To be honest it wasn’t difficult to ensure that week 18 of my cashless experiment was a success – the festive season didn’t make any serious cash based payment demands.
Last weeks ‘near miss’ of being confronted with the almost extinct ‘minimum spend’ debit card machine tried to catch me out again but, rather than going to another shop, I resorted to buying more items – two bars of soap and a packed of paracetamols tipped the transaction over the arbitrary minimum spend limit of £5 and cashless ‘won the day’ albeit with me spending more money!
My half century (26 cashless weeks) will just precede Brexit so maybe I need to find a link between ‘cashless’ and ‘Brexit’ so I can sneak a Brexit hashtag into my Tweets to increase my Blog reads.
Each week I normally try and squeeze my cashless finds summary into a single Tweet but my blog ‘Like Cash, Only Easier’ (https://northeypoint.com/) went live this week so I now have the latitude to sum up this weeks finds in a bit more detail:
Blocks on gambling transactions
@begambleaware announced that Lloyds (@askLloydsBank), Santander (@santanderUK) and Royal Bank of Scotland (@RBS) will be joining Starling (@StarlingBank), Monzo (@monzo) and Barclays (@Barclays) – supporting Martin Lewis’ (@MartinSLewis team at Money and Mental Health (@mmhpi).
Digital Bank Advertising Campaigns
Starling Bank (@Starling Bank) started their London based advertising campaign ‘Banking But Better’. Both Money Box (@moneyboxteam) and Viola Black (@ViolaBlackUK) also started advertising campaigns.
UK’s Contactless Limit Languishes in 13th spot
Yahoo Finance (www.uk.finance.yahoo.com) published a survey of contactless payment limits around the world and ranked the UK 13th out of the 49 countries covered. Surely the UK is overdue for an increase in the £30 contactless limit?
New Year = New (Financial) Outlook
Although not one for New Year Resolutions I posted 10 financial resolutions during New Years Eve – search the hashtag ‘#NYR10’ to find out more.
If you’ve gone cashless you might be missing chucking your coins in a jam jar and seeing the pennies mount up. Monzo (@monzo) went cashless with the ‘1p Savings Challenge’ – starting with a penny and gradually increasing the amount saved each day saving a tidy sum by the end of 2019.
Apple Pay Limits
Which? @WhichUK) published a round up on ApplePay limits at UK – helpful given that its not clear what limit has been applied by each retailer (with a number selecting the ‘lazy’ option of the £30 contactless limit).
The round up also suggested that there could be some wait for limitless Apple Pay at Tesco – hopefully we will not need to wait a whole 12 months for Tesco to roll out across their stores.
A quote from Burkhard
I’ll finish with a quote from the German Bundesbank:
“Consumers should be able to decide for themselves how they pay. For us, it is important to have a broad mix of options and that efficient methods for payment are available” – Burkhard Balz, Bundesbank, Germany.
Now onto week 19 of my cashless challenge……….