Why should we pay cash everywhere with banknotes instead of a card?
I have a £50 banknote in my pocket. I go to a restaurant and pay for dinner with it. The restaurant owner then uses the note to pay for the laundry. The laundry owner then uses the note to pay the barber. The barber will then use the note for shopping. After an unlimited number of payments, it will still remain a £50, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made….
However, if I go to a restaurant and pay for dinner digitally then card bank fees for my payment transaction charged to the seller are 3%, so around £1.50 and so the fee will be £1.50 for each further payment transaction to owner re laundry or payments to the owner of the laundry shop, or payments to the barber etc…..
Therefore, after 30 transactions, of the initial £50 will remain only £5 and the remaining £45 becomes the property of the bank thanks to all the digital transactions and fees.
Use cash if you can.
Lizzie Fletcher
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