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An article relating to this blog post on Finextra:

Cash still king for customers

The British Retail Consortium (BRC) says customers still prefer to use cash when paying for purchases in stores despite moves by banks to boost revenues from fees through increased card spending.


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Is demise of cash the death knell for small businesses?

The "cash still king" story on Finextra caught my eye.

Something about all this talk of replacing cash has been bothering me. It's all very well the banks trumpeting that you can use various contactless payment cards in the Starbucks of the world. I don't like the coffee in Starbucks. And I don't want to buy something in WH Smiths on the station. I want to buy a paper from the guy with a trestle table eaking out a living to passing commuters or the bloke selling roast chestnuts outside the station. Neither of these are likely to offer cashless payments in the near future unless the kit is free and any charges levied are affordable. Come to think of it I know at least two small and splendid yet clearly struggling restaurants that only take cash. Similar reasons.

If banks are serious about contactless payment cards and the like, I hope they make sure the small retailers can get on board. Otherwise as cash carrying punters decrease, so the smaller, more interesting retailers will disappear and the high street will become even blander. If that's possible.

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Comments: (1)

A Finextra member
A Finextra member 25 October, 2007, 07:57Be the first to give this comment the thumbs up 0 likes

"£32 of every £100" is purchased with king.   And cash is king?  Does 1+1=23.7?

Doesn't sound very regal to me.

That said, I do agree with the comments about Starbucks coffee.  Until they find a way to pay me to drink the stuff, no amount of cash or cheap contactless solutions will force me to swill the milky buckets they offer.