Katie shares that "Cash is Back" in the UK. I saw this in the news this morning, brilliant news. I've noticed that small businesses are accepting cash or bank transfers instead of debit cards to decrease their overheads, enabling them not to increase their current prices for their customers. At least two small businesses that I've dealt with recently are refusing debit card transactions altogether due to the high cost of bank charges. So we have to make sure that we have plenty of cash on us when it is the preference of the business that you are purchasing from.
Has Katie reports, the banks thing the reason people are returning to cash is that it is easier for them to budget which means that the banks haven't realised how many people are against digital currency. Small businesses and the general public that support them are voting with their feet and their pockets and it is good to see it happening. I've also seen more people using cash in large food stores too.
There was a recent case whereby the tills were closed for card transactions because the food stores system was down. That has been happening in convenience stores too, it does indicate the existing technology is overloaded, sometimes their technology can be down for a few days and they have no choice but to accept cash or close the shop. That's a reality check for the banks isn't it?
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