Like many countries in Europe, UK is going to be completely cashless after Corona. Due to this, the small businessmen of the Bangladeshi community, like many ethnic minority communities in Britain, are suffering.
In this trend of cashless economy, like other communities, senior citizens of Bangladeshi community and foreign tourists are suffering. Especially the small retail open market traders of daily commodities feel that if this trend continues, they have no choice but to change their profession. And traders from various ethnic minority communities, including Bangladeshis, who run corner shops in small streets across the UK, say they are struggling to sustain their business as big supermarket chains encroach on most of the streets.
Mubarak Ahmed is a stall owner in, Whitechapel, East London, he said to Daily Dazzling Dawn, “Because people don’t have cash in their pockets or with them, we can’t take card payments, so the number of customers is decreasing. And those who are small businessmen like us who have bad credit score due to various reasons cannot even go to the card payment system.
Monir Ahmed, the owner of JMG Cargo, a business established by the Bangladeshi community in Britain, said that the price of daily commodities has skyrocketed due to the financial crisis in Britain. Among them, many times there is no money in many cash booths. Many times, due to internet and server issues, small businesses cannot accept card payments. There should be both options for seniors and sick people who are still used to cash purchases.
Sunawar Ali, a former councilor and senior figure of the Bangladeshi community, said that developed countries are leaning towards cashless systems, mainly to stop tax evasion and money laundering.
According to data from the Bank of England, the use of cash for everyday transactions has been declining rapidly over the past decade. Cash transactions have declined from 50 percent of total transactions in 2010 to just 15 percent in 2021. According to UK Finance, in 2021 almost a third of all payments in the UK were made via contactless methods.
Londoners are moving away from cash faster than the rest of the country, according to new data. The latest figures from Link, the company that runs most of the UK’s cash machine network, show that Londoners and workers are withdrawing less money from machines each month than they did pre-pandemic. Compared to 2019, 2069 cash booths have decreased in Britain.
It should be noted that the Slovakian government has recently amended the law in the country’s parliament to guarantee citizens’ right to cash transactions.
“We have taken measures to encourage businesses to continue accepting cash,” a Bank of Britain spokesperson told reporters. Cash withdrawal and deposit facilities will be within every three miles.