Cashless society

[Value Collector]

but is it ??

so much 'official data ' is inaccurate these days ( for various reasons )

Well I personally almost never use cash anymore, almost no one my age does, we just don’t see the point.

Even pubs etc generally expect you to pay with card these days.

I don’t really know anyone these days that goes and withdraws their weekly wages in cash anymore, we used to 20 years ago, but not anymore.

It’s going the way of the horse, some people loved horses, and kept their horses as long as possible, but the market moved.

Thinking cash will compete with digital is like thinking horses will compete with cars.

 

[farmerge]

but is it ??

so much 'official data ' is inaccurate these days ( for various reasons )

In my visit to my "friendly" bank last Thursday, though the queue wasn't that large, all except one person were withdrawing cash.
Now I wonder why that was.
There was an ATM machine in the doorway looking very lonesome.

 

[divs4ever]

Thinking cash will compete with digital is like thinking horses will compete with cars.

on saying that after a week with the farm ute

a very strong horse makes a lot of sense

now the government may lose a little tax .... ( fuel excise ) but a good strong horse and maybe a sled ( a wee bit rocky up here ) might not be so inconvenient

BTW i would prefer to go back to gold , silver and barter and let the government earn it's own food and rent

BTW so much of the highway is 40 kph ( because the road is crumbling even off the farm the horse may become competitive )

 

[farmerge]

on saying that after a week with the farm ute

a very strong horse makes a lot of sense

now the government may lose a little tax .... ( fuel excise ) but a good strong horse and maybe a sled ( a wee bit rocky up here ) might not be so inconvenient

BTW i would prefer to go back to gold , silver and barter and let the government earn it's own food and rent

BTW so much of the highway is 40 kph ( because the road is crumbling even off the farm the horse may become competitive )

And with the neddy what goes in one end and comes out the other is great for the garden.
Whereas with the vehicles fumes and taxes, though I seem to be able to keep the latter down to a minimum.

 

[againsthegrain]

When I went to xmas carols I was watching the food trucks and the split between cash and card seemed to be about 50/50

I also always see people at the atm when I walk past or drive, weird all this stats and articles saying cash is not being used however I still see it quiet often

 

[mullokintyre]

When I went to xmas carols I was watching the food trucks and the split between cash and card seemed to be about 50/50

I also always see people at the atm when I walk past or drive, weird all this stats and articles saying cash is not being used however I still see it quiet often

Be interesting to note the demographics.
I suspect us old farts are very much in the minority and sometime in the not too distant future, ATM's will become a relic like payphones.
Mick

 

[wayneL]

Probably only about 40% of my business is paid electronically. The maths there is obvious.

ETA - I never have asked for any specific means of payment. If asked I just say either is fine.

 

[farmerge]

Probably only about 40% of my business is paid electronically. The maths there is obvious.

ETA - I never have asked for any specific means of payment. If asked I just say either is fine.

Wayne, Similar scenario with me. Hay sales 99% cash and the rest of the contracting probably 25/75 split. All depends if the payee has an ABN

 

[divs4ever]

Be interesting to note the demographics.
I suspect us old farts are very much in the minority and sometime in the not too distant future, ATM's will become a relic like payphones.
Mick

some are trying to talk us into a major war , and Australia has traditionally been a source of cannon fodder for decades by those looney limies ... that balance could change quickly

 

[mullokintyre]

some are trying to talk us into a major war , and Australia has traditionally been a source of cannon fodder for decades by those looney limies ... that balance could change quickly

The above opinion may or may not be true, but unfortunately, has absolutely nothing to do with the thread topic.
It seems to be an occurrence that is happening mor frequently of recent times.
Mick

 

[farmerge]

I went into Midland this morning to pay a monthly bill we have.
Their bank of choice Westpac went down, no reason given, so now have to do it all again another day.
Isn't the banking and cashless system great.

 

[divs4ever]

I went into Midland this morning to pay a monthly bill we have.
Their bank of choice Westpac went down, no reason given, so now have to do it all again another day.
Isn't the banking and cashless system great.

i love it , it can be so entertaining

 

[moXJO]

I wonder how many cashless businesses could be shut down with a jammed or cutting the nbn cable.

 

[divs4ever]

I wonder how many cashless businesses could be shut down with a jammed or cutting the nbn cable.

given some recent telco outages . most of the big ones maybe some smaller businesses could adapt quickly enough , a prolonged power outage is likely to have a similar effect

 

[moXJO]

At the end of the day consumers will decide, so far more and more consumers are voting for digital with every transaction they make.

If consumers continued to use cash, the banks would support it like they always have, but it’s not viable to support all the infrastructure of cash if its use is decreasing every quarter.

Consumers are mostly just sheep with minimal thought.

Risks are too high to do away with cash.
Even things like nano ledgers were a pain.
But I could see something like that (off-line) eventually being used as a fail-safe from eftpos.

But like I said a million times: Between war, cyberwarfare, ai advances, dodgy governance, losing cash infrastructure is a sure way to send an economy to hell.

 

[moXJO]

given some recent telco outages . most of the big ones maybe some smaller businesses could adapt quickly enough , a prolonged power outage is likely to have a similar effect

Literally just an axe and the nbn cable entry point. Or take out an exchange. 1 person could do some damage. But a few people could really cause problems.

 

[divs4ever]

Literally just an axe and the nbn cable entry point. Or take out an exchange. 1 person could do some damage. But a few people could really cause problems.

after September 11 an analyst was hired to assess the risk , and the answer was very unpleasant

i don't know if ( any ) corrective measures were taken after that , but the concerns highlighted were serious

 

[JohnDe]

I wonder how many cashless businesses could be shut down with a jammed or cutting the nbn cable.

The weakest link in my business is Eftpos, NBN, electricity.

I have a backup wifi, and a backup power supply for POS devices and PCs, but I can’t do anything about the bank failure on their side with eftpos.

 

[wayneL]

The weakest link in my business is Eftpos, NBN, electricity.

I have a backup wifi, and a backup power supply for POS devices and PCs, but I can’t do anything about the bank failure on their side with eftpos.

BOOM

https://www.news.com.au/finance/business/banking/millions-suffer-network-outage-at-westpac-bank-in-australia/news-story/156b569ba0ac1ebe68cceb4fe2f15c21

 

[Value Collector]

on saying that after a week with the farm ute

a very strong horse makes a lot of sense

now the government may lose a little tax .... ( fuel excise ) but a good strong horse and maybe a sled ( a wee bit rocky up here ) might not be so inconvenient

BTW i would prefer to go back to gold , silver and barter and let the government earn it's own food and rent

BTW so much of the highway is 40 kph ( because the road is crumbling even off the farm the horse may become competitive )

horses can’t compete with automobiles, simple as that, sure a few niche applications exist, but that would be less than 1%.