Cashless society

[sptrawler]

I can see that happening here, soon.

Yesterday I was listening to an ABC program about this very subject, they were saying that it costs money and time to take cash to the bank, plus the added risk of being rob requires extra security measures. My business insurance charges an extra premium for holding cash.

I agree with you, I said Im not sure people in Aus would accept it, but if you get the media and incentives right, the general public swallow anything. Lol

 

[Belli]

I can see that happening here, soon.

Yesterday I was listening to an ABC program about this very subject, they were saying that it costs money and time to take cash to the bank, plus the added risk of being rob requires extra security measures. My business insurance charges an extra premium for holding cash.

I know of some who have a separate debit card from a financial institution which isn't their main bank. They budget by transferring funds from their pay to that card and use it only for the groceries, etc in order to not go berserk with their spending. It seems to work for them.

One matter I was discussing with one of my children. They are with a bank which has a push notification to get into their account or use the funds. The question was if I lose the phone, how the heck do I get into my account to put a stopper on as I cannot even get into it as it requires the push notification and the phone has gone? Yeah, circular question. I didn't have an answer to be honest. I was going to suggest ring the bank but stopped short of saying that for the obvious reason of no phone.

Personally, I don't have any finance, social or Government apps on my phone. I rarely use it and most of the time I don't have the WiFi activated anyway. I dislike being expected to be continually connected to the world. Screw that.

 

[wayneL]

Mini rant:

Any country/society considering relying on the power grid entirely (aka CBDC) for their day to day commerce, and not having some form of physical medium of exchange, would have to be absolutely bonkers loco insane. Especially this country.

There are two factors for this. The First factor, as we have discussed on this forum, the powergrid is becoming unstable and is likely to become increasingly so over the coming years.

The second-hand alarming factor is the spectre of World war 3, any belligerent that wanted to completely disable this country would only need to do the whole electromagnetic pulse strategy to completely disable the whole electronic infrastructure.

Such a belligerent would probably wouldn't really have to do much else but sit back and watch the pandemonium.

I will keep purchasing things with cash thank you very much and I absolutely will not deal with any company that does not accept it.

Use.
It.
Or.
Lose
It.

 

[againsthegrain]

Mini rant:

Any country/society considering relying on the power grid entirely (aka CBDC) for their day to day commerce, and not having some form of physical medium of exchange, would have to be absolutely bonkers loco insane. Especially this country.

There are two factors for this. The First factor, as we have discussed on this forum, the powergrid is becoming unstable and is likely to become increasingly so over the coming years.

The second-hand alarming factor is the spectre of World war 3, any belligerent that wanted to completely disable this country would only need to do the whole electromagnetic pulse strategy to completely disable the whole electronic infrastructure.

Such a belligerent would probably wouldn't really have to do much else but sit back and watch the pandemonium.

I will keep purchasing things with cash thank you very much and I absolutely will not deal with any company that does not accept it.

Use.
It.
Or.
Lose
It.

There is also the factor of keeping money hidden from your spouse... a insurance policy

 

[Craton]

As an ex-tradie, GST was also intended to tax cash transactions hence I can see the push for "cashless" aka traceable transactions.

Yes, I use the convenience of cards, internet banking, PayPal et al however, I never travel without cash and never will.
Cashless for the metrocentric is all well and good but so many times on my travels in OZ, especially remote regional areas, buying fuel etc at a servo where the EFTPOS/internet is down means cash is king.

Hell, even with our major businesses this can happen and no training on how or capacity to handle cash transactions. Makes me wonder how many of our younger generation even know what a receipt book looks like, let alone how to fill out a receipt.

One of my favourite idioms, "How much if I pay in cash right now?" as the C-notes unfold...

 

[Craton]

There is also the factor of keeping money hidden from your spouse... a insurance policy

Not as silly as it sounds. I've always operated with you have yours I have mine and we share the bills/expenses etc evenly. Shared saving towards trips, rainy day and the like.
Doesn't stop either of us from using our own personal stash to splurge on or treat the other.

