Cashless society?

[ToeKnee]

So, what are your thoughts, will the uk move to a cashless society in the next fifteen years?

 

[Bobby Dazzler]

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So, what are your thoughts, will the uk move to a cashless society in the next fifteen years?

No idea, but I believe that the benefits easily outweigh the drawbacks for the majority of people.

Much of the minority being people who don’t like paying tax, like to artificially hold their income low to claim benefits, or believe they’re being tracked.

 

[ChipChop]

A Central Bank Digital Currency has advantages for the City and is being pushed at this point in time as no provisions were made for the financial services sector in the UK EU trade deal which has just been ratified. Regulatory freedom is the term i have heard used.

I fail to see any advantages in a CBDC for mere mortals who have been strongly encouraged to not use cash for the last 12 pandemic months. Arguably a CBDC would hand total control of your money to a central bank, the opposite of a decentralized digital crypto-currency such as Bitcoin which cannot be taken or seized by an outside authority.

 

[Bobby Dazzler]

A Central Bank Digital Currency has advantages for the City and is being pushed at this point in time as no provisions were made for the financial services sector in the UK EU trade deal which has just been ratified. Regulatory freedom is the term i have heard used.

I fail to see any advantages in a CBDC for mere mortals who have been strongly encouraged to not use cash for the last 12 pandemic months. Arguably a CBDC would hand total control of your money to a central bank, the opposite of a decentralized digital crypto-currency such as Bitcoin which cannot be taken or seized by an outside authority.

Why would one’s money be seized by an outside authority? I’ll be honest I’m not sure what an outside authority might be.

 

[Petrol Pete]

I like to have a bit of 'folding' in my wallet but I could easily operate without it . When being paid by big operators they do not hand little brown envelopes stuffed with cash to Oiks like me , it's all on the books.

But I feel a cashless society is not the way forward, I can not remember the details but there are about £70 billion of cash pounds in circulation unaccounted for ( I have some of them in my safe's) that 'they' would like to see accounted for as a form of control.

If cash - the 70 billion or so - were to be made 'illegal' those who hold the cash would have nothing to barter with to keep the establishment 'honest' IE: get into a dispute with your bank about the low interest rates on you 50K savings and threaten to withdraw the lot they will just laugh at you as you can not draw it out in cash as cash does not exist anymore but you are welcome to transfer it (at your cost) to another bank that 'surprise surprise' offers you an interest rate that is just as $hitty.

Cash is not king , but it must survive.

 

[190]

So, what are your thoughts, will the uk move to a cashless society in the next fifteen years?

It's well on the way already with covid having brought it forward by several years. Contactless payment has been the big game changer that has made cashless payments so safe, easy and quick. Can hardly remember when I last used cash other than as a coin to release a supermarket trolley.

I can recall a rare cash purchase a year or so back at Toolstation. The guy really struggled to count the coins, it's a skill set that retailers will be losing.

 

[ChipChop]

Why would one’s money be seized by an outside authority? I’ll be honest I’m not sure what an outside authority might be.

A centralised digital currency would i assume be based on the rules laid down by said central bank. Break those rules and enforcement (fines/ limited access to your funds) would follow. A decentralized digital currency or cryptocurrency is controlled only by you. No outside authority has the ability to take your money.

Chinas social credit system for instance. Instant enforcement if you do not follow the rules. A digital dictatorship.

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[MadMerx]

Cash is not king , but it must survive.

Cash is definitely king and will always survive. It opens more opportunities, doors and thighs than anything else!

 

[Chrishazle]

We buy our eggs at the farm gate, no way would they offer tap and pay, it's cash and honesty box (with CCTV as the villains have stripped them once already).

 

[Will]

There’s always going to be exceptions to the rule, of what works and what doesn’t straight away.

I’m sure the farm egg situation could be overcome - pay online/app etc.

Here we all are online typing on our phones, not writing letters in to the monthly MB magazine waiting to be printed…

 

[Bobby Dazzler]

There’s always going to be exceptions to the rule, of what works and what doesn’t straight away.

I’m sure the farm egg situation could be overcome - pay online/app etc.

Here we all are online typing on our phones, not writing letters in to the monthly MB magazine waiting to be printed…

I agree, it would still be possible to buy eggs if at a farm gate if, as and when cash is withdrawn from circulation.

My local fish & chip shop believed that it wouldn’t be worth taking card payments, delivering orders, or listing on Just Eat.

