Is Cash Over?

[mike carey]

Most of us have been using cash less over recent years, but we all assume that it will remain an important aspect of our business lives. Is that true? I've just listened to this half hour discussion with an advocate of reducing the prominence of cash further than it has already gone.

 

https://radio.abc.net.au/programitem/pgob7w0MrG?play=true

 

How we use cards has changed. As is noted in the program, cash is used in only about 5% of transactions in Scandinavia. In a conversation about the program to advertise it earlier today, one of the two discussing it recounted having gone to lunch in Sydney to find that he could not pay in cash. I use a card (I'm not a smart phone payer yet) for a cup of coffee or a burger, even for a $2 loaf of bread in the supermarket. There have been frequent conversations in here about the best method to exchange currency (usually CAD) before a trip, less so about card options. When I was at the DC forum restaurant meals in January, American colleagues were surprised that we have not been able to use signatures on card transactions for at least five years, it's chip and pin or nothing (or paywave for less than $100). Restaurants have hand held devices to bring to your table for you to pay with your card.

 

Although cash may be going away organically, the advocate in the program offers reasons for central banks to reduce the amount of cash. Up to 40% of cash in circulation in Australia and the US (amongst others) is in $100 notes (sorry, bills) but most people see maybe one or two of them a year. The conclusion is that they are often used for crime rather than routine commerce. Reducing cash in circulation makes it easier to have negative interest rates if central banks think that is necessary. (Cash is by definition a 0% 'bond'.)

 

However cash is king in paying an escort (most of them). If the highest value bill were $20, an overnight would require a separate backpack for his fee Thoughts anyone?

[jjkrkwood]

I have always used CASH whenever possible. And as it turns out, I am going into retirement with ZERO creditcard debt, which I guess is a good thing. .

[slightly]

Two years ago, when I had my first escort experience, the fella had said that he had one of those chip and pin machine readers at his place, I thought that was very convenient but also possibly suspect. I made sure I had cash on me just in case. However, with how things are going, I'm wondering if this is the way things will go here in London with the more long term escorts.

[seaboy4hire]

I don't like carrying cash on me. If I lose a $20 bill I'm out $20. If I misplace my card, it's stolen, or some light fraud it's usually fixed in 24 hours or less and I'm out nothing. Now I do keep cash (not a lot) around the house as well as silver for well if the poo hits the fan. Trust, when it happens the first thing that wont be working is our bank cards. And those that don't squirrel away some cash or precious metals are gonna be fucked.

 

Hugs,

Greg

[BigK]

I guess if you want Big Brother to know absolutely everything about you lets keep going towards a cashless society.

[bigvalboy]

Cash is not over for me. I pay everything in cash, even large purchases. Online purchases are done with a loadable credit card, and I load just over what the purchase is. The only thing that I use credit/debit card for is car rental, which is only necessary two or three times a year. But that's just me...your mileage may vary.

[mike carey]

For those who have said that they wouldn't like it, I understand the privacy issues. I was posing the question more as a reflection about whether this will inevitably happen rather than any of us would want it to.

[mike carey]

Online purchases are done with a loadable credit card

Loadable credit cards are a replacement for folding cash, and I use them too (not just for on line, I use one to lock in foreign exchange rates the same way you would by buying foreign cash six months ahead of a trip). They are part of the move away from cash, not a way of avoiding it.

[bigvalboy]

Loadable credit cards are a replacement for folding cash, and I use them too (not just for on line, I use one to lock in foreign exchange rates the same way you would by buying foreign cash six months ahead of a trip). They are part of the move away from cash, not a way of avoiding it.

 

I don't look at the loadable cards as a way of moving away from cash only as a way of purchasing something when cash is not possible in a transaction. For myself, I use cash whenever it is at all possible.

 

But you are right, the system makes it difficult, and discourages, the use of cash in almost all aspects of our life.

[mike carey]

I don't look at the loadable cards as a way of moving away from cash only as a way of purchasing something when cash is not possible in a transaction. For myself, I use cash whenever it is at all possible.

I know what you mean about what is and isn't cash. The nub of the argument in the podcast was about paper currency not about anonymous funds methods. Banks are making the use of cards easier, so far governments haven't made the use of cash difficult, I suspect that will come.

 

I have a loadable card from an airline that gives me airline miles when I use it, and has points offers from time to time for loading it. That is part of the move from cash.

[seaboy4hire]

I know what you mean about what is and isn't cash. The nub of the argument in the podcast was about paper currency not about anonymous funds methods. Banks are making the use of cards easier, so far governments haven't made the use of cash difficult, I suspect that will come.

