Cashless society

[divs4ever]

From a young age I was taught that nothing is free in this world, someone or something must pay the price in the end.

Credit cards and loyalty programs that offer free and discount are lies.

The Cost of Loyalty Programs - ABC listen

How airlines have transitioned to financial institutions and data gathering businesses that just happen to have planes.

www.abc.net.au

interesting ...

the ABC probably didn't think through this little article , after all that data is frequently shared with various government agencies ( whether legal or not ) not just corporate mates/partners/subsidiaries i have been aware of this trend for 30 years

 

[farmerge]

From a young age I was taught that nothing is free in this world, someone or something must pay the price in the end.

Credit cards and loyalty programs that offer free and discount are lies.

The Cost of Loyalty Programs - ABC listen

How airlines have transitioned to financial institutions and data gathering businesses that just happen to have planes.

www.abc.net.au

JohnDe true but if the card balance is paid on time as ours is then the points we garner are the bonus from those that run the long debt.

 

[JohnDe]

JohnDe true but if the card balance is paid on time as ours is then the points we garner are the bonus from those that run the long debt.

Listen to the audio, it’s not the interest that they’re talking about it is the fees and additional costs added to the goods and services that are being used to give the user points, as well as the fluctuations in the worth of those points as adjusted by companies like Virgin, Qantas, Visa, Amex, etc. they are in the business of making money, it’s like casinos, the house always wins. Yes a few people get a win every so often, but the company gets all the wins.

PS. The data mining those companies are doing is where they make most of their money

 

[qldfrog]

Listen to the audio, it’s not the interest that they’re talking about it is the fees and additional costs added to the goods and services that are being used to give the user points, as well as the fluctuations in the worth of those points as adjusted by companies like Virgin, Qantas, Visa, Amex, etc. they are in the business of making money, it’s like casinos, the house always wins. Yes a few people get a win every so often, but the company gets all the wins.

PS. The data mining those companies are doing is where they make most of their money

I think the real money is data mining indeed but I have no trouble using visa or mastercard, unless i pay in cash, any other way my data is used at the very fine detail by CBA .and so governments.
At least, if I use my card and get points, I get something back.
Plus the small bits about travel insurance etc

 

[farmerge]

I think the real money is data mining indeed but I have no trouble using visa or mastercard, unless i pay in cash, any other way my data is used at the very fine detail by CBA .and so governments.
At least, if I use my card and get points, I get something back.
Plus the small bits about travel insurance etc

We don't really give a toss what data is retrieved from ours more than likely irreverent and possibly no interest. Both fuel at so and so and shopping at IGA, ag buys, no big deal. Takeaways is cash so no trace there. So when enough points are garnered we take the fifty bucks.

 

[farmerge]

Meant to add that the fifty bucks goes into Her account then out as cash for another splurge at a noshery of choice or if we want our ears cleaned out go the movies.

 

[Dona Ferentes]

a CBA slide

 

[JohnDe]

a CBA slide

View attachment 170826

Do they have a similar cost breakdown for the current cashless system?

There must be a cost to make the plastic credit cards, someone gets paid to develop and maintain phone apps, EFTPOS terminals must cost something, not to mention what happens to them at their end of life which is about 5 years.

Banks seem to hide all those other costs.

 

[macca]

I have had plenty of businesses and handling of cash was always a necessary Pleasure

It is all part and parcel of running a business, like trying to run a restaurant without a cook or tables and chairs.

Try being a courier without a van because the fuel costs too much or you have to pay a lease, they used to be called the cost of being in business.

 

[mullokintyre]

I have had plenty of businesses and handling of cash was always a necessary Pleasure

It is all part and parcel of running a business, like trying to run a restaurant without a cook or tables and chairs.

Try being a courier without a van because the fuel costs too much or you have to pay a lease, they used to be called the cost of being in business.

Was listening to the CEO of CBA being interviewed today.He was saying that the shift to cashless society is being driven by the its customers, and how so many more do online transactions these days.
I think he was being a tad disingenuous in that the banks in cahoots with business have largely forced their customers to abandon cash.
By closing so many branches, or limiting the hours they open, by limiting the functions that are allowed to be conducted by the branch, by refusing to take bags of coins over a certain denomination.
Limiting the amount of cash held at a branch, limiting the amount that can be withdrawn from a branch, forcing people to make appointments to make even small withdrawls of cash.
Cheques became more expensive to both issue and process, the costs of bounced cheques and re presenting went through the roof.
It all adds up to force people away from cash.
The banks have used their fee structure to force people into online banking, then throw up their hands and say it was an act of God when it falls over.
Of course people have shifted to online banking and EFTPOS, but its been largely foisted upon them by the actions of the banks.
And why would the banks do that?
Follow the money.
Mick

 

[divs4ever]

