07/12/2022
Why we should pay with CASH….instead of card!
Cash was created to exchange value and to remove the inconvenience of barter. If I have a €50 note and I go to a restaurant and pay for dinner, the restaurant owner can then use that money to pay for his businesses laundry for example.
The laundry owner then uses that fifty to pay the butcher. The butcher then uses the cash to do his shopping. After an unlimited number of payments, the €50 note still remains intact. It’s still worth 50 Euro. It has fulfilled its purpose to everyone who used it as a form of payment and the bank hasnt been involved in one cash transaction.
In contrast, if I go to a restaurant and pay for dinner using my card, the restaurant is charged 3% in bank fees, this equates to around €1.50. Therefore each business owner, who goes about their business, paying by card will be charged €1.50 per transaction. As a result the value of the 50 keeps diminishing.
After 30 transactions, the initial €50 will only be worth about €5 to the people/person and the remaining €45 became the property of the bank thanks to all digital transactions and fees that they have incurred. So if at all possible pay by cash! 👍🏻
