The question arose on ITV's The Martin Lewis Money Show, where one person asked: "If cash is legal tender, are businesses breaking rules by only accepting cards". This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, Get a discount code to save on your internet security, Listen to podcasts and books for less with these offers, Get the ultimate broadband and entertainment bundle, Get great deals on existing and new plans, Have a clean house and save money with these offers, The most vulnerable time of the year: Britons bombarded as fraudsters impersonate DPD and Royal Mail to grab personal and card details. Last month, This is Money assistant editor Lee Boyce revealed why he believes we would regret it if Britain turned into a cashless society. He also recorded a podcast debating whether a cashless society would work. That was my reaction! If you're someone who can't or won't use digital payment – for many reasons – you can be left excluded from many parts of society. As to whether it's time to switch to a cashless society, Martin had made an excellent point. Martin Lewis has settled the argument about whether shops are allowed to refuse cash payments on his ITV show But the use of cash has declined steeply in recent years, and it … Banks warn over negative interest rates: Big lenders urge caution as BoE weighs up whether to go below zero for the first time in history, 'UK equities could be the perfect way to play a global reopening at a fair price': Tom Becket talks opportunities for 2021 on the INVESTING SHOW. Yes, it’s been common over the years to see businesses put up signs saying they don’t accept “high denomination” currency such as a $50 or $100 … And there was good news coming for people who rely on cash, but are finding it harder to get hold of with bank branches closing and ATMs being removed. This new £60,000 BMW iX3 electric SUV has a soundtrack written by composer Hans Zimmer: Will it hit the right note with drivers? We've been using physical cash for centuries. "The legal tender thing is interesting," Martin said. Or when you go to rent a car, you have to have a credit card for payment. Here's how you could boost sales and visibility during the pandemic and beyond, My mother is being moved to end of life care which is totally funded by the NHS: Is she still entitled to claim her state pension? And yet, the reality is that while more of us prefer to use cards, phones or even our watches, cash will be needed for decades to come. The comments below have not been moderated. Last year, debit card payments overtook cash as the main way we pay for things, according to banking trade body UK Finance. DVLA warns of a 603% surge in fraudulent emails and texts - here's how to spot dodgy alerts. Money Saving Expert Martin's answer was simple, the Mirror reports. Sign up to our FREE newsletter below. "In Scotland, no notes - neither Bank of Scotland nor Bank of England, are legal tender.". A business is well within its rights to dictate its terms of trade to its customers. — not that I ever use cash (no I’m not rich…credit cards help manage money). Here, shops and transport accept payments through cards or via an app and only a small number of banks handle cash. This is an infrastructure largely run by commercial companies and it's funded largely through fees per cash transaction paid by retailers and banks (not directly by consumer) – i.e. In fifteen years, changes to the payments landscape mean that we will pay for things tomorrow in very different ways than we do today. Contactless: Now, one in seven transactions is via contactless technology. This week, it has been revealed there will be a new plastic £50 note, indicating that the Bank sees a future in physical cash and the £50 note. Allegedly, the cash and coins we carry are covered by up to 19 types of bug and potentially deadly bacteria, 'experts' say. 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