Cash money, beginning of the end and street life evolution - Eaglesinvestors Eagles

For centuries, artists and street vendors in London have been able to count on the cash money raised with passers-by to live.

However, with the gradual disappearance of the use of cash money in the British capital, the ability to adapt is necessary.

In London, the beginning of the end of cash money

The situation was quickly understood by the street singer Charlotte Campbell. She is one of the first to adopt a contactless card reader to pay for her benefits in the shadow of the London Eye, nickname given to the Ferris wheel on the south bank of the Thames.

“People have a habit of paying for everything by card,” says the 28-year-old with a wreath of artificial flowers resting on her blond hair. But, “if people do not use cash money anymore, street art may disappear,” she adds in the afternoon of late summer.

cash money

Now, 5 to 10% of her income no longer comes from coins thrown in her guitar cover but from payments made on the small portable card reader, she has programmed to charge 2 pounds (2.22 euros).

End of the cash money at the Church?

Government figures prove this right. According to a Treasury report published this year, the share of cash payments in the United Kingdom fell from 62% in 2006 to 40% in 2016. A proportion that is expected to fall to 21% by 2026, the document predicts. The ministry encourages the movement by banning merchants, since January, to charge fees for the use of payment cards.

There is another sign that the disappearance of coins and banknotes is on the way in the British capital. Indeed numerous lunch spots in the City, the country’s epicenter of finance, no longer accepts cash money.

Also as for the salesmen of The Big Issue magazine, whose recipes are intended to help the poor or homeless. They have also adopted contactless card readers to deal with the lack of cash money for passers-by.

Christ Church East Greenwich in south-east London is still using a basket for the Sunday quest. But since last year Reverend Margaret Cave has also deployed a contactless reader.

“The amounts are safely credited to your bank account. Nobody can take it, so it’s better than cash money from this point of view,” she says.

cash money

War against cash money

The phenomenon, however, does not have the luck of pleasing everyone.

“A society without cash money poses problems of three kinds” says financial expert Brett Scott. He is author of a guide pf global finance. “That of surveillance – we know what you’re doing. That of financial banning– feel the exclusion from the system. And the issue of cybersecurity” he enumerates.

According to him, banks, payment service companies, government and financial technology companies have been engaged for two decades in “a cold war against cash money”. Indeed they tried to convince the public that coins and banknotes are a drawback.

“We can consider it a bit like a gentrification of payment,” said the analyst. “We try to push any form of informal or non-institutional activity into a digital enclosure. Then it can be monitored and used by large institutions”.

The new economy could excluded homeless people, refugees and those struggling to open a bank account, he warns.

Recent history seems to justify the defeaters of overconfidence in card payment technologies. In June, some 5.2 million Visa card transactions – 2.4 million in the Kingdom alone – had been blocked for several hours, leaving shopkeepers and consumers panicking.

cash money

 

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