28/02/2023
Why should we pay cash everywhere with banknotes instead of a card ?
- I have a ยฃ50 banknote in my pocket. Going to a restaurant and paying for dinner with it.
The restaurant owner then uses the bill to pay for the laundry.
The laundry owner then uses the bill to pay the barber.
The barber will then use the bill for shopping.
After an unlimited number of payments, it will still remain a ยฃ50 value, which has fulfilled its purpose to everyone who used it for payment and the bank has jumped dry from every cash payment transaction made.
BUT
IF I come to a restaurant and pay digitally via Card,
- the bank fees for my payment transaction charged to the seller are 3%, so around ยฃ1.50
( and so will be the fee of ยฃ1.50 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 ยฃ50 will exist at only ยฃ5, and the remaining ยฃ45 has become the property of the bank โฆ thanks to all of the digital transactions and fees!
Use it or lose it folksโฆ
Once itโs gone we wonโt get it back!
Cash is king!