Cashless society

[farmerge]

Given

Cash Use and Attitudes in Australia | Bulletin – June 2023

The 2022 Consumer Payments Survey reveals that the ongoing decline in cash use in Australia has accelerated since the COVID-19 pandemic.

www.rba.gov.au

in conjunction with

https://www.homeaffairs.gov.au/about-us/our-portfolios/cyber-security/strategy/2023-2030-australian-cyber-security-strategy

I'd hazard a guess, cash will be used less and less over the coming years.

The use of technology, and improvements in technology, for financial transactions will not cease. I, and many others, may not like it but I consider the transition to cashless has an inevitability about it. I could be wrong of course.

And with the use of card for payment only just watch the financial institutions ramp up the surcharge on each transaction.

 

[Belli]

Maybe or maybe not. Nevertheless, surcharges will not prevent to move to cashless. It may not occur in your time on this earth or mine but I do consider it will occur.

In my mid-twenties out of 100 staff I was the only one who decided to have my salary deposited directly to a bank account. Others received cash every payday and told me very few people would do what I was doing. Anybody know which Government departments or large organisations are still paying their employees in cash?

 

[Value Collector]

I'm with @Belli and haven't move over to sole use of "the device" (it's hardly a phone any more).

I'll adapt when I want to, but still keep a travel card, a debit/ credit card and cash (and bank accounts with several providers). This way , i stay informed of inflows, outflows and balances . A product of thrift and long term behaviours.

Same, I still use a physical card, but have used my phone a few times, it saved me once when I forgot my wallet.

Also, the idea that if lost my physical card on holidays, and they had to cancel it, the fact that they can send a new digital card same day to my phone is pretty good.

 

[Value Collector]

look for a surge in 'skimming and phone cloning ' and other ways of misusing another's phone data ( including just plain mugging the owner )

i was in a computer club around 2007 and several members were working on ways to protect their phone ( and credit card ) data , VERY eye-opening the vulnerabilities exposed and then reduced even back then

by the way swimming against the current often stops you from tumbling over a waterfall ( or caught in the rapids )

Yeah, but there is pick pockets etc that target physical cash too.

 

[Value Collector]

Hmmmm I wonder about cash transactions dying. Just been paid in folding. A few thousand.

The stats show a pretty rapid down trend in number of transactions in cash.

I got paid in folding the other day, now the centre console of my car is full of annoying jingling that I have to figure out what to do with.

 

[Value Collector]

And with the use of card for payment only just watch the financial institutions ramp up the surcharge on each transaction.

Actually the more transaction that get done in cashless, they overall cost per transaction to run the system drops.

But, the less cash transaction that happen the more it costs businesses to process that cash, on a per transaction basis.

 

[Dona Ferentes]

I got paid in folding the other day, now the centre console of my car is full of annoying jingling that I have to figure out what to do with.

and that could bring about a smashed side window, not so long ago

 

[divs4ever]

Yeah, but there is pick pockets etc that target physical cash too.

depends on where you carry it ( the cash ) 3 months around Europe ( in 1990 ) and no problem , even the Gypsies got it wrong

 

[Belli]

Yeah, but there is pick pockets etc that target physical cash too.

Meh, I've noticed around Canberra a few beggars using Tyro Go readers. Same with buying the sausage sanger at Bunnings.

I got paid in folding the other day,

If your with Macquarie get it in sooner rather than later. By the end of next year it will no longer issue or accept cheques or cash, it will close its telephone banking service and end its relationship with NAB. Online transactions only.

 

[divs4ever]

Meh, I've noticed around Canberra a few beggars using Tyro Go readers. Same with buying the sausage sanger at Bunnings.



If your with Macquarie get it in sooner rather than later. By the end of next year it will no longer issue or accept cheques or cash, it will close its telephone banking service and end its relationship with NAB. Online transactions only.

thank for the reminder .. to opt out of the MQG DRP scheme

 

[Belli]

I'll adapt when I want to, but still keep a travel card, a debit/ credit card and cash (and bank accounts with several providers). This way , i stay informed of inflows, outflows and balances . A product of thrift and long term behaviours.

Along the same lines as you @Dona Ferentes. I have two debit cards. The one I use most of the time only for groceries, petrol, etc receives funds from my other account. I have two just in case I lose one, or it's compromised (limit any potential loss of funds) or doesn't work - which happened the other day. I expect I will eventually move to a digital wallet but not prepared to make the jump just yet.

I have to admit I do like using cash but have observed over time both cheques and cash are on the way out. Cannot walk into an ATO office and pay the tax bill, companies starting to advise they will not issue cheques and direct crediting only (lucky investors as they will still need to include the income in their tax return for that year.)

