Money: Barclay’s apologises to customers and stores won’t be forced to take cash

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The new economic secretary to the Treasury, Emma Reynolds, has said that shops and service firms in the UK will not be forced to accept cash. This news comes despite millions of vulnerable people who still rely on using cash. Some countries like Australia, are planning rules that would force essential services to accept cash, but Ms Reynolds reportedly effectively ruled out such a move in the UK.  It’s reported that nearly 3 in 4 young people use mobile payment services. These findings, by UK Finance, went on to report that those aged 65 years or above are the least likely age group to use mobile payment services, with just 8% of that age range doing so. Last year, the BBC reported that cash remains the second most popular payment method, after debit cards, but that an estimated 3 million people continue to rely on cash. Though, it was reported by the British Retail Consortium that notes and coins were used in a fifth of shop transactions last year, with shoppers saying they found cash helped them budget better. But what do you think of this news?

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00:00Many people believe it's their right to use cash if they wish.

00:04For my whole life, I've been used to carrying cash around,

00:08but I've noticed in recent times, I rarely have cash in my pocket.

00:12But hey, there are some places you go to and they demand cash, which is fine.

00:16Others, they prefer not to. The whole point is, are we going to see the end of cash?

00:20Now, for the last number of years, probably 10, 15 years, the end of cash has been predicted.

00:25But I think the cash will continue probably in my lifetime.

00:29Now, Ms Reynolds also added that convenience stores are planning to accept notes and coins for years.

00:35But she said that tackling digital exclusion was still key for those who might struggle.

00:40Other members of the committee highlighted that victims of domestic and economic abuse may still rely on cash.

00:47The whole issue about cash and cars, it particularly affects small traders

00:52because small traders have to pay a percentage, whatever that may be, to use a so-called card reader.

00:58Now, if you're also working on very tight margins, that means you've either got to put your prices up

01:03or, of course, you sort of cut your profit. So it's a real difficulty.

01:07But at the same time, carrying around large amounts of cash does make you vulnerable to theft and whatever else.

01:12And indeed, if we remember famously from the It's a Wonderful Life, you put your bag of cash down and forget it.

01:18In extreme circumstances, you lose it. So I do accept the pros and cons.

01:25Interestingly, on February 2nd, Barclays Bank was forced to apologise to customers

01:30after a major IT glitch left some locked out of their accounts and thus locked away from their funds.

01:36Responding to queries on social media, the Barclays UK help account reportedly asked customers

01:42if there are any friends or family who can offer support

01:45and recommended to customers to contact food banks for help.

01:49This response from the bank to complaints provoked anger from online users.

01:54Difficult. As I say, different people have different sort of perspectives on this.

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