 

[Belli]

Not as silly as it sounds. I've always operated with you have yours I have mine and we share the bills/expenses etc evenly. Shared saving towards trips, rainy day and the like.
Doesn't stop either of us from using our own personal stash to splurge on or treat the other.

Cool. We did similar. Individual accounts but a joint one for our expenses e.g. mortgage, rates, etc.

And as morbid as it may seem, it was a valid approach when my wife died. Joint account tied up for a bit while I got things sorted but in the meantime I still had my own income and access to a bank account in my name so it wasn't a big an issue if there was only a joint account.

 

[Craton]

Similar experience when my dearly departed left her earth bound coil. Fortunately though, we had a great relationship and she made sure most of her affairs were in order, down to her request that her largish super be split evenly between me and the kids.
Hell, my kids could have it all if it meant that she'd still be with me...

She was a fellow director in our company so that was a nice lesson in stamp duty and tax law. When her shareholding was "sold" to me, wasn't sold of course but the transfer was considered as such, the lawyers managed to reduce the five figure amount of stamp duty/tax substantially but was still out-of-pocket for a non-existent sale. Talk about a death tax!

On topic.
I've quite a few retail customers both young and old that refuse to go "online" for their banking/bill paying. They either fear it, have been hacked and lost money and/or distrust the system to keep their money safe, thus, they'd rather come in and pay cash.

One thing that is becoming a relic is the much maligned cheque. As soon as the banks started charging for replacement cheque books, I stopped using cheques as a cash transaction. Yup, gone are the days of "cashing a cheque".

Personally I do like the tactile feel of cold, hard cash plus, it is a great tool for teaching kids the "worth" of an object or one's labour.

 

[Belli]

I stopped using cheques

March 2012 was the last time I used a cheque. Goodness knows why I still have the cheque book. MY OCD kicking in I guess.

The nostalgia.

She was a fellow director in our company so that was a nice lesson in stamp duty and tax law. When her shareholding was "sold" to me, wasn't sold of course but the transfer was considered as such, the lawyers managed to reduce the five figure amount of stamp duty/tax substantially but was still out-of-pocket for a non-existent sale. Talk about a death tax!

Sorry to learn of your issues with the ATO, especially given the circumstances. The law and the bureaucracy simply don't give a stuff about personal issues really. Approximately 95% of the law is about who owes what to who and who owns what.

Pretty seamless for me with only a need to change the details of the Directors of the Corporate Trustee of the SMSF and obtain a variation of the Trust Deed.

 

[Craton]

Cheers Belli. Our old cheque books, especially the unused ones may be of worth to collectors one day.

Yeah that "sale" was just another kick in the guts at a most stressful time. Cop it on the chin, deal with it, move on but never forget the lessons learned.

GTK it was a tad easier for you and thanks for sharing too.

 

[mullokintyre]

India has joined the ranks of those moving to a digital currency.
probably in a better way than Nigeria where it is having a limited trial first.
From BQ Prime

The Reserve Bank of India (RBI) recently said in a statement that India’s first pilot project of the ‘Digital Rupee’ in the ‘Wholesale segment’ would be starting on November 1, 2022. The pilot project for the ‘Digital Rupee’ for the ‘Retail segment’ is set to start in a few months in select locations in a closed group of customers and sellers. As of now, 9 banks have are decided for participating.
The pilot project for the ‘Digital Rupee’ for the ‘Retail segment’ is set to start in a few months in select locations in a closed group of customers and sellers. As of now, 9 banks have are decided for participating in RBI’s Digital Rupee Wholesale pilot; HDFC Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, HSBC, Union Bank of India, ICICI Bank, HSBC and SBI. What is this ‘Digital Rupee’ th
As per the official definition, RBI’s Digital Rupee is a type of ‘Central Bank Digital Currency’ or CBDC. In simpler terms, the Digital Rupee is a digital form of the fiat currency of the Rupee issued by the RBI (as Central Bank of the country). Digital Rupee or digital money in general is an electronic form of money that can be used for digital contactless transactions, which are especially usefu

Mick

 

[Belli]

I don't horde to this extent but I feel all warm and fuzzy for being one with my people. Honestly, I know it is considered convenient but to use an electronic method to pay for a simple cup of coffee seems odd to me. Just more transactions to verify on a statement or maybe people don't do that.

