What are the implications of a cashless society ?

[SoBoredHelpMe]

ive noticed more and more places are becoming card only and I think it won’t be long (say within 5-10years) that we will become cashless. So I was thinking of positives and negatives and the main negative I see is the lack of privacy as everyone’s spending will be recorded digitally. A major positive though is that it would make it very difficult for e.g. drug dealers to operate ?

would be interested to hear other people’s thoughts on this …..

Lots of ways.

I've got one that I use for selling stuff on ebay. I also use it when I take things back for a refund (most shops these days don't properly check you're using the same card you used to pay for as they don't "handle" the card themselves anymore - when they ask "is it card ending 0909", you just say yes, and present it yourself - they don't check!). If a friend is paying me back for something I've bought for them, i.e. If I've paid for a cafe/restaurant meal or bought them something for lunch at a shop, I ask them to do a bank transfer to my "other" bank account. You can also usually pay in cash at the Post Office to most bank accounts if you have a card.

I don't have a controlling partner, I don't do it for that reason, I do it just for some "fun money" which I for treats, etc., it's just a way to accumulate some cash separate to our main accounts, and also I don't want to give work colleagues my "real" bank account details. For some reason, I feel less guilty about buying treats if it's from an account which I regard as "free" money, generated by selling stuff on ebay, and taking things back for refund which I may have otherwise kept "just in case".

Ah, well in the early 2000s I was still a teenager, using cash I guess.

I'm glad you don't have a controlling partner but oftentimes they control you to the extent a lot of those things would be impossible.

True to say you would neither be popping into McDonald's, unless you were on your way to an activity he allowed, and fancied a treat that stopped you wanting to top yourself.

Life can be very bleak for the poor and abused, and cash is a big part of both types of life.

It's great you have no concept of this, and I hope you never do.

I started university in 2004... needed cheques all the time.

The last time I wrote a cheque was... January!!!

I have to disagree re cash in hand.
My dad was a gambler and if my mum hadn't worked several cash cleaning jobs there'd have been no food on the table.
Many times he'd promised me I could go on school trips but when payment time came it was my mum who stepped up.
She'd been saving £2 a week or whatever knowing he'd unlikely have the money.
While we have people living below the poverty line cash is essential.

@happysingleversary

Totally agree. Those people who are ok have no comprehension at all what living hand to mouth is like.

This is the start of The Handmaid's Tale. Women had their financial assets frozen.

I belong to a hobby group, and the members are always buying and selling things between one another at meetings and events. Usually just a few quid. A lot of them are more senior in years, and aren't going to want banking apps on their phones or to give other people their bank account details. I don't want to share that sort of information with people I barely know either.

We also have raffles - £1 a ticket. A lot of events are pay on the door, usually £3 - £5. How would those work if there's no cash?

Loads of charities have collecting boxes. No cash means far fewer donations, because not everybody wants to set up a regular direct debit.

They are just a few small examples. Getting rid of cash altogether would be absurd and unworkable.

Even big issue sellers have card readers !

To add I've just done a digital degree apprenticeship with my work as part of my job.

We see vulnerabilities all the time. We've even just approved a scheme for colleagues fleeing their partners we'll pay for a hotel for 2 weeks.

I don't want an app on my phone to pay 50p for parking. Or to buy a £2 tram ticket. I'm not old or incapable I just want less digital for myself now. If the gov want to see my every move they'll be disappointed but privacy concerns are very valid.

There are card readers which process the transactions without a connection and then poll them to the bank at the end of the day. This is not a new thing.

Whoever told you that is either lying or seriously needs to shop around for their card processor. Any business can get a deal which costs 1% or less.

What they are also forgetting is that banks charge a considerable fee for processing cash. Usually far higher than the charge for processing card transactions.

Poll them to the bank at the end of the day how? We have no phone or internet. Cash works perfectly well. (I have internet at work in case you are wondering)

It's a bit like ereaders replacing books. Ereads work perfectly until you can't download or charge, paper always works.

Interested to see that people don’t think banks are monitoring your account for suspicious transactions I.e lots of low volume cash payments. This would likely trigger a suspicious activity review on a personal account and you risk having your account closed.

These are the same banks that are unable to put a womans name first on an account ?

I wouldn't worry too much about their secret squirrel capabilities, they are far too busy pretending they are halfway competent at actual banking.

Banks do what is a priority for them. Failing to spot money laundering risks draconian penalties. Failing to put a woman's name first on an account....meh, a customer's upset and might leave.

Connect it to a mobile phone? take it home and connect over the WiFi? There are technological solutions to your problem.

But what if the phone breaks ? Or the battery dies ? Of there's no signal ? Or there's been a 4G outage ? Or heavy rain that flooded the data centre ?

It wasn't until I started on MN that I realised why "No is a complete sentence" needed to exist ....

But if you're a "cash only" business, what happens if the cash machine breaks down or runs out of money or there's a power cut? Your customers can't buy anything from you! In fact, if there's a power cut, your shop will likely be closed anyway due to... no power!

Also the hassle of all these effing apps!

You think they can’t now?

OP, do the Chinese social credit scheme and the Handmaid's Tale not concern you?

Well I expect to be dead before we all go cashless. Hand over cash and you know what you have spent. Wave a card is easy but where are you financially? I have used cash for many a year and cards when necessary. I like to be in control.

1. The tooth fairy
2. Putting cash in birthday cards
3. The boot sale
4. I save special £2 coins
5. Special 50p coins

I just don't agree with it and definitely do not agree or want a cashless society. People should keep spending cash in order for this not to happen

Social credit scheme definitely should. In fact it should horrify people but you will get the usual 'nothing to hide, nothing to fear' trotted out. The problem with that is, who controls the definition of 'nothing'? let's ask the Canadian truckers about that one, shall we?