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Are we becoming a cashless society??

I was trawling YouTube earlier (as you do lol), and came across and interview with a businessman that I follow and he was asked if we are becoming a cashless society - this made me think.

So are we coming a cashless society?

This is a very hard question to answer simply, and to be honest it's also a Yes and No answer.

In the past, it was simpler in the fact that if your business was a cash based business then you could take your cash and pay it into the bank .... now this is just not possible in a lot of towns.

If you take payment by card (debit or credit), you don't need to pay it in at the bank, but you do not get the full amount that you are paid as the card processing company take a small percentage.

If you do take cash in your business, and then when you pay it into bank, they will charge you for doing this (they also charge you for taking cash out as well!). In a lot of towns (like Halesworth) you don't have any banks so paying it in is even harder. You do have the option of paying your cash in at the post office, but it will take a few days to arrive in your bank account, and this will affect your business cash-flow.

Don't even get started on cheques. Cheques are still used by some businesses and the older generation yet a lot of businesses won't accept them because of the lack of banks in towns. If you use internet banking you are now able to 'pay in' cheques through your banking app on your mobile phone so at least that's something.

Think of the time it takes to 'cash up' at the end of the day - if you take lots of cash or cheques it could take hours (depending on your type of business), yet with card payments it's press a couple of buttons and you've 'cashed-up'!

I have to say that I do like cash, and if whatever I am buying is less than £5, then I do normally pay with 'real money'. 

Is there ever going to be a time when cash is no longer used? Hopefully not in my lifetime. I do know lots of people pay by card for everything (I've even has someone pay me for a £2.50 item by card - I would have preferred cash, but money is money).

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