The real value of cash

Most people would prefer to see cash stick around, says Merryn Somerset Webb. But most if us don't want it badly enough.

For how much longer will you have cash in your wallet? If Visa has its way the answer is not very long. Cashless transactions are more convenient, says the payments network. They're also more secure. What's not to like? Particularly if you are a small business and Visa gives you $10,000 to refuse to take cash (see page 30); or if you are an ordinary person who never quite gets around to going to the cash point (me).

I'm in Cornwall at the moment. Usually when I am here I find myself endlessly tripping back and forth from the cash point at Asda to get cash. No more. Everywhere that only used to take cash now takes cards as well and in most of these places I can pay contactless. So I do for coffee, for ice cream, for pasties and for postcards. In 2017, pretty much the only things in the entire county anyone still pays for in cash are the shells on the quay in Charlestown Harbour (pound coins in an honesty box) and beach car parks (cash in a pay and display).

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.