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Cashless society

I would walk straight out and never go back
 
There were two staff members, both seemed in there 40’s, so not “young staff”.

I think they just don’t want to bother with float, and don’t get many cash purchases and wish to avoid them where possible to avoid trips to the bank, it was a furniture store, so average purchase would probably be in the $hundreds, and probably very few people using cash in the first place, so daily counting float would be a waste of time.
 
No one is arguing that tech isn't useful. It is however very stupid to do away with cash and its delivery systems with the age of AI and super computers. It's just lazy.
As a very simple example of concept, my garage door.

Normal means of opening it is press the button on the remote.

But there's also a physical button on the motor itself which provides another way to open it.

There's also the ability to mechanically disengage the motor, which is manually operated and doesn't need the motor to be functional, and just open the door manually.

Because failure of the motor, the electronics controlling it or mains power are all foreseeable occurrences but it's still necessary to be able to open and close the door. Obviously it's inconvenient to have to get out of the car, manually disengage the motor and open the door but that sure beats not being able to open it at all in the event of failure.

Now apply that concept to things like paying for essentials. Food, fuel and so on are still necessary with or without functioning internet and IT systems. Having a backup system is thus sensible and logical. Even if it's inconvenient to use, it's still wise to have it because at some point if no such backup exists then it becomes a problem.
 
Voice of reason and common sense yet you will still find some (i want to use other terms but in the good spirit of ASF, i will pass) who will disagree...
 

I remember someone on here giving the example of a business accepting Visa but refusing Amex, and dumb the business owner was. Refusing cash or making it difficult for a customer to use is pretty much the same; dumb.
 
Yeah, so just like my garage door has an emergency release I can use if the power goes out, I carry a $50 note. But just like the emergency release I never actually use it.

There is also the issue that the cash system doesn’t always work, and the digital payments can back it up, eg you don’t have cash in your wallet, can’t find an ATM, store doesn’t have change, etc etc etc.

But, there are also ways the digital systems can be backed up that don’t require cash, any problems that pop up shouldn’t be looked at as signs that digital payments don’t work and are silly, but that the system is still improving.
 
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Yeah, so just like my garage door has an emergency release I can use if the power goes out, I carry a $50 note. But just like the emergency release I never actually use it.
The only way the cash system won't work is if the seller refuses to or cannot take the cash.
I can quite easily carry some cash in my wallet.
The digital system has multiple points of failure.
Pretty hard to carry some spare electricity if the power fails for a business, or for the bank, or the comms provider.
I can't carry a spare cable if someone digs up the comms the cable.
I can't carry a spare software fix if some dork does a software update without testing it properly.
I cant carry a spare backup for when some part of the chain gets hacked and is subject to ransomware.
All of the above have happened at leat once this year.
Mick
 
Reading the AFR while eating breakfast at my gym cafe, I found an interesting take on the increasingly digital world we live in.

Online reservations are easier on the ego, because they free us from the humiliation of being told no. Mainly, though, we like their convenience. It’s so much more convenient that we’ve hardly noticed that reservations, once a simple agreement between you and the restaurant, are now a commodity that other people can profit from. We’re used to getting beat out in the race for tables by bots, which can turn around and sell the spot to the highest bidder.

Imagine a full digital and cashless world.


 
The only way the cash system won't work is if the seller refuses to or cannot take the cash.
If I am a cash type of guy, and decide to go do the groceries today, but the ATM's are down and I can't with draw cash, the cash system has failed.
I can quite easily carry some cash in my wallet.

Yeah, but you need to top that up every now and again, so you rely on ATM's or some form of withdrawals which can fail, Also you might not have enough cash in your wallet, or you forget your wallet.

The digital system has multiple points of failure.

So does the cash system,

1, you can not have enough in your wallet when you need it.
2, The business can be short of change
3, ATM's can be down
4, Cash registers can fail etc etc




A power failure can shut down a cash accepting business too, I doubt Coles will let you purchase your groceries when their cash registers are down with a power failure, and I doubt ATM's will be working

As I said I carry $50 for emergencies too, but it is not a cure all, and the small chance a the digital system failing is well offset by its convenience every other day.
 
A lot of these things is because of the reliance on the digital system and doing away with cash.
 
A lot of these things is because of the reliance on the digital system and doing away with cash.
Doing away with digital systems would make the cash system even less user friendly,

Eg imagine not being able to access your cash until the bank opened on Monday, and then having to fill out a withdrawal slip, then wait online for a teller before you could make a withdrawal, All just to get the physical
Cash to buy your groceries.
 
The banks aren't doing that though. There's a case for maintaining cash. Not ditching digital.
 
If I am a cash type of guy, and decide to go do the groceries today, but the ATM's are down and I can't with draw cash, the cash system has failed.
No - because cash by its very nature is something that's storable and which historically most people kept some of in practice.