 

I have a loadable card from an airline that gives me airline miles when I use it, and has points offers from time to time for loading it. That is part of the move from cash.

 

Is that with Quantus?

 

Hugs,

Greg

[mike carey]

Is that with Quantus?

Yep it is with Qantas. I also have one with Virgin Australia that I don't use as much.

[+ quoththeraven]

The local NPR station had a similar discussion recently. I don't remember which show it was, but I mentally tuned out after the person being interviewed, who presented it as "the end of cash," admitted that privacy and security concerns would make doing away with cash altogether highly unpopular.

[mike carey]

The local NPR station had a similar discussion recently. I don't remember which show it was, but I mentally tuned out after the person being interviewed, who presented it as "the end of cash," admitted that privacy and security concerns would make doing away with cash altogether highly unpopular.

Unpopular is the key word. It's a thing, that whether we like it or not, is happening. Banks will push us to use cards rather than cash. Central banks will seek to reduce the amount of paper money that is out there. Whether popular or not there will be a reduction in the amount of cash out there, and we will use cards and phones more for all transactions. People will adapt!

[down_to_business]

I always get nervous carrying more than $100 on me. I especially don't want to carry an overnight or a weekend fee in cash around in my pocket!

[seaboy4hire]

I always get nervous carrying more than $100 on me. I especially don't want to carry an overnight or a weekend fee in cash around in my pocket!

 

Sticky fingers and thieves in the night. Totally understandable.

 

Hugs,

Greg

[MikeBiDude]

Loadable credit cards are a replacement for folding cash, and I use them too (not just for on line, I use one to lock in foreign exchange rates the same way you would by buying foreign cash six months ahead of a trip). They are part of the move away from cash, not a way of avoiding it.

Like 20 years ago when it was predicted paper checks would completely go away. Please, tell that to the customer in front of me in the grocery checkout line

[seaboy4hire]

Like 20 years ago when it was predicted paper checks would completely go away. Please, tell that to the customer in front of me in the grocery checkout line

It's usually the super swnior citizens that use checks from my experience as a checker at your friendly local grocery. Drives me absolutely batty when someone pops out the check book.

 

Hugs,

Greg

[MsGuy]

Greg, doesn't your store have one of those scanner gizmo's for checks? If I understand how all that works correctly, they're in effect machines for turning a check into a slow, clumsy type of cash card.

[seaboy4hire]

Greg, doesn't your store have one of those scanner gizmo's for checks? If I understand how all that works correctly, they're in effect machines for turning a check into a slow, clumsy type of cash card.

 

We scan the checks but it'swaiting for the person to write it out and then sometimes have to check and write their ID down then scan the check. It seems like it takes long than when someone uses a form of plastic.

 

Hugs,

Greg

[+ LIguy]

I use cash or debit card but I'm curious if you can rent a car or hotel room with a debit card or must you have a credit card.

[seaboy4hire]

I use cash or debit card but I'm curious if you can rent a car or hotel room with a debit card or must you have a credit card.

 

Most car rentals want a credit card. Enterprise was the only car rental place I know of that allowed debit but you had to put a big deposit down. It may have changed since its been 5 yrs since we've had to rent a car. You can use a debit card for hotels for incidentals but again a higher amount will be put on hold on a debit card than a credit card. The other option is to use cash for incidentals. Again you might have to put more down than if you used a credit card. It all depends on the property and brand.

 

Hugs,

Greg

[MsGuy]

We scan the checks but it'swaiting for the person to write it out and then sometimes have to check and write their ID down then scan the check. It seems like it takes long than when someone uses a form of plastic.

 

That's what I mean, Greg. The check is just acts as a slow awkward form of debit card, doesn't it?

 

Or am I missing something?

[seaboy4hire]

That's what I mean, Greg. The check is just acts as a slow awkward form of debit card, doesn't it?

 

Or am I missing something?

 

Maybe cause Im of a younger generation but I can whip out my plastic and pay that way faster than writing out a check. I havent writtwn a check since 1996.

 

Hugs,

Greg

[+ saminseattle]

The government seems unable to even get rid of the penny, so it seems doubtful it will get rid of cash altogether. http://www.nytimes.com/2016/10/11/insider/why-doesnt-the-united-states-finally-get-rid-of-the-penny.html?_r=0 Yes, there have been innovations in payment technology, but inertia is a powerful force, and the U.S. system of checks and balances is biased in favor of the status quo. So I am optimistic that the cash option will be around for a long time to come. I like this to be an option not only for privacy but also to allow merchants to avoid the exorbitant fees the monopolistic credit card companies charge them.