Cashless society?

[PhantomF4]

Cashless is all very well until technical issues occur. Whether due to ransomware or computer issues, when systems are compromised cash will always be the default fallback position.

I wonder how many of us never have at least some money in their wallets, even if only for emergencies?

 

[WOODYTHEWISE]

Been cashless since my wedding day

 

[Future]

Cashless is all very well until technical issues occur. Whether due to ransomware or computer issues, when systems are compromised cash will always be the default fallback position.

I wonder how many of us never have at least some money in their wallets, even if only for emergencies?

https://twitter.com/Bitcoin/status/1364650399559421956

 

[Martinjs]

We are almost there already and COVID has accelerated the use of cheap, convenient electronic payment, I pay for most things with my watch.

People say “cash is king” most retailers hate it, it costs a ridiculous amount to process it, the banks really stiff businesses who bring cash to their door.

The only people who want to hang onto it are the VAT and tax dodgers, once electronic payment become the norm any cash transactions will be viewed with more suspicion than they are now.

 

[raspy]

We are almost there already and COVID has accelerated the use of cheap, convenient electronic payment, I pay for most things with my watch.

People say “cash is king” most retailers hate it, it costs a ridiculous amount to process it, the banks really stiff businesses who bring cash to their door.

The only people who want to hang onto it are the VAT and tax dodgers, once electronic payment become the norm any cash transactions will be viewed with more suspicion than they are now.

@Martinjs A lot of old people prefer to hang to and use cash, it's not just those with criminal motives.

 

[m80]

Having the discussion last eve with a couple of mates, not young mates.
Both well sorted financially, although one is a real tight wad.
They will not enter into online banking, don't trust it. They will drive, park and then queue.
"If there is a mis key or something goes wrong what can you do about it?"
"What if the teller makes a mistake or the bank do later, same thing?"
"I've got a receipt ."
"You get an online receipt, and you can see the transaction instantly."

With one of 'em I appreciate his dino' style as he hasn't a smart phone and sits while we order the drinks.
T'other is engaged in business daily, how he doesn't do most online is a mystery to me.

I can appreciate that cash in the pocket feels real. But I've had cash here for months as it just doesn't seem to have purpose anymore. When I get around to taking it to the bank I'm expecting little girlie behind the screen to interrogate as to where it came from "sorry it's the money laundering regulations".

 

[Deleted member 159894]

Having the discussion last eve with a couple of mates, not young mates.
Both well sorted financially, although one is a real tight wad.
They will not enter into online banking, don't trust it. They will drive, park and then queue.
"If there is a mis key or something goes wrong what can you do about it?"
"What if the teller makes a mistake or the bank do later, same thing?"
"I've got a receipt ."
"You get an online receipt, and you can see the transaction instantly."

With one of 'em I appreciate his dino' style as he hasn't a smart phone and sits while we order the drinks.
T'other is engaged in business daily, how he doesn't do most online is a mystery to me.

I can appreciate that cash in the pocket feels real. But I've had cash here for months as it just doesn't seem to have purpose anymore. When I get around to taking it to the bank I'm expecting little girlie behind the screen to interrogate as to where it came from "sorry it's the money laundering regulations".

Little girlie, really?

 

[m80]

Little girlie, really?

At the bank I use on rare occasions yes.

 

[Justintyme]

Cashless is all very well until technical issues occur. Whether due to ransomware or computer issues, when systems are compromised cash will always be the default fallback position.

I wonder how many of us never have at least some money in their wallets, even if only for emergencies?

Not only do I always keep some cash, I have some pre - Euro Irish pounds "Ten Bob" notes, and coins too. Ditto sterling, just in case....

 

[Justintyme]

I remember the run Northern Rock Bank a few years ago, where people were blocked from taking out their cash...now if we go completely cashless society, that option will not be there....one click, and all transactions stopped. Complete 100% control of your money by either the Govt and or Banks,,,,

 

[zipdip]

Well cashless will bring a fortune to the government coffers when all the take aways and cafe's have to take down their signs saying cash only,the Chinese call it luck money,and they take it and invest it at the casino most weekends.

 

[raspy]

Food for thought
"But with more than two million Brits still thought to be almost entirely reliant on cash in their daily lives, particularly the elderly, vulnerable and those in rural communities, the government announced the launch of a ‘click and collect’ scheme last week. This allows people to pre-order cash collections from shops as a way to counter the falling numbers of ATM machines.

A report by Access to Cash found that 34 per cent of the UK population use cash because they like a choice when paying for things and a further 20 per cent feel more in control of their money when they use cash."

 

[Deleted member 65149]

I remember the run Northern Rock Bank a few years ago, where people were blocked from taking out their cash...now if we go completely cashless society, that option will not be there....one click, and all transactions stopped. Complete 100% control of your money by either the Govt and or Banks,,,,

It's not only banks that may block people from taking out their funds. 25 years ago when my first wife started divorce proceedings at the same time she put a block on our joint current and savings accounts, immediately after taking a chunk of cash out for herself. Even back then I rarely held more than a tiny amount of cash, so I was stuck with no access to any of my salary that had just been paid in. The rest of the month was frugal to say the least! Taught me two things: 1) don't keep all funds where others may have access and 2) get out of disagreeable relationships ASAP.

 

[Deleted member 159894]

At the bank I use on rare occasions yes.

I do wonder what title they have for you as you shuffle through the door.

 

[m80]

I do wonder what title they have for you as you shuffle through the door.

Here's that old codger, he'll want us to pick a flippin' card again.

 

[Justintyme]

It's not only banks that may block people from taking out their funds. 25 years ago when my first wife started divorce proceedings at the same time she put a block on our joint current and savings accounts, immediately after taking a chunk of cash out for herself. Even back then I rarely held more than a tiny amount of cash, so I was stuck with no access to any of my salary that had just been paid in. The rest of the month was frugal to say the least! Taught me two things: 1) don't keep all funds where others may have access and 2) get out of disagreeable relationships ASAP.

Its not for nothing that for Americans, the "Pre-Nup" is is every bit as essential as the vows taken......

 

[Deleted member 159894]

Here's that old codger, he'll want us to pick a flippin' card again.

It’s probably like that in your head.