However, I am single so the amount of cash I hold for paying for day-to-day goods such as groceries isn't large.

Tahera says her clients hoard cash and hide it from their spouses in the event of a divorce

There are more than 2 billion banknotes, worth more than $100 billion, being hoarded by Australians – that's about $4,000 per person. But as we use less cash to transact, does it still have a future?

www.abc.net.au

 

[mullokintyre]

In the past two months, I have been involved in two instances where I was required to pay cash for something. The first instance was when during the recent floods, the town had no power for about 30 hours, so there were no FT transactions available. The second was when we had power, but the EFTPOS system went offline for a few hours.
It is the reason I always carry some pineapples, just in case.
Mick

 

[sptrawler]

Slowly, slowly, catch the monkey. ?

‘Government wallet’ to display Medicare card, driver’s licence in ‘one-stop shop’

The overhauled MyGov app would also allow Australians to verify their identity with banks, phone companies and utilities providers, without handing over identity documents.

www.smh.com.au

Australians would be able to use their Medicare cards, display their driver’s licence, renew passports and enrol to vote on a one-stop-shop phone app similar to an Apple Wallet under the federal government’s vision to digitise its services by transforming the MyGov app.

The app would also allow Australians to verify their identity with banks, phone companies and utilities providers without handing over identity documents that are vulnerable to hacking and affected millions of people in last year’s breaches on Optus and Medibank.

 

[divs4ever]

Slowly, slowly, catch the monkey. ?

‘Government wallet’ to display Medicare card, driver’s licence in ‘one-stop shop’

The overhauled MyGov app would also allow Australians to verify their identity with banks, phone companies and utilities providers, without handing over identity documents.

www.smh.com.au

Australians would be able to use their Medicare cards, display their driver’s licence, renew passports and enrol to vote on a one-stop-shop phone app similar to an Apple Wallet under the federal government’s vision to digitise its services by transforming the MyGov app.

The app would also allow Australians to verify their identity with banks, phone companies and utilities providers without handing over identity documents that are vulnerable to hacking and affected millions of people in last year’s breaches on Optus and Medibank.

like the government entities are more secure ( or privacy orientated )

 

[sptrawler]

like the government entities are more secure ( or privacy orientated )

Yes, I wonder how long it will be before everyone is allocated a phone number at birth.

 

[divs4ever]

LOL it took them long enough to remember i had a medicare card number back in 2016 ( they still haven't found the previous health records before that )

besides i like to leave home without it ( my phone ) , the crappy iPhone isn't worth dying over in a mugging ( and with all the personal details on most , THAT is precisely what it is )

it's bad enough navigating centrelink during a power outage

 

[qldfrog]

like the government entities are more secure ( or privacy orientated )

My thoughts
Instead of hackers having to hack dozen of private firms, just need to have the ATO.knowing that if you do that on Friday at 4pm, you are free to run until Tuesday while a Bangalore man from IBM is trying to call a PS contact able to take a decision ?
We will blame Putin or China..or North Korea Iran ROL

 

[Smurf1976]

Not about payment but phones - a friend tells me that a hairdressing salon actually refused service, refused to cut their hair, without a mobile phone number being provided.

So it's actually compulsory to own a mobile, and to disclose the number, to get your hair cut?

Suffice to say I can't think of anything to say next that doesn't involve swearing......

 

[divs4ever]

Not about payment but phones - a friend tells me that a hairdressing salon actually refused service, refused to cut their hair, without a mobile phone number being provided.

So it's actually compulsory to own a mobile, and to disclose the number, to get your hair cut?

Suffice to say I can't think of anything to say next that doesn't involve swearing......

AWESOME , i am old and balding ,

i claim my hair has chosen to suicide at it's own pace , add in a tightwad upbringing and a heavy metal attitude

so happily avoid hairdressers without any special reasons like that

no phone number. , no problem .. i ain't doing business ( endangering my carbon credits )

no need to swear .. just say NO and let them swear and swear when the rent is due