Cash Is NOT our King -It Is Our FRIEND.

Last week saw yet more hype from those trying to tell us - the British Public - that Contactless Cards were soon going to replace cash as the preferred means of payment for small retail purchases.

This is, of course,total nonsense.

In July 2015, 3% more cash was dispensed from UK ATMs than in July 2014.

This year-on-year growth has been achieved against a backdrop of over £180 Billion in cash having been withdrawn from UK ATMs in 2014.

And remember. ATMs account for only around 75% of cash in circulation in the UK. So that £180 Billion figure increases to around £240 Billion when one adds in cash dispensed by tellers in banks and similar premises.

How does the UK spend on Contactless Cards in 2014 compare with that £240 Billion cash figure?

THE TOTAL SPEND ON CONTACTLESS CARDS IN THE UK IN 2014 WAS ONLY £2.4 BILLION -  1% OF THE CASH USED BY THE PUBLIC!

Notwithstanding the miniscule payment market share achieved by Contactless Cards, those trying to flog the concept have been able, through the power of their marketing budgets, to get unwarranted media attention. Even the BBC swallowed the story, giving 5 minutes of a major news bulletin over to how the growth of this " new" payment method was threatening to turn the UK into a cashless society.

YOU CAN FOOL THE MEDIA BUT NOT THE UK PUBLIC.

Yes, there are some gullible individuals who seem to think the possibility of saving a few seconds at a Supermarket Check Out is crucial to them. Are they forgetting their travel times, the search for a parking space, the endless touring of aisles attempting to find merchandise and the fact that only half the Check Outs were open?

THOSE ARE THE FACTORS THAT REALLY DEFINE THE SHOPPING EXPERIENCE. How you pay, has little or nothing to contribute in terms of the time taken or the overall quality of that experience.

What cash gives us is far more important than a few seconds lost or gained at a Check Out.

With cash we enjoy

* the ability to manage what we spend, without succumbing to the inducements to over-indulge that seem automatically to accompany card use

* the right to choose to buy what we want without being monitored by a Card Scheme, without being spied upon or subject to manipulation by card marketeers 

* free from worry about acceptance. Far more retailers and other High Street businesses accept cash than cards, worldwide

* total relief from concerns about Identity Theft. No one can steal your identity as you hand over a £5 Note

* the warm feeling of being in control of your own life, free to authorise yourself, not waiting to find if a Card Issuer is prepared to do so.

We would lose so much if we did not have cash anymore. It would be like losing our best friend.

The pathetic Contactless figures seem to show most of us do not want to lose out.

We keep on buying using cash - AND NOT BUYING THE CONTACTLESS HYPE!

Sunday, 6th September 2015

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