25/03/2024
Why should we pay cash everywhere with banknotes instead of a card ?
- Say I have a £50 banknote in my pocket & I'm going to a restaurant & 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 to pay for shopping.
After an unlimited number of payments, it will still remain a £50 value, which has fulfilled its purpose to everyone who used it for payment & the bank has jumped dry from every cash payment transaction made.
BUT....
IF I go to a restaurant & pay digitally via Card....
- the bank fees for my payment transaction charged to the seller are 3%, so around £1.50....
(& so will be the fee of £1.50 for each further payment transaction )
- for the 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 exist at only £5, & the remaining £45 has become the property of the bank, thanks to all of the digital transactions & fees!!!
Use it or lose it folks....
Once it’s gone we won’t get it back!!!
Cash is king!!!
