wayneL
VIVA LA LIBERTAD, CARAJO!
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True, but these are businesses which previously just absorbed the costs.
Cashless society
- Thread starter sptrawler
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- cash cashless society
Dona Ferentes
BHINNEKATUNGGAL IKA
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I get what you're saying.
JohnDe
La dolce vita
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A group of 4 or 5 kids aged about 9 and 10 set up a little business in the front yard across the road.
They got together and made a bunch of fridge magnets, letters of the alphabet, flowers, birds, and put up a sign $2.
As neighbours and walkers came past, they would call out "want to buy a gift?" My wife spent $10, and later on, my daughters partner another $10.
Not only did the kids make some pocket money, but they also produced items that people wanted, and they had discussions with people on the street instead of being stuck in front of the TV or a game console.
I wonder how this entrepreneurial exercise would have eventuated with a cashless society.
They got together and made a bunch of fridge magnets, letters of the alphabet, flowers, birds, and put up a sign $2.
As neighbours and walkers came past, they would call out "want to buy a gift?" My wife spent $10, and later on, my daughters partner another $10.
Not only did the kids make some pocket money, but they also produced items that people wanted, and they had discussions with people on the street instead of being stuck in front of the TV or a game console.
I wonder how this entrepreneurial exercise would have eventuated with a cashless society.
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@JohnDe Perhaps a bright future for these enterprising tykes.
Dona Ferentes
BHINNEKATUNGGAL IKA
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Years ago , my mum gave me two dollars and sent me to the shop. I returned with 6 eggs, a pint of milk , some carrots, apples and a bunch of bananas.
Can't do that these days. Too many security cameras
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@Dona Ferentes And the $2 finished where??
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Speaking at a parliamentary grilling in Canberra RBA governor Michele Bullock says cash won’t be around much longer.
“At the moment, we’re trying to solve the short-term issue, to make sure the cash is available … that people can use it, that people can access it,” she said.
“But we’ve got to think that cash is going to be around probably for another 10 years, and we’ve got to find a way of moving to a new system that means that distribution of cash can be undertaken and viable.”
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so the internet will be reliable by then ( and you won't keep upgrading the networks with new tech and data-loads )
pig's a*se you will it will be a cluster-clown show .. you can't even predict inflation OR the weather
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Perhaps when these so called monetary gurus start to move into the real world of everyday folk then perhaps they can be taken seriously.
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less than ten miles from the farm is a black spot .. ONLY SOS calls for part of it and then NO mobile signal AND the farm is less than 100 miles from Amberley air base less than 20 miles from a major inland city , and 3 miles from a major trucking route
even the pub has multiple strategies to deal electronically if the power is down ( despite having solar AND a generator ) because the NBN and wireless connectivity is .. unreliable , and apparently Star-link has sold all the available slots in the area
One cyber attack will change that clowns mind.
JohnDe
La dolce vita
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The former director of collapsed hospitality empire Virtical was asked about the mysterious purchase of $5 million of gold bullion, as liquidators opened court proceedings in their hunt for tens of millions of dollars linked to fake GST refunds claimed by the group.
Funny isn’t it, well it’s not really but you’ve got to laugh otherwise you’d go mad. We have people preaching to us how bad cash is and how individuals and small businesses use it to avoid paying taxes, but those foolish preachers either avoid mentioning, or maybe they aren’t smart enough to understand, that the biggest and most serious financial crimes are at the top of the ladder, not using cash. Those people use gold, crypto, oil, and even land as their tools for avoiding taxes and paying their bills.
The foolish preachers of the end of cash are blinded by their own perceived superiority, at the expense of people on an average wage, pension, social security, or owner of a small business.
And the sad thing about this is there is no stopping them or their flawed ideas.
$5m gold bullion twist in hunt for collapsed pub group’s millions
Former Virtical director Mark Toma told a court it wasn’t him who turned up in a Range Rover to buy bullion from a Martin Place gold merchant, as the pub group’s $100 million fake GST refund scandal erupted.
