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2020: the year the future of cash access and use in the UK is safeguarded FOREVER
2020: the year the future of cash access and use in the UK is safeguarded FOREVER
2020: the year the future of cash access and use in the UK is safeguarded FOREVER »

Cash Under Attack From Desperate Card Giants.

Last year in the UK,well over 50% of all purchases were made using cash.Despite the tens of £millions spent by the two ultimately American-controlled Card Schemes -Visa and MasterCard-this was actually an INCREASE on the previous year.

The same picture exists around our planet.Worldwide, people simple prefer cash.Last year, over 80% of all purchases made by the 7 Billion inhabitants of our mortal coil were made using cash.

The Card Schemes hate cash. In fact, they have declared war on it,so desperate are they to boost their already lamentably huge profits.

In Europe, Visa and MasterCard face a particularly tough environment. The European Commission has ordered that the charges they levy against retailers for card transactions must be reduced by around 40%.What a blow to the Kingdom of Kards!

In order to replace the European revenue they are about to lose,the Card Schemes are frantically trying to get us to switch to "contactless" for low value transactions.You know the ones they mean:those it is much more convenient to make using cash.

Thankfully-and wisely-we are refusing to be seduced by the fancy marketing.The 150,000 contactless terminals in the UK average only around 1 transaction a day.In other words,they are a waste of the valuable space they occupy on retailers counters.

Of course, Visa and MasterCard will never give up.They owe it to their shareholders to keep on with their futile war on cash,even if supporting contactless further is worse than flogging a dead horse.This horse never even left the starting stalls!

So 2013, our "Year Of Cash",is looking bad so far for the Card Schemes.However, we must always be alive to their new little tricks.

Their latest caper has been to try to persuade Transport for London to stop accepting cash on the buses.This idea will surely be rejected,but if it is not, Cash-is-Cool will fight all the way to ensure we all retain the right to choose to use cash everywhere, including on our much-loved London Buses!

 

 

 

 

Sunday, 13th October 2013

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