Copper Coins And Fifty Pound Notes

Thursday 15th March 2018

There is now a growing doubt over the need for copper coins and a belief that £50 notes are mostly just used for tax evasion purposes. The truth is all cash is the currency of choice for tax cheats and criminals. We now have so many new, secure payment systems to suit everyone, every business, charities, children, elderly and disadvantaged people we no longer need cash in our lives. If everyone who should pay tax, that currently don't because of their illicit use of cash, a cashless UK would gain an economic boost of at least £20 billion every year and suffer far less crime. Why should only hard-working, honest people pay tax?. Cash is no longer sustainable and though some people may…

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Big Issue Seller Goes Contactless

Monday 5th March 2018

"Sorry, I've no cash only got my card". A familiar response to a seller of the Big Issue. This is a common issue with retailers and charities. One enterprising Big Issue seller bought a contactless card reader. Guess what? Sales improved. Around a quarter of his customers now pay using contactless cards and the use of cash continues to decline. There are other benefits too. His sales process is quicker because he's not handling change, so he sells his stock faster and finishes earlier giving home more time. Barclaycard expects charities in the UK will lose about £80m in potential donations if they continue to rely on cash. So the message is adapt to the needs of customers and tap into a…

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Small Businesses Need Not Worry About Loss Of Cashpoints

Thursday 1st March 2018

Naturally the Federation of Small Business Chairman, Mike Cherry, is right to be concerned about any changes affecting small firms ( Daily Telegraph today) . Yet the loss of free cashpoints and all cashpoints is an opportunity for growth rather than an obstacle as the proliferation of new payment systems means people can shop more easily and more frequently if retailers and restaurateurs embrace new technology. Now, with the poorly promoted dramatic reduction of interchange fees charged by banks to stores, means retailers should more readily accept debit cards, credit cards and contactless cards especially for small purchases. Many businesses of all sizes have become more profitable by becoming cashless. The management of cash is a cost burden for retailers…

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No Cash Accepted - Rising Trend Across Europe

Wednesday 28th February 2018

"The rising trend of "no cash accepted" as European currency goes electronic" Sweden is the most cashless society in the world. Many shops, restaurants and museums are increasingly displaying "no cash accepted" signs, according to Bloomberg. Sweden's transport system, like London only accepts card or mobile payments in a bid to improve safety for staff. In 2013 the Swedish banks made a decision to reduce handling cash, now 75% of banks no longer offer cash services. Sweden's cash circulation peaked in 2007 at 97bn SEK and is now at 55.6bn SEK, the reduction has been accelerating, between 2015 and 2017 19.3bn SEK or 25% of Sweden's cash was removed from circulation and less than 20% of transactions are now in cash…

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The Guardian Reports People No Longer Carry Cash

Thursday 22nd February 2018

In a recent Guardian Newspaper article it says people are no longer carrying cash and are already adapting to a cashless society in the UK. The article gives many examples of businesses and organisations who are seeing less cash transactions and have increased turnover when cash is not used. Deborah Myers, head of development of The National Gallery has seen increases in donations by cards as opposed to those of cash. Margaret Cave, vicar of Christ Church in Dulwich would like to become a cash-free church, John Montague, Managing Director of The Big Issue is reported in The Guardian as saying that many of his sellers would prefer a digital payment solution as many more people are not carrying cash to buy…

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Use Of Cash In Decline

Tuesday 20th February 2018
Jon Levenson

An organisation called the Market Inspector has independently researched the use of cash and unearthed some really useful information. For the very many people in the UK who welcome the UK becoming a cashless society the news is very good. The UK is already the the third most cashless society in the world which is boosted by the plethora of new payment technology. Mobile phone payments are becoming increasingly popular, simple to use, always with you, secure and with many payment apps offering fingerprint authorisation. In 2016 alone, there were 38 million mobile transactions made in the UK. The Market Inspector has also discovered that 80% of all online users make online purchases and this is set to grow. Domestic robberies of…

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NHS And Social Care Funding Crisis

Thursday 8th February 2018

The news is dominated by the severe problems facing the NHS and Social Care. Budgets are fully stretched and staff are under extreme pressure to deliver the quality of of care and service needed. If only everyone who should be financially contributing to these vital public services actually did. Sadly, far too many people are not paying their fair share of taxes to the UK economy mostly because they are relying on cash to evade paying tax. Currently only hard-working, honest people are paying tax and this imbalance is unsustainable. We now have many new, secure payment systems to suit everyone, every business , charities, children, elderly, disadvantaged people and we no longer need cash. Cash is the currency of choice for the so…

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New Year Cashless Resolutions

Tuesday 2nd January 2018
Jon Levenson

Each new year heralds an opportunity to make some changes - lose weight, quit smoking etc. This year let's also try a cash diet ( as opposed to a "crash" diet!). It is a small step to try to go a day without cash , perhaps initially just once or twice a week, gradually building up over time and soon most people will discover they don't need cash at all. Here are a ten tips to help get started on a life without cash. 1 Use your contactless debit or credit card whenever possible for smaller purchases ( up to £30) . Most pubs and corner shops now accept contactless payments. 2 Ask your gardener, cleaner and baby sitter to provide their…

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Card Fees To Be Outlawed In 12 Days

Monday 1st January 2018
Jon Levenson

The New Year's Eve Sunday Telegraph ran a great front page story by Katie Morley pointing out it will become unlawful for businesses to charge consumers additional fees when paying by credit or debit cards. The card charges retailers pay to process card payments were dramatically reduced 18 months ago by EU regulations yet many failed to pass on these savings to customers. Some retailers were and are still unaware of the hugely reduced transaction fees now permitted by both MasterCard and Visa. Where credit card processing fees used to be on average 2% of the purchase price this was reduced to 0.3% ( 0.2% for debit cards ). This equates to a £100 spend no longer attracting a fee…

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Bank Closures Could Be Reversed In A Cashless Society

Saturday 2nd December 2017

There have been more bank branch closures announced by RBS including many for NatWest. Of course many people find mobile/app banking and internet banking convenient while others still prefer to visit their branch to be attended to by a member of bank staff. One of the key drivers for bank branch closures is the ever increasing operational costs resulting in vast branch networks becoming unsustainable. The main cost is keeping the branches secure. They are expensive buildings with thick walls together with having to maintain and upgrade sophisticated security systems. Banks remain targets by criminals for hold-ups with ATM's being dragged out of the walls in the dead of night. In a cashless society banks would be instantly freed up from the constraints of…

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