I Have A £50 Banknote In My Pocket

By Fi Thomson, 23 November 2022.

Give you something to think about.

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 paying 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..
• But if I come to a restaurant and pay for dinner digitally – 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 or owner re laundry or payments of the owner of the laundry shop, or payments of the barber etc….. Therefore, after 30 transactions, the initial £50 will remain only £5 and the remaining £45 became the property of the bank thanks to all digital transactions and fees.

PS: it’s now 4 months since I used my card and I love it. More human interactions, more questions, more conversations about why cash needs to be everyone’s priority. No one needs to know where I shop, how much I spend and what I buy . I am not okay with a digital currency – no way 🚫

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