They could quite easily change social security payments from cash to a debit card charge up, I'm unsure of the UK system but it could be done inside a couple of months here.With so many people on some kind of social security, down to the Post Office on a Thursday to draw their weekly wages, no way will there be a cashless society
These people spend their money on a day to day basis and whichever legitimate retailer they spend it with has to dispose of the money somewhere, so they either bank it, or spend it themselves at the wholesaler, who themselves have to bank the money
So much low end retailing is done by cash that it's impossible to move away from physical money
With so many people on some kind of social security, down to the Post Office on a Thursday to draw their weekly wages, no way will there be a cashless society
These people spend their money on a day to day basis and whichever legitimate retailer they spend it with has to dispose of the money somewhere, so they either bank it, or spend it themselves at the wholesaler, who themselves have to bank the money
So much low end retailing is done by cash that it's impossible to move away from physical money
You are looking at it from a humanitarian point of view. The poorer members of society need/use cash and therefore cash will stay but look at what is already happening. All London buses are cashless and Manchester is going the same way. You will soon only be able to get a ride with a smart phone or 'oyster' type card. Pubs already have contactless as do small shops. The youth of today don't carry cash, it will soon be redundant. OK by soon perhaps 15 years ?
Do you not live in this country mate? Been a while since those on benefits cashed a giro at the post office. Nowadays it's paid into their bank account.With so many people on some kind of social security, down to the Post Office on a Thursday to draw their weekly wages, no way will there be a cashless society
These people spend their money on a day to day basis and whichever legitimate retailer they spend it with has to dispose of the money somewhere, so they either bank it, or spend it themselves at the wholesaler, who themselves have to bank the money
So much low end retailing is done by cash that it's impossible to move away from physical money
Do you not live in this country mate? Been a while since those on benefits cashed a giro at the post office. Nowadays it's paid into their bank account.
They can put their card in a post office ATM and draw cash if they like i suppose, but the days of queueing up with giro in hand are long gone.And they go to the post office and draw the lot out in cash
I was involved in an industry forum on financial exclusion some years ago. This position has been predicted by the banking industry for some time. The impact on the most vulnerable groups in society is potentially huge. There are many people who don't have Bank accounts and the reasons are wide ranging and complex. One example is prisoners - many people in prison didn't have an account when they go in and certainly don't by the time they go out. Without a stable address and address history it is hard to get through an account opening process and the result is you become locked out.
As an industry their was/is an agreement that basic bank accounts would be made available to all however the reality is they are a nightmare for the Banks. They are not promoted in any way as the Banks are all running them on big losses, i guess you can't expect the banks to actively help where it requires a level of self determination and education to sort yourself out. The result is many people still operate outside of the cashless system.
A state bank for the most vulnerable or a subsidy to private banks would probably be the most likely outcome, as the state would be a big net beneficiary from a cashless system.I was involved in an industry forum on financial exclusion some years ago. This position has been predicted by the banking industry for some time. The impact on the most vulnerable groups in society is potentially huge. There are many people who don't have Bank accounts and the reasons are wide ranging and complex. One example is prisoners - many people in prison didn't have an account when they go in and certainly don't by the time they go out. Without a stable address and address history it is hard to get through an account opening process and the result is you become locked out.
As an industry their was/is an agreement that basic bank accounts would be made available to all however the reality is they are a nightmare for the Banks. They are not promoted in any way as the Banks are all running them on big losses, i guess you can't expect the banks to actively help where it requires a level of self determination and education to sort yourself out. The result is many people still operate outside of the cashless system.