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Why Tesco Permanently BANNED Cash?!

Name: Why Tesco Permanently BANNED Cash?!
Uploaded: 2025-01-27T22:45:06+00:00
Duration: 34 s
Channel: Rob Moore
Description: In this commentary, the speaker critiques Tesco’s decision to stop accepting cash in 40 of its cafés, noting the company’s public justification that the…

27 Jan 2025 · 1 min

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In this commentary, the speaker critiques Tesco’s decision to stop accepting cash in 40 of its cafés, noting the company’s public justification that the move will speed up queues. The speaker argues that cash transactions are quick—handing over a ten‑pound note and receiving a five‑pound note takes no time and generates no profit for banks—whereas card tap payments earn banks about a 5% fee. The video highlights that BlackRock, the world’s largest asset manager, holds an 8.1% stake in Tesco, suggesting that powerful shareholders may influence the shift toward a cashless model. The speaker warns that starting with a few cafés could quickly expand to a broader cash‑free society.

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You can't now pay with cash in 40 Tesco cafes, and the PR is that it will speed up waiting lines. How long does it take to give a tenner and receive a fiver back? Here's something that people don't say: if I give you a tenner and you give me a fiver back, the bank make nothing on that. But every time I tap that, the bank make 5%. Do BlackRock have shares in Tesco? They are the biggest bank. BlackRock is the largest shareholder with 8.1% of shares. But the scarier thing is it starts with a few little cafes over here, and before you know it, you I'll pay for cash for anything.