This is one of those questions that sort of answers itself.If we were to live in a cashless society, why would we need cash machines?
This is one of those questions that sort of answers itself.
If we were to live in a cashless society, why would we need cash machines?
We would not.
With both these topics in the news lately, a cashless society, and concerns over bank closures, and ATM’s being removed, it does make one ponder this very question.
Some people even think there is a conspiracy to make us a cashless society. Why else make it so easy to pay for anything and everything and not need cash.
Between credit and debit cards, mobile payment applications, even fobs and some wearable technology, you do no need money in the form of cash to buy anything.
Going cashless is getting easier and easier, and there are some benefits to this. One being you don’t need to carry large amounts of cash around with you to make purchases.
The ATM network Link, recently reduced the fee charged card issuers to use an ATM, from .25p, to .20p. While on the surface this appears to be a good thing, the concern over this reduction is that some ATM’s that receive little use, but are still needed, may not generate the revenue to make them profitable. Which could lead to closures.
But hey, if we are moving to a cashless world, we won’t need them.
The Head of Link, John Howells, believes that in 10 years using “paper money” will decline tremendously, which is moving to a cashless existence.
If there are no cash machines, and people still use cash and shops accept cash, you could see shops and stores holding onto lager amounts of cash as there are no cash machines around. People would want cash back.
The additional amounts of cash on hand, could make shops a target for thieves.
Mr. Howells said, “In a five to ten-year window, there will come a point where we’ll have to not have ATMs. We need other ways for consumers to access cash, and the obvious way is through retailers’ tills.“
Regarding the keeping of extra cash on hand, The Chief executive of the Association of Convenience Stores, James Lowman said, “We would be very concerned if retailers were required to keep large amounts of cash in their tills, as this could encourage crime against stores and have safety implications for staff. Where ATM thefts occur, they are often carried out by organised gangs using heavy machinery so to move cash into the store would be problematic.“
So a very debatable topic, and one that hits us where we live, in the wallets.