Cashless society

[moXJO]

How? the same amount of cash will circulate regardless

Outages every know and then are probably not as much hassle as dealing with cash.

Cash is spent in the local area. If it's in your pocket it generally supports your local area.

Digital... how much crap is coming in from temu?
How much do local businesses lose from the change?
Local taxes?

 

[Value Collector]

Cash is spent in the local area. If it's in your pocket it generally supports your local area.

Digital... how much crap is coming in from temu?
How much do local businesses lose from the change?
Local taxes?

Pubs etc aren't paying their staff wages in cash, they are banking the cash and depositing their money in their staffs accounts, (unless the staff are tax dodgers.

You seem to think that businesses that accept cash must be filled with staff wondering around town only trading locally, not buying iPhones or Netflix etc etc

 

[Value Collector]

up to 'super-elite' class absolutely , to the lesser 'upper levels' well that depends on if you can be controlled , in critical areas

god forbid you just crash in perforce of sheer wealth and influence of key levers , say the power or telecommunications networks ., and express unusual ideas in public

I literally have no idea what you are talking about.

 

[bux2000]

"I hope we never lose sight of one thing, It all started from delivering newspapers as a child"

Surely by your continued push for digital currency, you have denied that same child, the thrill you must have had, opening your first small brown envelope containing a pay slip, crisp notes and change.

bux

 

[Value Collector]

"I hope we never lose sight of one thing, It all started from delivering newspapers as a child"

Surely by your continued push for digital currency, you have denied that same child, the thrill you must have had, opening your first small brown envelope containing a pay slip, crisp notes and change.

bux

Actually it was deposited into my bank account it was the 90’s, which probably helped those savings turn into shares, if I had been paid in cash more of those dollars might have found there way to the corner store, and not been used to build an empire

 

[sptrawler]

Actually it was deposited into my bank account it was the 90’s, which probably helped those savings turn into shares, if I had been paid in cash more of those dollars might have found there way to the corner store, and not been used to build an empire

You were lucky, I gave mine to my Mum to bank for me in the late 60's, unfortunately apparently the family needed it more than me and it was spent on groceries.
Then I started work and had a couple of recassions and four kids, before your paper round.

The upside is, it did encourage me to start my SMSF as soon as I considered retirement.

 

[moXJO]

Pubs etc aren't paying their staff wages in cash, they are banking the cash and depositing their money in their staffs accounts, (unless the staff are tax dodgers.

You seem to think that businesses that accept cash must be filled with staff wondering around town only trading locally, not buying iPhones or Netflix etc etc

Compare cash circulation to digital.
Physical currency in the pocket is more often spent locally. The only one it was expensive for were the banks or big business. But for the community it added more local jobs.

The downside of digital isn't just the level of fraud aspects but also its ease in shifting money overseas and it's affect on communities.
Cash tends to be spent in the local economy. Digital transactions end up anywhere with the fees straight to banks bottom lines. Now branches are being cut let's add job losses as well.

Straight digital will end up a sh1tshow for multiple reasons at some point.

 

[moXJO]

Actually it was deposited into my bank account it was the 90’s,

I find that suspicious that any newsagents were depositing in a bank account in the 90s. Were you in your 20s as a paper boy?

 

[JohnDe]

See, there’s proof that selling papers and digital currency will earn you enough to buy a shop to allow you to overcharge your customers through cashless transactions to allow you to retire super early and travel the world while investing in Berkshire shares and telling everyone how to do business and the evil of Elon Musk. Ah nothing like the smell of manure in the morning

 

[bsnews]

People with cash spend less then people with digital from my business point of view.

I am really shocked how the elderly have embraced digital payments TAP. Sales over $100 has to be broken into payments under that as people can't remember pins.
The amount of people being scammed for not small sums is a worry. Although the elderly have embraced digital they are very illiterate on safe usage and the banks need to be held more responsible I feel.
Phones, watch and rings are used for the middle age group more so then the pure credit card tap.
Nothing more fun then a line of customers and "just wait for me to transfer the funds"

We support 2 local charities in our area both monetary and food collection, the diminishing use of coins has had a significant impact on donations over time and inflation has seen food donation slow down.

I have had to change banks as the one I have been with forever closed the branch over 2 weeks this Xmas.

Although I can never ever see a cashless society it is the majority of everyday people driving that with how they spend.

 

[bux2000]

Actually it was deposited into my bank account it was the 90’s, which probably helped those savings turn into shares, if I had been paid in cash more of those dollars might have found there way to the corner store, and not been used to build an empire

Didn't Donald Trump use his Father's Chauffer driven limousine to deliver newspapers as well.


bux

 

[Bellcose]

Although the elderly have embraced digital they are very illiterate on safe usage

Oi! Watch it sonny or I'll shake my walking stick at you while I yell at the clouds.

Looked at my bank balances this morning. They are all digital. The purchases of shares I made are all digital. The dividends, distributions and interest I receive are all digital. Shifted a five figure sum this morning too that was digital as well.

Haven't been inside a bank for over 10 years nor written a cheque for even longer. I have no wish to go back to those days

Have some notes and coins which are in my pocket when I go for a walk when I leave my wallet and phone at home but feel like a coffee and a bite to eat.

For me, when the payment system goes down temporarily, it's not a great impact but more so for businesses. If there is a problem with the EFTPOS terminal itself i.e localised, and you're only wanting to buy a drink or sandwich customers generally go elsewhere. When it's happened on a wider scale I can defer any purchases so not a loss for me. Others may not be in that position.

