Defending the Benefits of Cash for Britain
Jun 21, 2024
Cash is good for individuals, businesses and economies alike, and the UK’s Payment Choice Alliance is dedicated to safeguarding these benefits for future generations with nationwide legislation ensuring everyone has the right to choose how they pay.
Campaign Director Martin Quinn explains a key activity for the Alliance is campaigning for a law that would establish the right of all UK citizens and visitors to use cash in payment for goods and services, as well as cashless options. One benefit of cash that he highlights is especially relevant in a challenging economy: keeping track of spending.
I find if I go on a night out and I haven’t brought cash, I’m tap, tap, tapping away all night. I wake up the next morning in a cold sweat. I have no idea how much I’ve spent. That’s not the case with cash. This is not necessarily just a helpful tool for people who are older, or less technologically savvy—cash is a perfect tool for budgeting.
Quinn points out cash also offers advantages to businesses, serving as an alternative and competitor to card companies that charge transaction fees which eat into profit margin, encouraging many small and medium businesses to pass the expense on to customers in the form of higher prices. A growing number of US businesses are even incentivising cash payments by offering discounts to people using physical money.
The Alliance says its top priority is securing payment choice and to guarantee banks and other financial services recognise and act upon the responsibility they have to serving and supporting everyone. It also believes ‘people should be able to do more with their cash’ and is seeking technology innovations within the industry to ‘give everyone opportunities to use their cash when they choose.’
Quinn is optimistic about the possibility of a payment choice act being introduced, saying it ‘would be very simple and short in terms of legislation’ and ‘a really easy win—something that will not cost the government money.’ In the meantime, he encourages everyone to hold businesses to account when they refuse cash.
I think you have to vote with your wallet. If places aren’t taking your cash, then I think you should walk down the road and use somewhere else. Then those businesses will realise that those who take it are busier.