As for a poster who is going to cancel their DRP with Macquarie, no one but them knows what the hell that has to do with the move to cashless but I am sure Macquarie will be rocked to its very core the DRP arrangement is going to be cancelled.

 

[divs4ever]

As for a poster who is going to cancel their DRP with Macquarie, no one but them knows what the hell that has to do with the move to cashless but I am sure Macquarie will be rocked to its very core the DRP arrangement is going to be cancelled.

not as much as my buddy who closed his MacQuarie prime account ( and his other accounts )with them over their theatrics over transferring funds electronically to a lawyer's trust account , no ,it won't but little cuts tend to accumulate , and they probably didn't care when i reduced the MQG holding by 50% after personally witnessing such theatrics , either .

but heck i had a good run from them when i was buying them as low as $20 in 2011 , as Alan Bond would say , i stuck with them during the good times , you can't expect more than that

cash is all about trust , and so is banking

educational moments are coming

 

[Belli]

Big deal. Not. That bank grew its home loan book by 23% over the twelve months to January this year. And that is only one sector of its operations. A couple of disgruntled nobodies cancelling their accounts does not even count towards a drop in the bucket.

 

[divs4ever]

Big deal. Not. That bank grew its home loan book by 23% over the twelve months to January this year. And that is only one sector of its operations. A couple of disgruntled nobodies cancelling their accounts does not even count towards a drop in the bucket.

does that mean they now originated 2% of the Aussie home loans now ??

'disgruntled nobodies ' still have friends and relatives , and MacQuarie already has a colorful international reputation . and no Nick Moore to charm the way through the next banking Royal Commission

BTW i used to hold a few preference shares and hybrids as well , but that won't worry the spotless green-washer , will it

plenty of cash still sloshing about .. so far

 

[Belli]

You are probably not worth wasting any more time on this matter. However, just to finalise it from my side, it has around 1.7m banking clients - personal, wealth management and business. A few hundred or so leaving at any one time will not have any impact at all as they will be replaced by other clients.

Always keep in mind despite what one may think none of us are special in any way or "I'll show 'em" by taking business elsewhere will have a detrimental outcome for the organisation.

Anyways, chat away.

 

[qldfrog]

You are probably not worth wasting any more time on this matter. However, just to finalise it from my side, it has around 1.7m banking clients - personal, wealth management and business. A few hundred or so leaving at any one time will not have any impact at all as they will be replaced by other clients.

Always keep in mind despite what one may think none of us are special in any way or "I'll show 'em" by taking business elsewhere will have a detrimental outcome for the organisation.

Anyways, chat away.

I might invest in MQG (I have) but always found they are the banks for the suckers and are greatly helped by bribing Financial advisers, or BC management rotten companies.
Only got a few TD, investment account etc when I was green and dumb arriving here
No surprise they are a success .
Have never been competitive for me

 

[moXJO]

Hackers and government overreach are two of the biggest threats to cashless. It's a lot easier to have a catastrophic event due to a cashless society. Government turns off your bank account privilege and then what?
It's happening now and the last few years.

Cash can be a fail safe. Especially with the rise of AI. It would be stupid to not to retain cash at the moment.

I've actually been using a lot of cash as it's easier seeing the wallet empty out then the bank app.

 

[Value Collector]

If your with Macquarie get it in sooner rather than later. By the end of next year it will no longer issue or accept cheques or cash, it will close its telephone banking service and end its relationship with NAB. Online transactions only.

The wife just sold some stuff on market place, which left me with some $50’s but now I have a tray of coins, I will probs just fill up the Cole’s self check out machine with them.

 

[Value Collector]

depends on where you carry it ( the cash ) 3 months around Europe ( in 1990 ) and no problem , even the Gypsies got it wrong

Same I have never been pick pocketed, but also never been electronically scammed either, common sense can save you in both regards.

 

[moXJO]

True. Technology is being readily adopted by those in my generation (70 yo+) too - at least in Canberra. Quite a number no longer have debit cards and use digital wallets to pay for their purchases. I haven't gone that far as yet as I'm extremely careless with my phone; leave it in the side pocket of my car, forget I've done that and find it a couple of days later or place it somewhere in the garage if I'm doing work in there. Plus I have a tendency to put it on Mute as the sound of notifications annoy the s*** out of me.

I was tapping my watch for payment for a while. Too easy to blast through a thousand $.
But that's the point. Banks, govt, business, they all churn fees and taxes.

But at least it's convenient spending all your money.
Like handing over a $50 note is hard.