Cash Makes A Comeback

[naomi24]

According to new research by the Post Office, in an effort to keep tighter control of their spending people are turning back to cash which seems a good idea to me. Plastic is all too easy to spend. What say you?

https://www.bbc.co.uk/news/business-62437819

[barry1010]

Fairy nuff. It suits my grandkids

[davebro]

//it's a rip off IMO//
It is - but it's the future.

[bednobs]

it's £3 pm which is a pretty large percentage of what she gets as money. Also, our local shop only takes debit card payments over a certain amount (i think)

[sp1814]

Cashless is best for me.

I can either pay for goods/service with my watch or phone. If I ever need to jump on a bus or the tube, I don't need to worry about having an Oyster card because I can pay electronically.

And because I use a locked down payment system there's no chance my details being stolen (because my debit card details are hidden).

And I can see exactly what I've spent my money on because my bank account is connected to a budgeting app. At the end of the month it reconciles all my spending.

There IS problem though - with so many businesses going cashless, some people face 'digital exclusion'.

[sp1814]

Oh and credit cards are a must if you're buying anything high value items. If you have a dispute with the vendor you can claim your money back from the credit card company - section 75 refunds.

As long as you pay off your card at the end of the money, you have added protection against faulty goods for free.

[New Judge]

//But people are a lot less ‘touch-feely’ these days since the pandemic, many are sticking with the mindset, as evidenced by quite a few still wearing masks.//

Indeed they are. And they need to be weaned off of those habits. Covid simply no longer poses a serious threat to health. It’s still around, it will be forever and we shall all be exposed to it multiple times in our lifetime. But it’s the same as the many other respiratory viruses that abound. Millions will contract it, most will have either very mild symptoms or none at all, a few will be poorly, a very few will need hospital treatment and a tiny minority will die from it. Wearing a flimsy face covering will do nothing whatsoever to counter the threat of exposure and is a complete waste of time. Wearing an FFP2 or FFP3 mask, properly fitted, handled and treated will protect the wearer but unless they intend to wear one forevermore, they too will eventually face exposure. The best protection against serious illness is vaccination and maintaining a decently healthy lifestyle. People can ditch cash if they wish but they should not use Covid as an excuse.

[New Judge]

//If you have a dispute with the vendor you can claim your money back from the credit card company - section 75 refunds.//

But only if the cost is between £100 and £30,000, sp.

[barry1010]

sp, good point about paying bus fares, also car park charges. Dread to think how much I overpaid over the years because neither gives change.

[sandyRoe]

That money talks
I can't deny
I saw it once
It said Goodbye

[davebro]

Of course all this ignores a possible malicious hacking of the internet / banking systems. (Mr Putin?)

[bednobs]

if that happened i think the bank's system would be corrupted, and therefore no-one could get cash anyway?

[MusicalN]

Would use cash whenever I can for small purchases. These paranoid individuals and businesses that won't let you are a pain in the neck, and I go elsewhere. Some people do not seem to be able to let go of Covid at all, even though now it's no more than a dose of flu. Just get a grip !

[youngmafbog]

Cash suits some, doesnt suit others.

It certainly is easier to keep track with cash, its there in you hand. Too late checking a statement at the end of the week.

Personally I use a mix, with a monthly credit card bill of 2k or so cash wouldn't really be feasible.

Personally I wouldn't touch a phone to pay anything. Not secure enough for my liking (I refuse to have any Banking app on it) - spent too long in IT Banking and know how poor some of it is, but its up to the individual.

[youngmafbog]

//sp, good point about paying bus fares, also car park charges//

You have obviously missed the latest scandal where they add extra charges after you press the button. It needs to be regulated.

[MissTerious]

I always know to within a few pounds what's in our three bank accounts and always use cards. However some cash is required at times. I'm happier using cards.

[FatticusInch]

New Judge
//Indeed they are. And they need to be weaned off of those habits.//

Good luck with that. We’re becoming more and more insular as we ‘progress’, teachers not allowed to apply sun creams to infant school children etc, it’ll only get worse.
As you say there’ll be other instances and mutations of viruses, it’ll only fuel the mindset.

[bhg481]

I have a colleague who's big on phone banking. He thinks it's safe because his phone needs his fingerprint to unlock it, so someone stealing it wouldn't be a problem. It doesn't occur to him that someone could knock him down and then press his finger on the phone before running off with it.

[bednobs]

^^^ that seems to be completely catastrophising the situation. You need to go through security when telephone banking.
Perhaps the putative robbers would take a recording of his voice in order to trick the telephone stuff :)

[davebro]

er - besides opening the phone you need to give fingerprint ID within each banking app.

[sp1814]

New Judge - that's what I mean by high value items. I would never buy white goods, or pay for plane tickets or electronics (phone, laptop, television etc) on a debit card - always a credit card, which is immediately paid off. That way if (say) the washing machine you buy arrives damaged or doesn't work - if you get nowhere with the supplier, you can always claim section 75 off your card issuer.

youngmafbog

I think it's the other way round - I've got to the end of a weekend not knowing where all my money went, but now because I pay with my phone I know exactly what I spent and where.