The cashless future

(Don't Bullshirt Me, I know what the Fork is going on here!) #41

Based on the wide variety of gif’s available …

See my issue? :wink:

(Dan Mullen) #42


This could only happen to me! :joy:

Needed cash for change and the atm sounded like it was trying to give my card back about five times. It then gave up and said transaction had failed and then I got a notification from starling saying I withdrew the money. No card and no cash! :+1:

I have never had this happen before so just sent a message to starling.


:joy: Wouldn’t have happened if cash didn’t exist!


Starling definitely wish it didn’t exist :joy:


No bank wants physical cash. They can’t invest money you haven’t stored, they have to hire people to handle cash, money that they’d rather save.


@Recchan is this an example of the market working? :stuck_out_tongue_winking_eye:

The report said that the current rate of decline would mean cash use would end in 2026.

The demise of cash, if unchecked, would be driven primarily by retailers and other businesses refusing to accept cash owing to the cost of handling it.

2026, that’s a lot sooner than I would have expected!


Yes. The market working in a way I want, for once! Abolishment of cash after I should have quit my current job is a brilliant idea!

#MeToo I was honestly expecting 2040 minimum for complete abolishment of cash.

(Dan Mullen) #49

Another article:

(George Flather) #50

Yes this does highlight that the demise of cash is likely in the near future - falling to 10% of transactions in the next 15 years.
However the review 'Access to Cash Review’ does suggest that core services should continue to allow for cash payments.
It suggests that 8 million would struggle, which seems high to me. But I think that appears as though a cashless society in the UK is not forthcoming.

Quote from the article - "Nicky Morgan MP, chair of the Commons Treasury committee, welcomed the report, saying that “the simple truth is that leaving the future of cash to be determined by market forces will not work”.

(sam) #51

Is this measures by % of total transaction value or % of total number of transactions?
Makes a big difference. Also they are extrapolating linearly from what has happened over past few years. At some point this line will curve as there are many people that just trust real money.

(Paul) #52

This seems quite ridiculous. Instead of coming up with ways to help the 8 million people that may be affected we have old thinkers trying to cling to notes and coins.

(sam) #53

It’s not that ridiculous when you think about it.
People like having something tangible, that represents value to them.

(Paul) #54

The problems they are referring to is people being left behind. Nothing to do with sentiment.

(sam) #55

Hence them making sure that cash is available to use?
Banks and retailers like cashless as it doesn’t feel like spending money. People spend more. That is the bottom line.
Try going to the supermarket with £40 in your pocket and no cards. You can only buy what you’ve budgeted for. With a cashless payment it doesn’t matter if you go over. Some people like budgeting this way
Numerous studies back this up.
Here is one:

( #56

A US take on this issue, but interesting none the less

(sam) #57

You can substitute credit card for debit card, in these studies. It’s just in the us where they were done credit cards are generally used rather than debit.

(Paul) #58

Again though this is not the point I am making. The article that was linked stated “people will struggle to cope.” This to me indicates that people have issues accessing digital payment options and they rely on cash as their primary/ only payment option. The point I was making is instead of clinging to old ways they could instead be looking at ways to bring these digital payment options to the 8 million people they are stating will be left behind.

Regarding the articles you and have linked to it does make an interesting read and I can attest to spending more on credit cards because it doesn’t “feel real.” However setting budgets and sticking to them helped me to overcome this. These articles while interesting don’t seem to be about the same thing as they are talking about people who have the option and choose to pay with debit/ credit cards.

Over time whether it’s budgeting apps like Spendee or fintech banks I’m confident that their built in budgeting tools will get better and allow people to control their money.

(sam) #59

I don’t see a budgeting app ever being as effective as the embarrassment of not having with you to pay the bill :joy:


:clap: Don’t get an overdraft, having your card decline is very embarrassing even when you know you have money

Very interesting but the US is vastly different scene wise. For instance in the US people can have genuine trouble getting a bank account from what my understanding is, to the point things like money orders exist (which to my understanding you purchase in stores as a form of cleared cash payment method, that can’t be paid in cash)