Skip to main content

Blog The shock of cash

A young relative of mine was coerced into spending this last week end at an English holiday camp resort. When she got there she was shocked to discover that, for whatever reason, they were cash only for the weekend! All over the complex were "cash only” signs! Remember, these signs are completely unfamiliar to anyone under the age of 30, especially from the South East of the country where Transport for London triggered the contactless revolution, because this a debit card generation in a country where more than half of card transactions are already contactless. Signs like this one would be invisible to her!

Cashless in London

So here’s a normal young person, all of her money is in the bank and she never goes to ATMs, so imagine her further horror of having to use an ATM on site to get cash which then charged her £1.50 to get her own money. Even more punishing was the fact she had to go back to the ATM again for more cash so yet another £1.50 charge!!!

Cash Only in London

The question she asked over and over again during her stay was why in this day and age would such a large complex be cash only? Doesn't anyone there have an iZettle or a PayPal account? That doesn't seem like much of an investment when surely with so much cash around it could mean some staff creaming it off? A temptation surely. In this situation cash is expensive for the individual but it is also expensive for the organisation as a whole! Especially when you remember that cash has a lot of other hidden costs: armoured cars taking money to banks, the extra hour for workers to reconcile the till, robberies.

There’s no excuse for making people use cash in 2019. 

 

Comments

Post a Comment

Popular posts from this blog

Euro area card payments double in a decade

xxx "The number of card payments in the euro area have more than doubled in a decade as consumers increasingly dispense with the hassle of carrying notes and coins, according to the latest statistics from the European Central Bank. In 2018, card payments accounted for almost half of the total number of non-cash payments across the single-currency area. Credit transfers and direct debits were the second and third most common non-cash payment methods, accounting for approximately 23% each, while e-money and cheques together made up around seven percent. However, the relative popularity of each type of payment service still varies widely across euro area countries. In 2018 card payments accounted for just over 70% of all non‑cash payments in Portugal, compared with around 23% in Germany. The stats show that the number of card payments made by consumers and businesses has more than doubled in the last decade, with an average of 121 card payments per capita in 2018, compared with
Post a Comment
Read more