Cashless society ?
Discussion
Interesting topic. I don’t think it concerns me either way to be honest.
I rarely have cash on me anymore. It’s actually a hassle going and getting it from a cash machine if I need it.
The issue is compounded by the fact you can only retrieve £300 per day, per card, which is annoying if you are buying something for more than that and the seller insists on cash.
Even during private buying and selling of stuff, I find that most people are happy to send or receive the agreed amount instantly via PayPal or bank transfer on a phone app.
The only time I ‘need’ cash is when I offer it to a mechanic/tradesman to save myself paying the VAT.
For all the rest of the time, I just tap my phone on card machines to pay any amount. Apple Pay is unlimited, unlike standard contactless payments.
I still use an Oyster card, simply because I don’t like the idea of dropping and losing my debit card in the rush of using the Tube.
I actually dislike the constant conundrum of exactly how much cash to give a taxi driver or leave as a restaurant tip. Electronic payments eliminate all that. If the Taxi meter says £9.10, then it’s £9.10 I’m paying by tapping my phone on the machine. Not just leaving £10 and hoping the driver doesn’t get annoyed at my lacklustre ‘tip’.
Things like Uber are even better. There is never even a mention of money. You simply complete your journey and get out of the car.
Even car parking meters and ticket machines are all switching to apps or contactless payment. This is great. No more carrying a pot of change around in the car to use in car park ticket machines.
I’m struggling to think of too many downsides of a cashless society.
I rarely have cash on me anymore. It’s actually a hassle going and getting it from a cash machine if I need it.
The issue is compounded by the fact you can only retrieve £300 per day, per card, which is annoying if you are buying something for more than that and the seller insists on cash.
Even during private buying and selling of stuff, I find that most people are happy to send or receive the agreed amount instantly via PayPal or bank transfer on a phone app.
The only time I ‘need’ cash is when I offer it to a mechanic/tradesman to save myself paying the VAT.
For all the rest of the time, I just tap my phone on card machines to pay any amount. Apple Pay is unlimited, unlike standard contactless payments.
I still use an Oyster card, simply because I don’t like the idea of dropping and losing my debit card in the rush of using the Tube.
I actually dislike the constant conundrum of exactly how much cash to give a taxi driver or leave as a restaurant tip. Electronic payments eliminate all that. If the Taxi meter says £9.10, then it’s £9.10 I’m paying by tapping my phone on the machine. Not just leaving £10 and hoping the driver doesn’t get annoyed at my lacklustre ‘tip’.
Things like Uber are even better. There is never even a mention of money. You simply complete your journey and get out of the car.
Even car parking meters and ticket machines are all switching to apps or contactless payment. This is great. No more carrying a pot of change around in the car to use in car park ticket machines.
I’m struggling to think of too many downsides of a cashless society.
Countdown said:
RC1807 said:
So said:
purplepolarbear said:
Tyre Smoke said:
Surely you tell the bank your client insisted on paying cash? If it's all above board, where's the problem?
Would the bank ask who the client was, and would you feel comfortable telling them if they did?Also, would paying in a large amount of cash trigger someone to look at what you're doing - I'm sure all will work out OK in the end if everything is legitimate but the hassle of being investigated would be stressful and time consuming.
What he does is not my problem.
RC1807 said:
Also, would paying in a large amount of cash trigger someone to look at what you're doing - I'm sure all will work out OK in the end if everything is legitimate but the hassle of being investigated would be stressful and time consuming.
Highly unlikely of it being looked at. Highly unlikely that, even if it IS looked at it would involve anything more than a check of where the money came from. It certainly wouldn't result in a full audit unless there were multiple amounts of cash deposits being made.I have no credit cards, the reason being, my bank failed to credit the right account, long story short, a small credit card payment, became huge amount with charges. The bank, HSBC were very helpful and resolved the situation, however, the credit card issuers, were less understanding.
For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
technodup said:
PF62 said:
technodup said:
"All spending is traceable". There are plenty of us who have no desire to be constantly traced and recorded in everything we do.
