Australian (ASX) Stock Market Forum

Cashless society

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Smurf1976 said:
I've never used it but it was (is?) a legit thing as such.
Click to expand...
i believe it currently trades as incentiapay if it is still on the ASX as INP was kind of clunky and hard to use as BarterCard

i don't know if the barter card angle still operates , but the idea of barter is just a straight swap of goods or services , milk for eggs , work for food that sort of stuff

IncentiaPay Limited (INP) involved in driving customers to merchants through its trading and payments platforms. IncentiaPay has rebranded to reflect its focus on rewards, incentives and digital payment solutions linking SMEs and customers instead of purely a technology business. It provides a marketplace for offers and rewards which connects merchants wanting more business with consumers seeking entertainment, lifestyle, and leisure experiences.
 
Smurf1976 said:
I've never used it but it was (is?) a legit thing as such.
Click to expand...

Barter Card was quite strong in the 90's, had a lot of businesses signed up. But at the end of the day cash is king, can do and buy anything with cash. Bartering requires someone to want what you are offering, or to trade with someone else and to then swap.

Our business looked at it, almost signed up, but could not see enough benefit. And in the end, we were correct, bartering does not help businesses grow and strengthen, it is more suited to individuals and small enterprises.
 
farmerge said:
It was legal and years ago there used to be a huge billboard somewhere near the Causeway advertising Barter Card.
Only worked if the other party was in on it. But it didn't pay fo the day to day things, and I could see it being a one way deal.
Click to expand...
as i understood it bartercard become a storage of credit points rather than a direct exchange of goods/services , and that was the flaw ( the 'neutral party ' holding the credits , ... and charging administration fees ) .
 
I reckon they only want HNW customers and transactions with multipal digits .
.

Macquarie Bank to begin phasing out cash and cheques​


Macquarie Bank will phase out its cash, cheque and phone payments for customers from next year as it moves to digital-only payment systems.
Under the changes, Macquarie Bank - which is Australia's fifth-largest bank - is also ending its partnership with NAB bank branches.

In a letter written to customers, Macquarie Bank said that by November 2024 customers will be unable to write or deposit cheques (including bank cheques), deposit or withdraw cash over the counter at NAB branches or make a super contribution or payment with a cheque.

From January, Macquarie Bank customers will
  • not be able to order a new cheque book.
  • the telephone banking system will be scrapped in March next year,
  • in May cheques will be ditched completely
  • customers will also be no longer able to deposit or withdraw cash or cheques over the counter at Macquarie branches from May 2024
 
Dona Ferentes said:
I reckon they only want HNW customers and transactions with multipal digits .
.

Macquarie Bank to begin phasing out cash and cheques​


Macquarie Bank will phase out its cash, cheque and phone payments for customers from next year as it moves to digital-only payment systems.
Under the changes, Macquarie Bank - which is Australia's fifth-largest bank - is also ending its partnership with NAB bank branches.

In a letter written to customers, Macquarie Bank said that by November 2024 customers will be unable to write or deposit cheques (including bank cheques), deposit or withdraw cash over the counter at NAB branches or make a super contribution or payment with a cheque.

From January, Macquarie Bank customers will
  • not be able to order a new cheque book.
  • the telephone banking system will be scrapped in March next year,
  • in May cheques will be ditched completely
  • customers will also be no longer able to deposit or withdraw cash or cheques over the counter at Macquarie branches from May 2024
Click to expand...
well that is working my trader buddy closed his account in April over difficulty transferring a large sum the a lawyer's trust account ..

maybe i will soon be able to add more MQG under $30 like i dis in 2011 although without the SYD divestment maybe i should be thinking sub $20
 
Dona Ferentes said:
yep, a cheque off the CMA and a local NAB branch worked well. rather counterproductive imo
Click to expand...
maybe he also closed his Macquarie Prime account and no longer desired to take a mortgage out ( through them ) on a rural property

may not cause heads to roll be in tough times it's the little fish that stay loyal longest

and of course many more decisions like that may convince me to crystallize my 500% gains on the holding in my portfolio i have done so before with less gains crystallized ( like AMP , IPL , BLD )
 
Dona Ferentes said:
I reckon they only want HNW customers and transactions with multipal digits .
.

