Cash Purchases Should Remain a Option: Identifying Locations Where Cash Transactions Are Decreasing
In the heart of our money-wrecked economy, I stand firm against the clockwork shift from physical cash to a digital payment world.
I'm all about preserving the option to pay with cold, hard cash - pound notes, pennies, coins, and all. It doesn't matter if you're paying for pricey parking at a council-operated lot, catching a last-minute train ticket, or grabbing Saturday brunch after a long week of work. You should always have the freedom to choose cash.
Despite the fanfare surrounding the benefits of digital payments by financial institutions, banks, and big payment companies, my stance remains steadfast. The United Kingdom must become a nation that embraces cash, old and new, in our day-to-day transactions.
The dramatic decrease in cash usage—evident in the map on the right, showing a 50% drop in ATM withdrawals in some areas over the past six years—isn’t exclusive to a decline in consumer demand or the closure of banks and ATMs. It's also due to retailers shunning cash due to security concerns and the hassle of banking it.
I firmly believe that the right to use cash for everyday purchases should be enshrined in law, sooner rather than later. Without legal protection, cash could slip away unrecognized.
Leaving cash behind might seem like a perk for these giant financial institutions. But I'd rather call a spade a spade: it's their Holy Grail.
Yes, brand me a Luddite—I won't mind. I've been called worse. Call me old-fashioned, but if that means supporting choice, top-notch customer service, and traditional values, then I'll embrace the label gladly.
Yet make no mistake: limiting our payment choices will make our financial lives more challenging, especially for those who are vulnerable in our society, including the elderly, the unbanked, and people with learning disabilities, mental health issues, or other challenges.
It's not just these groups who would be affected by a cashless society. Even the tech-savvy among us would become more susceptible to financial vulnerability.
Pushing us towards a cashless world, the banks and payment companies make us sit on a financial repeater chair. Higher risks of fraud and payment system failures, escalating merchant fees, and possible bank control over our finances can be expected.
In 2023, the Financial Services and Markets Act focuses on cash access (ATM and bank branch availability) but doesn't address cash acceptance. No law mandates cash acceptance, making the situation tricky for vulnerable groups.
Recent discussions in Parliament focus on monitoring cash acceptance levels and setting a "tolerable threshold" to prevent exclusion. MPs warn of a two-tier society in which cash acceptance could drop significantly, particularly in essential services like public transport and healthcare[1][5].
Proposals to expand banking hubs and shared cash services aim to support underserved communities. However, voluntary measures are the current approach, with the government acknowledging that intervention may be necessary if market forces fail[2][4].
Two years ago, around 71% of British adults surveyed wanted a law guaranteeing cash payment freedom[4]. I'd still share that same sentiment today. Cash is precious, and we should protect it from the clutches of massive financial institutions.
- In a money-wrecked economy, I stand for the preservation of cash, even in the face of a universal shift towards digital payment methods.
- Banking institutions, finance companies, and retailers may celebrate the decline in cash usage, viewing it as a way to simplify their operations, but I see it as a threat to personal-finance freedom.
- Many vulnerable groups, including the elderly, the unbanked, and individuals with learning disabilities or mental health issues, suffer when cash is no longer an option for everyday transactions.
- A cashless society could lead to higher risks of fraud, payment system failures, escalating merchant fees, and possible bank control over our personal finances.
- I advocate for laws that enshrine the right to use cash for everyday purchases, and for monitoring cash acceptance levels to prevent an exclusive two-tier society, especially in essential services like public transport and healthcare.
