Online Class Notes (Ally)

Vocabulary

dethroned (verb):  throne = chair of the king, getting something off of the chair of the king -> getting sth out of power

wad of notes: stack of bills, paper money 一沓钞票

handful of shrapnel: (small) piece of metal (coins in the article)

circulation: blood flow in our body

tangible: adj, you can touch it

stump up: （不情愿的）掏腰包，付钱, pay

cashier: someone at the check-out (of a store) who deals with money

efficient: quicker, better

insurance premium: money to be paid under insurance policy

promote <> demote: promote level up, demote level down

remote: (adj) an area very far away with little going on (<—things are not happening here)

budgeting: (verb)calculate the costs of sth

budget: (noun) yu suan, ex. federal budget

decline: to fall (opposite = increase, rise)

in decline: in a falling fashion

recline: fall back (usually on a chair)

recliner: a chair/sofa that goes back

Grammar

give a run for its/his/her/my/your money: trying very hard to beat the competition  给…带来竞争

ie: Alibaba is a big company, but Tencent is a run for its money.

revised: Alibaba is a big company, but Tencent gives Alibaba a run for its money.

Cash is king, or so they say. In one form or another, human beings have been carrying around money for hundreds of years. Metal was first coined into cash between 700 and 600 BC by the Lydians, and banknotes have been in circulation since their first use in China around 1000 AD. These days, though, habits have changed. Modern technology means that while money is still widely used, it’s more likely to be a digital transaction than a wad of notes and a handful of shrapnel. If cash is king, then it may eventually be dethroned.

In the UK, the use of tangible currency is in decline. In 2017, the banking trade body UK Finance reported a 15% fall in the use of ready money. Since their first use, debit card payments have given cash a run for its money. Last year, for the first time ever, the use of debit cards and contactless payments became the most popular way to stump up. In fact, if trends continue, the use of cold hard cash, would end by 2026, says the report.

For businesses, the smart money is on not taking cash. By doing so, they are in the money. For example, the Boot pub in Freston opened last year as a cashless pub. In a BBC article, its owner Mike Keen lists several advantages, including a quicker speed of service, lower insurance premiums since no cash is kept on site, and a saving in time as he needn’t cash up each day nor make a deposit in the bank several times each week.

However, eight million people in the UK still need cash, according to the Access to Cash Review, an independent body measuring the need for cash in the UK. Those living in rural areas with poor internet connectivity and people who have physical or mental health issues are among those that find it difficult to use digital services. In addition, many service providers, such as window cleaners, are still paid cash in hand. Not to mention, budgeting, which is easier with cash since “you know what you’ve got,” interviewee Kev Jackson told the BBC.

Is cash dead? Not yet it would seem, though as more technological solutions to payment, such as smart watches, become commonplace, its use is likely to decline more. What’s important is, the report concludes, to put in place infrastructure to ensure that those who still need to pay the good, old-fashioned way can get their money’s worth.

Pronunciation

issues: pronounce ss like sh