[Finance] The end of Notes and Coins?

jakarta · May 2, 2020

Having been reading the 'what do you splosh your dosh on' thread I have been thinking about the last time someone took any notes and coins from me.

I took out £100 from a Cash point a couple of weeks ago and still have almost all of it in my wallet as every place I go to buy stuff wants me to use a contactless card.

Is this the end for physical money and was Paul Barber ahead of the curve a few months back?

bhanutz · May 2, 2020

I very rarely used cash before lockdown anyway.... Cashless is the way forward!

ManOfSussex · May 2, 2020

It's a giant leap toward it if nothing else.

Unbelievably the only place open currently I know that will still only accept cash as payment is............my GP surgery.

GT49er · May 2, 2020

jakarta said:
Having been reading the 'what do you splosh your dosh on' thread I have been thinking about the last time someone took any notes and coins from me.

I took out £100 from a Cash point a couple of weeks ago and still have almost all of it in my wallet as every place I go to buy stuff wants me to use a contactless card.

Is this the end for physical money and was Paul Barber ahead of the curve a few months back?

I think a lot of organisations and businesses have been working towards this for some time - and I think the youngsters are quite keen on it too. My lot, for instance, use their cards to buy a drink in the pub and use their mobile to pay on the bus!

IMHO, I'd give cash as currency about ten years - 15 tops.

Goring-by-Seagull · May 2, 2020

Only time I use cash is the barbers. Reckon that's the same for a lot of people!

dejavuatbtn · May 2, 2020

A few cash only merchants out there. Window cleaners would get cleaned out!

Rowdey · May 2, 2020

I'm sure many tradesmen spent their 'cash jobs' on beers etc at footie, but even that avenue is disappearing.. it will cost those who like to pay cash (and lose the vat) that bit more to get that light changed or loo repaired now..

Herr Tubthumper · May 2, 2020

The U.K. is well set up for cashless, Germany less so. When I’m in the U.K. I have some notes as an emergency for taxis, but that’s it. At all other times I use my card.

Baker lite · May 2, 2020

I got a bullseye out of the cash point in readiness for the Arsenal game.... it’s still in my wallet now, I’ve never gone so long without spending cash..

Thunder Bolt · May 2, 2020

dejavuatbtn said:
A few cash only merchants out there. Window cleaners would get cleaned out!

I pay my window cleaner by Bank Transfer.

Swansman · May 2, 2020

Its a likely and of course very dangerous development. Once the opportunity to take out all your money in cash is gone, the banks could put minus interest on your savings account, forcing you to either spend or lose money rather than saving.

As for Germany lots of the population dont trust the financial power (like me, which is unfortunate since we are VERY far gone in turning cashless), so they are very reluctant to be tricked into the cashless road.

jakarta · May 2, 2020

Mustafa said:
Can't think of any advantages of cash and coins to be honest.

I first made the full time switch years back for two reasons:

- to improve my credit rating
- loyalty points on rewards credit cards

but now I stick with cards for the convenience, but also like a record of my spending, in addition to essentially the extra insurance of purchases.

Can't think of ANY advantages to cash anymore. Dirty, risky, pointless and not financially the best option for anything.

Can't be traced if you are doing something dodgy? Not that I can do that as I'm VAT Registered etc and have only had one Client in 12 years of self employment ever pay me in cash - he went to the wall a few months later owing me even more money but we will pass over that private grief...

Blue Valkyrie · May 2, 2020

I love cash, and will continue to use it for as long as possible.

It even works in power cuts, or when the mobile phone dies.

LlcoolJ · May 2, 2020

The IEA calculated the value of the UK "shadow economy" as £150bn (20% of GDP) in 2013. That will have increased, a lot.

Yeah there's crypto etc but a huge amount of that is still cash and will continue to be.

dejavuatbtn · May 2, 2020

Thunder Bolt said:
I pay my window cleaner by Bank Transfer.

Then I trust he is paying his taxes!

LamieRobertson · May 2, 2020

Thunder Bolt said:
I pay my window cleaner by Bank Transfer.

I wish all my customers would ..but still get cheques ..cash ..even some managing agents insist on a cheque

LlcoolJ · May 2, 2020

LamieRobertson said:
I wish all my customers would ..but still get cheques ..cash ..even some managing agents insist on a cheque

Oh God cheques. Yeah they should be banned.

Thunder Bolt · May 2, 2020

LlcoolJ said:
Oh God cheques. Yeah they should be banned.

Now my grandchildren are teenagers I can transfer their present money to their bank accounts, but up to a couple of years ago, a cheque in a birthday card was handy.

Swansman · May 2, 2020

LlcoolJ said:
Oh God cheques. Yeah they should be banned.

Never seen one in my life

Razzoo · May 2, 2020

Yeah all well and good but how are we going to pay for illegal drugs?

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[Finance] The end of Notes and Coins?

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