And back again to cash use being driven by the poor, the crooked, the elderly, and the paranoid.
ker.daqinggregg said:
I have no credit cards, the reason being, my bank failed to credit the right account, long story short, a small credit card payment, became huge amount with charges. The bank, HSBC were very helpful and resolved the situation, however, the credit card issuers, were less understanding.
For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
May I recommend a pre paid card, I use Revolut. There must be an equivalent where you live.For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
daqinggregg said:
I have no credit cards, the reason being, my bank failed to credit the right account, long story short, a small credit card payment, became huge amount with charges. The bank, HSBC were very helpful and resolved the situation, however, the credit card issuers, were less understanding.
For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
Do they not have contactless on debit cards there? I use my debit card for everything (via Garmin pay) as the Dutch don't really do credit cards.For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
Completely agree on how much easier it is to spend on card than cash though.
daqinggregg said:
I have no credit cards, the reason being, my bank failed to credit the right account, long story short, a small credit card payment, became huge amount with charges. The bank, HSBC were very helpful and resolved the situation, however, the credit card issuers, were less understanding.
For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
I dont get the idea that money is easier to spend on a card than via cash, everyone knows you get x pounds in each month and have to spend y pounds in the same period.For sometime now, I have been cash only, then along comes Covid, we need contact less payment, so our monthly spend is transferred to Mrs. DG’s account, who is normally very prudent. Now everything is paid for using smart phone, all of a sudden spending goes through the roof, just tap and pay, so easy. It shocked both of us, Mrs DG, not I, set up an alert, so I get messages for all transactions.
I realize, I’m swimming against the flow and will need to get onboard soon, I just don’t like the idea of everything being done electronically. For clarity, I live in Asia, many places still don’t take cards.
A Quid is a Quid however it is spent, I dont find it any more difficult or not to spend an electronic quid than a physical one.
I manage my money pretty rigorously via a spreadsheet, and yes I am a joy at dinner parties...
The problem with money is you can only spend it once, and anyone who thinks the electronic form is in anyway different is labouring under a misapprehension, its exactly the same except you arent handling notes and coins, its just not that hard.
Not used cash for a month or more now, had a tree surgeon round and he insisted on a Bank Transfer, citing going to Gusto for a meal and not being able to use it as part of his reason.
J4CKO said:
I dont get the idea that money is easier to spend on a card than via cash, everyone knows you get x pounds in each month and have to spend y pounds in the same period.
A Quid is a Quid however it is spent, I dont find it any more difficult or not to spend an electronic quid than a physical one.
I manage my money pretty rigorously via a spreadsheet, and yes I am a joy at dinner parties...
The problem with money is you can only spend it once, and anyone who thinks the electronic form is in anyway different is labouring under a misapprehension, its exactly the same except you arent handling notes and coins, its just not that hard.
Not used cash for a month or more now, had a tree surgeon round and he insisted on a Bank Transfer, citing going to Gusto for a meal and not being able to use it as part of his reason.
We actually find it easier to monitor and save money when payments are electronic rather than cash.A Quid is a Quid however it is spent, I dont find it any more difficult or not to spend an electronic quid than a physical one.
I manage my money pretty rigorously via a spreadsheet, and yes I am a joy at dinner parties...
The problem with money is you can only spend it once, and anyone who thinks the electronic form is in anyway different is labouring under a misapprehension, its exactly the same except you arent handling notes and coins, its just not that hard.
Not used cash for a month or more now, had a tree surgeon round and he insisted on a Bank Transfer, citing going to Gusto for a meal and not being able to use it as part of his reason.
My phone shows me all the payments I have made, and where, with just a couple of swipes on the screen.
My wife's phone has our personal banking app on it, and it automatically splits up all your purchases that month into categories and shows you pie charts and amounts.
At a glance you can look and see things like "We spent £190 eating out last month" or "We spent £200 on petrol so far this month". It even shows you how much you spent on utilities and in the supermarket etc. It's brilliant and easy.
Moving money is easy as well. On the last day of every month, it takes my wife takes just a few seconds on the app to transfer our remaining balance for that month to our savings account.