Macquarie Bank to begin phasing out cash and cheques​


Macquarie Bank will phase out its cash, cheque and phone payments for customers from next year as it moves to digital-only payment systems.
Under the changes, Macquarie Bank - which is Australia's fifth-largest bank - is also ending its partnership with NAB bank branches.

In a letter written to customers, Macquarie Bank said that by November 2024 customers will be unable to write or deposit cheques (including bank cheques), deposit or withdraw cash over the counter at NAB branches or make a super contribution or payment with a cheque.

From January, Macquarie Bank customers will
  • not be able to order a new cheque book.
  • the telephone banking system will be scrapped in March next year,
  • in May cheques will be ditched completely
  • customers will also be no longer able to deposit or withdraw cash or cheques over the counter at Macquarie branches from May 2024
Click to expand...
So while cash is still legal tender, Macquarie are saying "stick it up your jumper", and i thought that Comm Bank was bad.
 
An interesting stat, that may be a one off, or perhaps a sign that the plebs will not just accept what the financial world and the government want to "give" to them.
From Financial Times
Cash payments increased in the UK for the first time in a decade last year, driven by a post-pandemic rebound, economic uncertainty and the cost of living crisis. Data released on Thursday by trade body UK Finance showed growing demand for plastic and particularly contactless payment methods, but also pointed to the continued importance of physical money. “It’s something we do tend to see in times of falling consumer confidence and economic uncertainty,” said Adrian Buckle, UK Finance head of research. “We saw this in 2008.” The volume of cash payments rose by 7 per cent year on year in 2022 to 6.4bn. Among 16- to 24-year-olds, traditionally viewed as digitally savvy, more than 15 per cent of payments last year were made with cash.

Although the use of cash has been in decline over the long term, campaigners have argued that it plays a key role in budgeting, especially for those who are less comfortable with digital approaches, and is vital for groups including the elderly and those in rural areas. “In places where they are cashless, if there’s no online connection [retailers] can’t take any cards or [contactless payments],” said Derek French, a former NatWest executive and long-term campaigner for access to cash. “If they were still taking cash . . . they could still be open and trading.” Branch numbers are also falling, with more than 600 banks due to close by the end of 2023, leaving about 4,000 across the UK, according to data from ATM provider Link and Which?, a consumer group. In August, the government released its proposals to ensure that provisions to access cash are protected, with the Financial Conduct Authority overseeing banks’ role. “It is right that millions of consumers across the country find paying digitally easy and convenient, yet, as UK Finance’s report shows, there remains a significant minority of people who are not yet ready or able to make that switch, evidenced by an increase in cash payments over the last year,” said Sam Richardson, deputy editor of Which? Money.
Click to expand...
Mick
 
mullokintyre said:
An interesting stat, that may be a one off, or perhaps a sign that the plebs will not just accept what the financial world and the government want to "give" to them.
From Financial Times

Mick
Click to expand...
For th first time in a few years we are seeing a lot more cash for work done. Those who don't have an ABN certainly aren't afraid to offer quite large sums for effort expended.
 
Sometimes circumstances force us to accept another alternative.
From ABC News
When Annee Nguyen's coffee bar was targeted by thieves, she wanted her staff to feel safe returning to work.
  • Small businesses are considering going cashless to protect staff — but it is too costly for some
  • Business owners say they have been left "shaken up" and "vulnerable" after break-ins
  • Cash use in Australia is continuing to decline, according to the RBA

"We had a break-in and our property was damaged and vandalised in a space where we have young team members," Ms Nguyen said.

"It really shook us up and put us in a place where we felt vulnerable."
So she turned her franchise cashless — and it's an option other crime-affected small businesses are also considering in North Queensland.

Data from the Reserve Bank of Australia shows cash use in Australia has been steadily declining since before the COVID-19 pandemic.

80&cropW=1620&xPos=229&yPos=0&width=862&height=575.jpg
Mick
 
www.bloomberg.com

Indians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn Banknotes

India’s highest value banknote will be withdrawn in less than a week — and there’s still almost 240 billion rupees ($2.9 billion) worth of the notes in circulation.
www.bloomberg.com www.bloomberg.com

India’s highest value banknote will be withdrawn in less than a week — and there’s still almost 240 billion rupees ($2.9 billion) worth of the notes in circulation.
 

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