 

[Dona Ferentes]

@Joe Blow , could we officially rename this :

The Groundhog Thread​

 

[Value Collector]

Compare cash circulation to digital.
Physical currency in the pocket is more often spent locally. The only one it was expensive for were the banks or big business. But for the community it added more local jobs.

The downside of digital isn't just the level of fraud aspects but also its ease in shifting money overseas and it's affect on communities.
Cash tends to be spent in the local economy. Digital transactions end up anywhere with the fees straight to banks bottom lines. Now branches are being cut let's add job losses as well.

Straight digital will end up a sh1tshow for multiple reasons at some point.

I don’t think paying everyone in cash would increase their local spending, as I said people still want all the modern things that aren’t supplied locally. If they were going to spend money locally they will still do it with cash or card, eg TV why aren’t going to avoid the local club because they were paid by direct transfer they will just tap their card.

It would just mean people had to go and deposit their money in a bank before they paid their Netflix subscription or other ways to spend it.

 

[Value Collector]

I find that suspicious that any newsagents were depositing in a bank account in the 90s. Were you in your 20s as a paper boy?

I am 42 now, was 14 then. It was 1996 and yes the pay was definitely direct deposited, I can remember using “phone banking” on Mondays to check my account balance, (we didn’t have the internet till later).

I also picked fruit that was paid in cash, $0.90 per kilo of chilli’s from memory, and I delivered pamphlets they were cash at first, but later moved to direct deposit also.

 

[moXJO]

I don’t think paying everyone in cash would increase their local spending, as I said people still want all the modern things that aren’t supplied locally. If they were going to spend money locally they will still do it with cash or card, eg TV why aren’t going to avoid the local club because they were paid by direct transfer they will just tap their card.

It would just mean people had to go and deposit their money in a bank before they paid their Netflix subscription or other ways to spend it.

No, you are not "thinking" very hard to support your argument. I was making an argument of the disadvantages of convenience tapping.Tap-and-go are about four times higher fees than EFTPOS by the way.

I'm not advocating for a return of cash. I'm saying "cash purchases stay in the local economy". Digitisation sends money offshore. Amazon, eBay, temu, shein, alibaba, etc all base their platforms around it.

People are more likely to save with cash. Know where they are at and know how much they spend. The primary beneficiaries of digital locally are generally supermarkets and restaurants/cafes. It's one of the reasons I went into restaurants given the trend of laz

Digitisation benefits are primarily of convenience due to the inherent laziness that's swept society. It does produce rampant consumerism for online behemoths.

I could argue that things like uber eats is another level of taking money from the economy.
Don't even get me started on kids buying "Robux" to buy digital clothes and avatars. Possibly the greatest scam in existence.

Letting cash die out will be a huge mistake in years to come. Letting banks ultimately decide is not the way forward. There are numerous disadvantages to digital that could also be crippling to the national interests.

 

[moXJO]

I am 42 now, was 14 then. It was 1996 and yes the pay was definitely direct deposited, I can remember using “phone banking” on Mondays to check my account balance, (we didn’t have the internet till later).

I also picked fruit that was paid in cash, $0.90 per kilo of chilli’s from memory, and I delivered pamphlets they were cash at first, but later moved to direct deposit also.

Just giving you stick...
You have done well and it's good to see.

 

[divs4ever]

I find that suspicious that any newsagents were depositing in a bank account in the 90s. Were you in your 20s as a paper boy?

well many decades ago when i was a paper boy ( in the mid-60's ) after a short while when NEWS ltd used to pay a base rate to deliver + a commission and i was only selling 61 papers a week ( that soon grew and grew ) what the newsagent did was calculate how much he was due for the papers/magazines and i kept the rest

BTW i was forced to retire from the paper rounds ( i had 5 by then ) to study for the Junior exam , so had to swap my fund raising activities to hustling in pool halls , and activities in the TAB and race-tracks

so anyway i assume my paper-sales just went into general takings ( for the agent ) ( as they did for the other paper boy )

 

[moXJO]

People with cash spend less then people with digital from my business point of view.

I am really shocked how the elderly have embraced digital payments TAP. Sales over $100 has to be broken into payments under that as people can't remember pins.
The amount of people being scammed for not small sums is a worry. Although the elderly have embraced digital they are very illiterate on safe usage and the banks need to be held more responsible I feel.
Phones, watch and rings are used for the middle age group more so then the pure credit card tap.
Nothing more fun then a line of customers and "just wait for me to transfer the funds"

We support 2 local charities in our area both monetary and food collection, the diminishing use of coins has had a significant impact on donations over time and inflation has seen food donation slow down.

I have had to change banks as the one I have been with forever closed the branch over 2 weeks this Xmas.

Although I can never ever see a cashless society it is the majority of everyday people driving that with how they spend.

It's a brilliant move by the banks.

Tapping something out of laziness or a feeling of anxiousness about holding up the queue. Just the act of tapping incurs higher fees. Everyone too lazy to check their accounts. You can shop 24/7 online so can spend even more. Everyone is in your pocket with subscriptions.
Financial education isn't taught nearly enough at school levels.

Oh what a combination.

 

[macca]

It's a brilliant move by the banks.

Tapping something out of laziness or a feeling of anxiousness about holding up the queue. Just the act of tapping incurs higher fees. Everyone too lazy to check their accounts. You can shop 24/7 online so can spend even more. Everyone is in your pocket with subscriptions.
Financial education isn't taught nearly enough at school levels.

Oh what a combination.

The big rich people loove it !!

The Govt don't have to print notes so they save a squillion and the banks collect billions more in fees from the little people........same old, old story