Nearly 80% of UK Businesses Still Accept Cash!

Despite the headline on this article, this report also contains the important information that nearly 80% of UK businesses still accept cash.

ALL BUSINESSES SHOULD BE OBLIGED BY LAW TO ACCEPT CASH.

As for the cost of cash handling for businesses, highlighted in the article, these are reported as if they are a natural phenomenon.

THEY ARE NOT.

These costs are largely imposed by banks, aiming to make cash expensive for businesses.

These are the same banks that have made cash withdrawing and depositing much less convenient, by closing down two bank branches every day since 2015 and ripping out 7 free-to-use ATMs every day since 2018.

LINK Scheme are quoted in the article as calling for the maintaining of cash deposit options for local businesses.

In fact, LINK Scheme, which depends on the support of the major banks for its survival, has since 2016 had a transaction available which allows cash to be deposited at any ATM.

This would have gone a long way towards making cash deposits ultra convenient.

The only problem?

NO BANK HAS IMPLEMENTED THIS TRANSACTION.

Why?

Because banks haven’t wanted to make ATMs more useful or cash deposits at ATMs convenient. Why do either in 2016, when they intended to rip out seven ATMs every day from 2018 onwards?

20,000 ATMs, which could have accepted cash deposits, have inconveniently disappeared since 2018.

Finally, for now, the article refers to some countries taking limited measures to make cash acceptance obligatory.

This is quite wrong.

MANY COUNTRIES OBLIGE BUSINESSES TO ACCEPT CASH.

Even China, a country which has the planets most sophisticated digital payment systems, continues to compel businesses to accept cash. The Chinese Central Bank fines businesses if they fail to comply.

The Chinese experience demonstrates that the call in the report issued by LINK Scheme for programmes to encourage digital inclusion is pie in the sky.

If the Chinese can’t ensure full digital inclusion, how can the UK ever hope to do so? The UK Government will go on making noises about full digital inclusion but the harsh reality is that it is NEVER going to be achieved - AND NOR WILL DIGITAL EVER BE THE PAYMENT METHOD OF CHOICE FOR EVERYONE.

So a nice little report from the LINK Scheme - BUT LETS CUT OUT THE WAFFLE.

Just across the channel in France, the public have the legal right get to use their cash, when and where they choose.

Oddly, this isn’t mentioned in this BBC report - but the reality is that we can wave the Union Jack as much we like BUT, as far as cash is concerned, the French public have more rights than the British public.

The same is true in Spain - also not mentioned in this BBC report - where ALL shops MUST accept cash payments up to €1000.

The truth?

From the Payment Choice Alliance.

ALWAYS.

Source: bbc.co.uk/news/articles/cm211jnz568o