Dona Ferentes
BHINNEKATUNGGAL IKA
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Fintech boss backs card surcharge shake-up, says companies manipulating consumers
The boss of one of Australia’s largest digital payments providers, which just acquired SecurePay, has backed a crackdown on ‘manipulative’ card surcharges.Credit card providers are abusing and “manipulating” payment surcharges for commercial gain, exacerbating the cost of living crisis for Australians, the Czech Republic-born, Canberra-raised founder of one of the country’s hottest fintech start-ups says.
Pred Dragila — who founded payments company Fat Zebra in 2012 — said card surcharges were becoming an additional revenue stream for payment providers, short-changing customers for no good reason.
He was speaking after Fat Zebra, which has a market value of about $225m, bought SecurePay from Australia Post — its third acquisition in a year as it seeks to take on bigger international rivals PayPal, Stripe and Adyen.
The Reserve Bank has opened the door for banning surcharges by next year, sparking the biggest shake-up of the payments industry in years and making the system fairer for consumers.
Mr Dragila said he understood the principle of surcharges but said the practice had spiralled out of control. He said retailers and merchants believed the practice should be free and consumers should be forced to fund transactions, rather than it being absorbed as a cost of doing business.
“Where I have an issue is when it’s heavily abused and manipulated for commercial gain,” he told The Australian.
“Ultimately, what we’re doing is that we’re allowing a market to not only increase the cost of acceptance, but penalise the consumer for that use. What we’ve seen is a raft of companies come out that are now charging really excessive rates on payments on the idea that it is fee-free Eftpos or fee-free processing because the consumer is being forced to pay.
“I think it’s been manipulated so much that it needs a bit of a shake-up because it’s consumers that are missing out now and that I don’t agree with.”
Merchants were often able to negotiate fees they paid on transactions to near 1 per cent while most payment terminals were automatically set to an amount closer to 2 per cent, he said.
It had set a surplus which was eating into the wallets of consumers without reason.
“I personally feel it’s being gamed and it needs (to be assessed). There needs to be stricter rules around it … I think that ultimately, it’ll probably lead to a ban like the UK.”
Prime Minister Anthony Albanese said the government was “prepared to ban debit card surcharges”, subject to further work by the RBA and safeguards to ensure both small businesses and consumers can benefit from lower costs.
“The declining use of cash and the rise of electronic payments means that more Australians are getting slugged by surcharges, even when they use their own money,” Mr Albanese said.
Mr Dragila said the RBA could push to end surcharges altogether as consumers had become powerless against them. SecurePay is a payments system used by 35,000 merchants. Mr Dragila said following the acquisition Fat Zebra would handle about one fifth of all eCommerce transactions.
The company did not disclose how much it would pay. Crunchbase has recorded Australia Post acquired SecurePay from Advent Capital for almost $48m in 2010.
Mr Dragila’s suggestion of a blanket ban to surcharges is at odds with Tyro chief executive Jon Davey, who said businesses should not fund the consumer benefits which come with high-cost cards like loyalty programs — such as frequent flyer programs.
“We support any review that assesses the true cost of card acceptance, including both debit and credit, for the fair regulation of payment acceptance in Australia,” Mr Davey said last year.
But, Paul Weingarth, co-founder of smart receipt platform Slyp, said retailers were happy to fund loyalty programs — provided they also gain a benefit. Slyp has launched a new product, Go Rewards, which integrates stock keeping unit (SKU) level receipt data to deliver data and insights aimed at bringing retailers and suppliers closer to the consumer. It allows loyalty points to be funded not from credit card surcharges — the traditional model being up-ended — but the supplier or retailer, if a customer opts-in.
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Garpal Gumnut
Ross Island Hotel
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When you buy anything with a credit card
Next time you are in your bank get them to put the "chq acct" option on your card if it is not already there.
gg
- always ask if there is a surcharge if paying with a card
- if there is, ask to be given other account options over a credit account
- choose chq account as this has no charges
- always carry enough cash $aud to cover a purchase in case they take the nazi route
Next time you are in your bank get them to put the "chq acct" option on your card if it is not already there.
gg
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no cards for me !
if they want to track let them hoof me ( and get eye-strain on these fancy modern receipts )