It could thus be compared to a battery storing electricity. It doesn't work indefinitely in a supply failure situation but it works for a while. It works long enough to at least enable an orderly shutdown of a computer, an orderly exit of people from the theatre using emergency lighting, etc.

Versus direct digital payments that have multiple points of immediate failure:

The card or phone.

EFTPOS terminal.

IT systems.

Communications / internet.

Electricity anywhere from bulk generation to networks to within the shop.

That's a lot of things to fail and sooner or later one of them will.

A power failure can shut down a cash accepting business too, I doubt Coles will let you purchase your groceries when their cash registers are down with a power failure, and I doubt ATM's will be working

A lot of supermarkets do have limited backup power which enables them to remain open. But if the rest of the community has no power, it's only a matter of time until communications fails if it hasn't already.

Cash continues to work in that situation.

Doing away with digital systems would make the cash system even less user friendly,

I don't think anyone's suggesting doing away with digital systems, certainly I'm not, only that cash ought remain available and that, in a system failure, businesses operating in an essential industry be required to accept it.

Essential industry = food, fuel, medical etc.

Because whilst it might be fine for the business, there's a broader societal problem to refuse to supply food, petrol etc simply because the local Telstra tower has gone offline etc. Might be OK for many but it's real problem for the tourist who's now stuck, unable to purchase fuel or even pay for a hotel. Etc.
 
The banks aren't doing that though. There's a case for maintaining cash. Not ditching digital.
I am not saying we should ditch cash, I am just pointing out how much better digital is, even with the small chance it goes down sometimes, because cash is inconvenient and unreliable in so many of its own ways.

Also, I think the large cash handling costs need to passed along to those who want to use it. Because at the moment the cash handling costs are being absorbed by people that don’t even use it, where as the digital costs are being covered by the businesses and often customers that use it.

The only reason the banks want to cut back the cash handling is because they aren’t being paid for it, if cash users paid their way the banks would love handling cash, but they are expected to subsidise an ever shrinking amount of cash transactions, which is getting very expensive on a per transaction basis.
 
We can’t all store weeks worth of cash, most people living pay check to pay check would be withdrawing cash once a week and then expecting to spend it that day.

So on pay day if the ATM’s are down they are no better off.

—————

Also, unless you are using withdrawal slips and entering the branch, cash people still rely on cards to get to get their cash.
 

And cash can be easily distributed during a crisis. If there was some sort of catastrophe that shut down the digital system, cash can be trucked around the country and paper records kept. Can't do that with a plastic or digital credit system if the system is not working.

I doubt that we would ever have a failure that would cause massive long-term failure of our digital monetary system, but then again, the US didn't think Pearl Harbour would be bombed.

Some of the commentators are too mentally young or have not read their history books.



Michele Bullock​
Governor RBA​
Maintaining access to cash
We also remain focused on access to cash for Australians. This issue has received some attention in the media recently and I would like to provide some context and discuss the work that is underway.​
..cash remains an important means of payment for some people and is widely held for precautionary or store-of-wealth purposes. Cash is also an important backup method of payment during system outages or natural disasters, when electronic payments might be unavailable.​
For these reasons, the RBA places a high priority on the community continuing to have reasonable access to cash withdrawal and deposit services. The Government also highlighted the importance of maintaining adequate access to cash services as a key priority in its Strategic Plan for the Payments System.[3]
To facilitate the development of options to put the cash distribution system on a more sustainable footing, the Australian Banking Association (ABA) recently applied to the ACCC for authorisation to develop in-principle solutions to the challenges facing the cash distribution industry. The ACCC has granted interim authorisation for the ABA and other stakeholders to discuss these issues. The RBA will also be involved in these discussions.​
 
of course you realize that the absence of cash , removes one of the last pillars of fiscal accountability , if 100% digital , all sorts of 'accidents' and chicanery are are possible , and will be very hard to untangle to the extent that the masses will resume trusting the financial system

just saying , you can't even trust the bureau of meteorology so how can you trust another other 'expense-dipping part of the Government , fiscally
 
I think digital improves accountability, that’s why some people love doing “cash jobs” because they want to rip off their fellow Aussies by avoiding tax.
 
I think digital improves accountability, that’s why some people love doing “cash jobs” because they want to rip off their fellow Aussies by avoiding tax.
not in the long run i remember my early years when a slab of beer was very acceptable to some workers/contractors maybe it won't be beer this time , maybe some herbal stuff or a direct swap services say a Sparky doing a wiring for a home interior paint/repaint

cheaters cheat Biden is proof of that
 
I’m at the local shops, a homeless busker is playing his guitar and singing a country ballad, magnificent voice. Had a quick word with him, he hates begging and music is all he can give. His hat out for donations, I gave him a $10 note. I asked if he had looked into getting eftpos on his phone, he said too much trouble in his line of work

Shame all the tight-arses around can’t give a few dollars, because they are trapped in the bureaucracy mind think of digital.
 
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