Lord Marylebone said:
J4CKO said:
I dont get the idea that money is easier to spend on a card than via cash, everyone knows you get x pounds in each month and have to spend y pounds in the same period.
A Quid is a Quid however it is spent, I dont find it any more difficult or not to spend an electronic quid than a physical one.
I manage my money pretty rigorously via a spreadsheet, and yes I am a joy at dinner parties...
The problem with money is you can only spend it once, and anyone who thinks the electronic form is in anyway different is labouring under a misapprehension, its exactly the same except you arent handling notes and coins, its just not that hard.
Not used cash for a month or more now, had a tree surgeon round and he insisted on a Bank Transfer, citing going to Gusto for a meal and not being able to use it as part of his reason.
We actually find it easier to monitor and save money when payments are electronic rather than cash.A Quid is a Quid however it is spent, I dont find it any more difficult or not to spend an electronic quid than a physical one.
I manage my money pretty rigorously via a spreadsheet, and yes I am a joy at dinner parties...
The problem with money is you can only spend it once, and anyone who thinks the electronic form is in anyway different is labouring under a misapprehension, its exactly the same except you arent handling notes and coins, its just not that hard.
Not used cash for a month or more now, had a tree surgeon round and he insisted on a Bank Transfer, citing going to Gusto for a meal and not being able to use it as part of his reason.
My phone shows me all the payments I have made, and where, with just a couple of swipes on the screen.
My wife's phone has our personal banking app on it, and it automatically splits up all your purchases that month into categories and shows you pie charts and amounts.
At a glance you can look and see things like "We spent £190 eating out last month" or "We spent £200 on petrol so far this month". It even shows you how much you spent on utilities and in the supermarket etc. It's brilliant and easy.
Moving money is easy as well. On the last day of every month, it takes my wife takes just a few seconds on the app to transfer our remaining balance for that month to our savings account.
It is much easier to track as there is an audit trail in black and white of every purchase.
Moving money between accounts is useful, I have several savings accounts and it is so useful to create separate pots for various purchases, I move cash out when I get paid to savings and back if as usual life is more expensive than anticipated.
I allocate money at the start of the month down to the penny for bills, add in enough for shopping and fuel, check it off as it goes out an it gives a really accurate position, not gone overdrawn in years, dont owe anyone. This is after years of overdrafts and credit card bills, took a while but got there, earnings vs outgoings is obviously the main bit, but discipline is also a big part.
I find I am better when in the black, when I was in the red it was easy to just say f
k it and spend. Same when you have a few quid put aside, sometimes feel like spending, but always worth thinking to a time when you might not be able, I remember looking at a pair of expensive speakers thinking they seemed a rash purchase a year or two later when cash was tight.I think its difficult when you are younger, less money and you want everything, its sort of ironic as you get older you find it easier to wait.
J4CKO said:
I dont get the idea that money is easier to spend on a card than via cash, everyone knows you get x pounds in each month and have to spend y pounds in the same period.
Most debit cards let you pay and put you overdrawn, then you get a big bill from your bank a month later with their statutory (un)authorised overdraft charge + daily interest. If you're not good with money and don't have much of it, that quickly becomes a problem.Cash is cash. If you don't have it then the temptation is no longer there as you've not leaving the shop until you've paid for your s
t.Lemming Train said:
J4CKO said:
I dont get the idea that money is easier to spend on a card than via cash, everyone knows you get x pounds in each month and have to spend y pounds in the same period.
Most debit cards let you pay and put you overdrawn, then you get a big bill from your bank a month later with their statutory (un)authorised overdraft charge + daily interest. If you're not good with money and don't have much of it, that quickly becomes a problem.Cash is cash. If you don't have it then the temptation is no longer there as you've not leaving the shop until you've paid for your s
t.So, if you are prone to overspending, or just dont have enough coming in, that will happen anyway. It does sort of feel easier and there is less resistance I can see that. I think Internet spending, if you are that way inclined is too easy, my mum always says she doesnt have online shopping accounts as she cant trust herself and she will shop but can certainly cover it.
Suppose it is partly also a discipline thing assuming you have enough to cover the basics and some spare, for me that came with age and bitter experience
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