Last week I shared my concerns about the possibility of there ever being a cashless society.
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It would seem I am not a lone with this concern.
The feedback from readers was overwhelmingly in support of cash as currency.
And one reader reached out with an extensive argument referencing several great reasons for their preference. Their comment is as follows:
Thank you for your "Cash is King" editorial Jackie! Absolutely spot on and in regional areas certainly the case. I too hope that cash always remains an option for us.
A lot of small not-for-profit groups still rely on cash and cheques and do not do online banking as such and are run by volunteers. What about the little market stalls? I am pretty sure that they would rely on cash.
The banks make money from digital transactions and not from cash transactions. That is why recently, as you are probably aware, the banks put it out there that there was a possibility of them charging us for cash transaction...
The letter continued:
... take the humble Bunnings BBQ for not-for-profit groups and charities. Last year we were almost forced to take up and pay for digital processes in order to participate. Thankfully Bunnings saw wisdom and did not go down this track. Instead they introduced their own App as an alternative to cash and to be used as an option, side by side with cash. Our average Bunnings BBQ nets us around $1700 per session. ...equating to cash takings of around $1500 and $200 from the Bunnings App. So yes cash is still King as far as our events prove.
Most of the customers that I speak to at these days prefer to use cash and to not use their mobile phones to pay. Many do not trust the security or the reliability of digital transaction.
Thank you to this reader for sharing their experience regarding the the value of cash. I always love feedback and I think this reader made some great points that need to be shared.
Here's hoping cash remains a valid currency,
Jackie Meyers, editor
