JEFF PRESTRIDGE: Cash still has a place on High Street
published 21.11.2020 22:53
Although the pandemic has played into the hands of those who crave for a cashless society – namely the banks and global electronic payment giants such as Visa and Mastercard – there is no doubt that most people are not yet ready (and probably never will be) to discard physical cash.
Following an article earlier this month on the need for the Government to introduce legislation that preserves access to cash – something Ministers have promised once they have absorbed all the ideas contained in the submissions to the Treasury – we were inundated with letters of support.
Its analysis indicates that more than three quarters of consumers believe the Government should be doing more to ensure access to cash, especially in communities where banks have shut their branches – and taken out their cash machines.
All the mood music suggests the Government will refuse to legislate to ensure payment choice, preferring to concentrate on ways of making cash more accessible – for example, by allowing people to get cashback from retailers without having to make a purchase.