They did all three out of necessity in lockdown and their business is much more successful than ever as a result.

 

[chic0821]

The only place I use cash is in the pub. Don't know why, maybe I don't trust them or myself. Apart from that I have not used cash for a couple of years now. Not even for a newspaper.

 

[Spider10]

I always use cash never used a chip and pin,its easier to spend on plastic, cash makes you think twice, the wife is the total opposite its all card with her

 

[markjay]

I think that in 15 years the UK will certainly be much more of a cashless society than it is now, but to completely phase-out notes and coins will take longer than that.

As for criminals and tax dodgers... they'll move to cryptocurrency, when the current generation retire or pass away....

But completely cashless in 15 years? That time-line is too short I think.

 

[m80]

Why would one’s money be seized by an outside authority? I’ll be honest I’m not sure what an outside authority might be.

It already is seized or held awaiting justification when the'authority' deem it should be.
More than just Russian's have their funds and assets confiscated and then need make claim on its legitimacy. Much is political in my view so you decide where the true authority is.

If we have an unusual transaction, cash or electronic, we need justify them to the bank, part of the money laundering of some years ago.

Try bringing large sums across the border, confiscated pending a claim and justification.

It is beyond my knowledge but wouldn't be surprised if there should be an approval gained from HMG, taxman at least, prior to our sending large sums abroad.

All for the benefit of society as a whole of course.

Our freedoms in this pretend democracy are only those allowed us. covid has demonstrated that.

 

[Deleted member 113659]

......(with CCTV as the villains have stripped them once already).

Assuming you mean stripped of cash and not the eggs then that’s surely a perfect argument in favour of a cashless society?

I think it’s awesome that people still do the eggs n honesty box thing. There’s a fair few around our way. A nice trusting act (by most people anyhow).

 

[Petrol Pete]

I am sure cashless is on the way or cash will still be with us but many outlets will (in the the future) not accept it or make a charge for doing so. I say this based upon what I see the youngsters doing...paying tiny sums - 60p - for example, using a card/watch/phone etc . It's the norm for them.

Even though I have at all times in my wallet 2 credit and 2 debit cards , all 4 with quite high buying power I feel 'exposed' if there are not a few tenner's in there as well. Old habits I guess.

 

[MikeInWimbledon]

One of the curiosities about the Dollar and Euro is that they're used by the rest of the world to store, how can one put this, hot cash.

So the two central banks are amused that huge amounts of high value notes just "disappear" after printing, not to be used again. It's one of the benefits of being the global "Reserve" currency. The US Federal Reserve reckons that 60% of US currency (roughly a trillion dollars) has "left the USA" - mainly in $100 bills. (Typically three quarters of American notes, by value, are $100 bills.)

Ridiculous? Here's the Federal Reserve paper on it: https://www.econstor.eu/bitstream/10419/162910/1/Judson.pdf

It was a factor in the post war fall of Sterling and the rise of the Dollar and then the Euro. (Obviously a lot of other much more significant impacts, but it's an element).

Electronic payment is convenient for sure, and is gaining favour, but it still has a variety of costs, and risks, attached to it.

We always assume that electronic transfer systems will work faultlessly, in the same way that we thought respiratory viruses would never transfer so easily that we would see a global pandemic scaring the world as it has done in 2020. It takes one "crash" or failure to turn those assumptions on their heads. And when wars break out, people want to run away with their money.

 

[Petrol Pete]

I remember thinking when the issued the 500 Euro note that the only person who could possibly make best use of them would be crooks. They stopped producing them a while back but they are still legal tender .

Pubs round my way give the 'evil eye' to a mere £50 note let alone worth 10 times as much .

 

[m80]

In the short term of buying stuff it's all dependant on tinternet, and bank cyber security.
"Sorry your card has been declined", due to a bank hiccup.

"Our tills have a problem this morning, do you have cash?"

"I'm sorry but we can't take electronic payments until our system problem has been sorted by IT, you can have fuel if you have cash."

It's all brilliant until.
Last week each time I attempted to pay by Paypal it ran me through the one time number has been sent to your mobile number.....134
I'm using the flippin' mobile to pay.
It's the same establishment and repeat order, Spoons for booze, so feel free to shoot me for being there but I was only doing a behavioural survey on social compliance.

I do take a few quids from my archive drawer to carry when I'm out.