Traders at one famous market fear they may have to close down altogether if cash doesn’t continue.
Stall occupiers on London’s famous Portobello Road have claimed that they’re being forced to go cashless and that customers will miss out on the “authentic” market experience.
They have also said they may be forced to close in the future. Speaking to MyLondon, trader JP McCormack said the move to a cashless economy meant people were losing the “elemental freedom” that cash offers.
He said: “Cash is important, especially for the likes of markets. It has always been cash and very rarely were card payments common.”
Mr McCormack added: “Cash is part of the experience of coming to a market. It’s authentic and lets you interact with people.
“There are a lot of people from different generations that use cash and people who prefer to use cash probably won’t come down. Cash is a freedom for people. There is an elemental freedom to using it.
“It’s a big problem for smaller businesses, especially for people who maybe don’t have a good credit score.
“I don’t think cash is dead and I think smaller businesses that stand up for cash will make it part of society.”
Mr McCormack isn’t the only trader concerned about the move away from cash.
Dee Mackenzie, who manages an acrylics and abstract art stall, said she worries that going cashless could scare the homeless, tourists, and elderly people away.
She explained: “I think it would make a huge difference to your daily takings a lot of that custom will be from tourists or there are a lot of local people who shop literally live on the road to you know, they tell you they’re local so they will support you.
“I would perhaps have to re-evaluate my place here if I didn’t have that. Because there are so many ramifications if somebody can’t pay by cash.”
A government spokesperson said: “The way people access and manage their money has been changing for decades.
“While it is the choice of businesses to determine the methods of payment they accept, for many, cash still has an important and continuing role to play as a means of paying for goods and services.
The government has legislated to protect access to cash withdrawal and deposit facilities for people and businesses.
“This will support businesses to continue accepting cash by ensuring they have reasonable access to facilities to deposit their cash.”
