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Published by jack elliot

 Poor people suffer as banks and ATMs are closed in this new cashless world in Britain

 

 

 

Nearly 3,000 bank branches have closed across the UK since 2015 and ATMs disappeared at a rate of 500

a month in the first half of this year,

 a sixfold increase since last November.

More than 130 communities,

many of them in poor areas,

now have no ATM and the 2.7 million Britons

who rely entirely on cash are being increasingly

shut out of essential services.

 

The official line from banks and regulators

is that customers are driving the digitalisation of money.

The advent of contactless payments

and the rise of online banking

means fewer people are withdrawing cash

or visiting bank branches.

But there’s another, more sinister explanation.

Our spending habits are monopolised

by two US monoliths, Visa and Mastercard.

It is forecast that between them

they will control 90% of the total UK electronic payments sector by 2026.

Both companies receive a cut from every card transaction and have openly declared a war on cash.

Cash is still the most popular form of payment

in the UK,

accounting for nearly half of all transactions.

However, few of those who prefer plastic

realise we are all footing an

invisible bill for the convenience.

Credit and debit card payments cost traders

on average three times as much as cash

because they have to pay a service charge

to the bank that processes the payment.

Part of that, the interchange fee,

is passed to the card issuer and most of the rest,

the scheme fee,

goes to Visa or Mastercard

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Comment on this post
R
Good post. It's factual, informative, and succinct.
Reply
J
Thank you<br /> you are very welcome