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Could cash catch on?

Minivanman
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Could cash catch on?

Reading a tweet earlier about using real money and from somebody who has plenty of it.

Is that really possible?

"Have paid for a few things lately with this thing called cash. So simple. No pin, ID, WiFi signal needed. No nasty bills weeks later. No interest payable. Fraud-proof. Most places accept it. Could catch on"
 
@SirTimRice
 
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PowerLee
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Re: Could cash catch on?

Very rare I use cash these days, day to day life I use my phone to pay contactless.

I can only think of 2 services I use that i have to use cash for.
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Re: Could cash catch on?

But if you have too much cash and the government aren't getting their demanded slice of the pie from you, they'll take it all away and put you in a state-owned hotel, I, er, mean prison... Funny

jab1
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Re: Could cash catch on?


@PowerLee wrote:
Very rare I use cash these days, day to day life I use my phone to pay contactless.

I can only think of 2 services I use that i have to use cash for.

Same here, @PowerLee All my shopping these days is on either my debit card or (for food shopping), my gift cards - which give me a nice 4 or 5% discount. About the only thing I use cash for is the milk when it is not bought as part of a main shop.

John
DaveyH
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Re: Could cash catch on?

How quaint...

wotsup
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Re: Could cash catch on?


@Minivanman wrote:

Reading a tweet earlier about using real money and from somebody who has plenty of it.

Is that really possible?

"Have paid for a few things lately with this thing called cash. So simple. No pin, ID, WiFi signal needed. No nasty bills weeks later. No interest payable. Fraud-proof. Most places accept it. Could catch on"
 
@SirTimRice
 

Well when people get into debt with all their 'so easy to use' cards and phone apps it is always recommended that they cut up all their cards and deleted their apple pay or whatever and go back to using cash.  They have done many studies on cash vs cards and all come to the conclusion that when paying by cash people are more careful and spend less,  with cards they seem to think they are spending 'the banks money' and forget it has to be repaid later.  Now I can guess why businesses would like to see the back of cash because cards encourage people to spend more,  our national consumer debt is staggering, mainly because of the 'easy pay' systems now available people no longer live within their means....juggling one overdrawn card against another.  I don't know if it is still the case but the more you spent on your credit cards the higher the bank / card company would make your spending limit, just to encourage people to spend more... shocking and irresponsible.

jab1
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Re: Could cash catch on?

@DaveyH  What is?

@wotsup Not true in my case - I only have a debit card, and check my current account balance weekly - if I find I have inadvertently got close to my 'cushion' level, I avoid further unrequired spending.

John
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DaveyH
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Re: Could cash catch on?


@jab1 wrote:

@DaveyH  What is?

 

 

Cash obviously given it's the subject of the thread

jab1
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Re: Could cash catch on?

OK - but it still has it's uses, not everywhere takes card payments.

John
Champnet
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Re: Could cash catch on?

At least I know where my card’s been....

idonno
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Re: Could cash catch on?

They all have there uses but I don't use my phone to pay for anything. For me, its cards (more often, the credit card - one bill each month) or cash, that way I don't end up with unexpected bills. The phone is only as good as the battery in it or if is has a signal. Once flat, its totally useless as a medium to pay. Cash is good anytime (assuming the person takes it - if they don't, their loss really). As mentioned, cash doesn't need power, ID or any other thing to use it. I bet they had fun when all the power went off in London etc.And if I lose the cash, my fault. Simple. 

 

I got a message from the wife yesterday asking could I send some money urgently into her son's bank account, as she couldn't get money out using her card / phone abroad. Lesson learned. As she said, she'll take cash next time, as II usually do when I go to that country. I might add, there, if you pay electronically, you get clobbered with another 3% extra charge. Cash is what it says on the note, same same.

Ever helpful. Grin Sure, I’d love to help you out. Now which way did you come in?
Minivanman
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Re: Could cash catch on?

My post was tongue in cheek of course, but it does make you think about just how reliant and trusting we are in technology and let's face it, just how independent and free of it the use of cash makes us. 

Not long back from popping over to France for a few days to see my son, but no way would I have gone over without at least a couple of hundred euros in cash on me. Seriously, would anybody?

Watching a film by last night on the building of the Panama Canal, and all the 'European' workers were paid in gold, and the majority and mainly West Indian ones were only paid in silver. 

RobPN
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Re: Could cash catch on?


@idonno wrote:


... As she said, she'll take cash next time, as II usually do when I go to that country. I might add, there, if you pay electronically, you get clobbered with another 3% extra charge. ...

@idonno 

I'm not sure whether the 3% you're referring to is due to exchange rate margin, a 'foreign transaction fee', or a charge made by the retailer in the country referred to (outside EU?) for using plastic, but the first two can be avoided by using what Money Saving Expert Martin Lewis calls a Travel Credit Card such as the Halifax Clarity.  You can even withdraw cash abroad in the local currency free of charge, but obviously you'd be charged interest on that (unless you paid it off by using Internet Banking from another account - easily done with todays technology).

Another tip when paying by card is to always pay for items in the local currency even if a retailer offers to let you pay in £pounds (as then they get to set the exchange rate)!

 

 

Edit:  link added

RJM
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Re: Could cash catch on?

@jab1 

 

I check my banking and credit card accounts several times a day.

Probably over the top but it so easy with the mobile "apps" available nowadays.

Better to be safe than sorry.

DaveyH
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Re: Could cash catch on?


@idonno wrote:

They all have there uses but I don't use my phone to pay for anything. For me, its cards (more often, the credit card - one bill each month) or cash, that way I don't end up with unexpected bills. The phone is only as good as the battery in it or if is has a signal. Once flat, its totally useless as a medium to pay.


Typical of the non-issues spouted by luddites...

Apple/Google Pay don't require a signal to use in-store, they just require a periodic internet connect to receive tokens.

 

Plus who lets their battery go completely flat? 

I charge my phone overnight regardless, and can get 2 - 3 days out of it if necessary, plus I can fast charge it to 80% in about 20 - 30 mins if necessary.