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Editor's Blog
Editor's Blog
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Cash Is King Everywhere- Except At The UK Payments Council.

The UK Payments Council clearly dislikes choice.

For years, they tried to end Cheque Clearing in the UK, spending a small fortune striving to take the choice of using cheques away from the UK Public. Luckily, the Treasury Select Committee noticed what the PC was up to. Richard North, the lumbering Chair of the Council, got his bottom smacked and was told to stop being a silly boy. Cheques were saved - at least for now.

Cash, though, is the real thorn in the side of the World of the PC. They hate it and are trying everything they know to try to stop the UK Public using it. To their horror, cash use actually went up in 2012, as hard-pressed Brits realised that cards bring high APR and month-end bill misery. Sensible folk turned to cash to get over their awful dread of the postman arriving with  those horrible credit card statements. 

One of the Payments Council vehicles for hyping non-cash payments is their annual "Payments Innovation" conference, hosted by Rarely Kettle-Boils (phonetic), who used to have a decent job at the BBC. This conference helpfully ignores cash, which accounts for over 50% of all payments on our lovely Island, in a desperate attempt to push alternatives that the wise Public are reluctant to use.

There is of course room for new entrants in the payments market. The nerdier are forever trying new fads. If it makes them 'App -y, why not? That is their free choice.

For the rest of us, we are entitled to be able to use cash, cheques,cards, online payments and mobile Apps as WE decide, exercising OUR free choice.

The Payments Council will soon - thankfully - be a thing of the past. The new Payments Systems Regulator will see to that. The PC will have come and gone but, agonisingly for them, cash,which has been in use and loved since 700 BC, will still be going strong as the Worlds Favourite Payment Method. RIP PC.

 

Friday, 18th April 2014

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