire coast where we have forged new friendships and interests.
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8 Responses to Chance comment, my thoughts

  1. scifihammy says:

    I heartily agree with what you say. It seems only banks and big business win in the money game.
    I am waiting till we can all be like in the Star Trek world, and no-one uses money any more 🙂

  2. tildy1 says:

    I mostly use my card, but for some reason, I like to pay for my gasoline with cash! And, I haven’t branched into paying for things by swiping your phone at the store, or however that works!

    • What worries me is the contactless card payment where you don’t even have to get your card out of your purse! That makes me very nervous! We insisted that our bank didn’t issue us with one of those. As for swiping the phone. oh blimey. I’ve just got used to text messaging!!!! 😀

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