Was listening to the CEO of CBA being interviewed today.He was saying that the shift to cashless society is being driven by the its customers, and how so many more do online transactions these days.
I think he was being a tad disingenuous in that the banks in cahoots with business have largely forced their customers to abandon cash.
By closing so many branches, or limiting the hours they open, by limiting the functions that are allowed to be conducted by the branch, by refusing to take bags of coins over a certain denomination.
Limiting the amount of cash held at a branch, limiting the amount that can be withdrawn from a branch, forcing people to make appointments to make even small withdrawls of cash.
Cheques became more expensive to both issue and process, the costs of bounced cheques and re presenting went through the roof.
It all adds up to force people away from cash.
The banks have used their fee structure to force people into online banking, then throw up their hands and say it was an act of God when it falls over.
Of course people have shifted to online banking and EFTPOS, but its been largely foisted upon them by the actions of the banks.
And why would the banks do that?
Follow the money.
Mick

but not solely driven by the banks some regulators are willing accomplices often exploiting the anti money laundering laws

interesting times ahead

 

[againsthegrain]

Seeing alot of this popping up, guess not everybody is ready to go dickless

 

[farmerge]

View attachment 171116

Seeing alot of this popping up, guess not everybody is ready to go dickless

Hmm I wonder if the lovers of the bit of plastic take into account these sometimes sneaky hidden charges by the thieving banks !!!!!

 

[JohnDe]

Another day another issue with cashless transactions.

Spending the weekend at a sizeable coastal town, yesterday we went to the local fish and chips shop. Before I started to make my order I was told “sorry, the eftpos is playing up, it’s been patchy all day.” Luckily I carry cash. The guy was embarrassed and was very apologetic, while people behind me were phoning relatives to scrounge some cash.

Today we went to the grocery store and saw a film crew filming the ATM, I asked the pizza bar owner what was happening, she said that all the towns eftpos facilities were playing up, and the ATM had the same issue. Most people can’t access their cards to pay their bills, or get cash.

 

[farmerge]

Another day another issue with cashless transactions.

Spending the weekend at a sizeable coastal town, yesterday we went to the local fish and chips shop. Before I started to make my order I was told “sorry, the eftpos is playing up, it’s been patchy all day.” Luckily I carry cash. The guy was embarrassed and was very apologetic, while people behind me were phoning relatives to scrounge some cash.

Today we went to the grocery store and saw a film crew filming the ATM, I asked the pizza bar owner what was happening, she said that all the towns eftpos facilities were playing up, and the ATM had the same issue. Most people can’t access their cards to pay their bills, or get cash.

The joy of moving to plastic, Not for me or she. Everyday stuff cash, trading accounts, cheques or card

 

[farmerge]

just rang the Thai noshery up the road in regard how do you want me to pay Card or folding. Cash thankee veery muchee

 

[qldfrog]

The joy of moving to plastic, Not for me or she. Everyday stuff cash, trading accounts, cheques or card

Last Friday, pouring rain ,arrive new cafe place in Bali Bli
Scribbled sign, no efpost,
I used cash , no issue...internet does not like wind, storms, rain or Chinese or Ukranian hackers

 

[Value Collector]

I have had plenty of businesses and handling of cash was always a necessary Pleasure

It is all part and parcel of running a business, like trying to run a restaurant without a cook or tables and chairs.

Try being a courier without a van because the fuel costs too much or you have to pay a lease, they used to be called the cost of being in business.

Isn’t that the same whether it’s physical cash or credit cards? Both have their costs.

 

[Value Collector]

Was listening to the CEO of CBA being interviewed today.He was saying that the shift to cashless society is being driven by the its customers, and how so many more do online transactions these days.
I think he was being a tad disingenuous in that the banks in cahoots with business have largely forced their customers to abandon cash.
By closing so many branches, or limiting the hours they open, by limiting the functions that are allowed to be conducted by the branch, by refusing to take bags of coins over a certain denomination.
Limiting the amount of cash held at a branch, limiting the amount that can be withdrawn from a branch, forcing people to make appointments to make even small withdrawls of cash.
Cheques became more expensive to both issue and process, the costs of bounced cheques and re presenting went through the roof.
It all adds up to force people away from cash.
The banks have used their fee structure to force people into online banking, then throw up their hands and say it was an act of God when it falls over.
Of course people have shifted to online banking and EFTPOS, but its been largely foisted upon them by the actions of the banks.
And why would the banks do that?
Follow the money.
Mick

of course the banks are trying to lower their costs, since no one wants to pay the banks cash handling fees, what incentive do they have to handle cash.

If society would allow the banks to pass on all the costs of handling cash so that it was profitable to have more branches, ATMs,, armed guards etc etc then they would do it.

for along time the costs of handling cash were covered by account keeping fees etc, but account fees are disappearing and more people are moving to cheap online only type account. So that makes it very expensive to keep the system running for the few remaining people that want to use the old system, and these people would become very squeaky wheels if you tried to pass the real costs on to them.

 

[macca]

Isn’t that the same whether it’s physical cash or credit cards? Both have their costs.

Providing a payment method is simply part of being in business, given how often card systems go down or people are maxed out, having the cash option is necessary IMO

I tried to use my card at a business last week, it was not accepted so I paid cash on the spot.

I used the same card at my next shop one hour later and it worked just fine so glitches happen often enough to make cash an essential alternative.

In regional areas eftpos is often clunky even if working normally, on a 4 week touring holiday I would expect at least one problem with EFT somewhere