To ask if going cashless is a good thing.

[smittenkittten]

Most people I know don’t want to go cashless, but it seems to be inevitable that we are heading that way. Personally I hate the idea. There’s so many occasions when cash is needed, too many to mention, but it’s the little things mainly. Treating the grandkids, summer fetes, bring and buy sales, car boots......all the things where you usually use cash..
Will it just be digits in a bank account? What if you lose your phone? ...What do people think of it all?

I don't really like carrying cash around, but I do tend to spend more when I'm using my card or phone.

Exactly my concerns!

And these reasons are why I'm also against vaccine passports being required for domestic use. People are very happy to have them now because it's just an app that shows your vaccine status. But what's to stop a more authoritarian government further down the line saying "well, you've all got this app on your phone that you need to access anywhere public, so we're gonna add another section to it with some other things to prove".

I have wondered if vaccine passports are being thought of as a way for European governments to keep track of populations currently outside the official system, ie- illegal immigrants or travellers. I guess a cashless society would have the same effect.

I don't want the option of cash to end. Banks would up charges to retailers and then passed on to us were there not to be cash as a competitor of sorts. Though rare, sometimes banks systems do fail- a few years ago the Belgian banking system was out of action for several hours whilst I was visiting, and I was glad of cash to enable me to get a meal out of the hotel.

I've been cashless for 4 or so years now.not handled any cash at all and havent needed too.
For me I notice my wages last much longer since I've been cashless, before I used to draw out a tenner, buy milk or some other low value item and before I knew it the rest of the money was squandered.
Now when I buy milk, I just put for milk and rest of my money stays in the bank

People on working tax credits being told they need to work longer hours or money stopped. I don't know if this already happens but I can imagine in the future the threat of no credits in the bank will make everyone have to work longer and longer hours.

No. Not after watching blackout.

A cyber attack on our grid could happen. I won't rely on anything that needs it to function.

I took Samsung pay off my phone because I found it was too easy to buy stuff I didn't need with it. I was spending way too much.
I use my debit card fir 99% of all my transactions.
There was a collection for a work colleague and its easier to give cash for that.
DD has a young person's current account and we put her allowance by standing order. Her GPs also send money by bank transfer for birthdays and Christmas. It's safer and less hassle than posting cash or a cheque. I cannot remember the last time she used cash.

I think with cash it's a case of use it or lose it. When out shopping I always try to use cash rather than cards.

I would hate to have a cashless society. Seems rather sinister that every purchase can be monitored. What happens when bank computers go down?

It's always made out its for our convenience but who does it really advantage?

@smittenkittten

Yes I live near quite a few farms that have honesty boxes for fresh eggs, butter etc. All that would go. Sad really.

it wouldn't have to go. All they'd have to do is print out a QR code that links to their bank details, or an automatic pay system, stick it in a plastic wallet to protect from the rain, and people would scan that rather than paying cash. Same with car boot sales, etc. At the moment people might see it as too new/dangerous/risky but they probably said exactly the same about debit cards, contactless, etc. Give it five years or less and it'll become the norm.

I personally welcome card payments. Always wondering if you have the right change, getting "caught" as my dgm used to say .making sure you have change for the parking meter and so on .used notes are often dirty or torn .coins smelly ! Old people will be able to ask for help from young family members. Cards easy anyway bring it on !

I would be ok with it if we went completely cashless. But as you say there are quite a few things for which you always need cash, and that makes it difficult / annoying.

I use both but mostly digital or cards but prefer cash especially when on travels internationally using local currency or nationally for small ad hoc purposes and tips and gifting etc.

@Shade17

It is definitely discriminatory, I don't really see how it couldn't be.

And yet it’s perfectly legal

Ah, but you changed your mind on it not being discriminatory?

@wanttomarryamillionaire wasn't objecting on the grounds that it was illegal, but on the grounds that it was discriminatory (I'm guessing against elderly people, those without bank accounts or access to contactless payment for one reason or another).

A lot of us buy and sell things locally. I can't see me turning up on someone's doorstep to buy £5 of Lego and not handing over cash. Maybe if you're well off you don't need to consider why others can only buy secondhand.

Those who just carry phones, what happens if you lose it or it gets stolen?

Arcades can just sell you coins and then credit your account with any winnings before you leave. And can obviously fuck off with video versions. Would NEVER play on those

I personally don't use much cash - the only real time is to buy takeaway as two of the local ones don't take cash.

This necessiates a special visit to the cash machine each time and sometimes results in no takeaway!

Apple pay means I often don't even have my purse with me as I use it almost exclusively and have all my loyalty cards in an app.

I do wonder about how this is excluding the elderly/ vulnerable. My aunt is barely coping with the reduction in acceptance for cheques - she hasn't mastered either online or phone banking and her local branch has shut.

I don’t think a cashless society is a good thing at all. From several perspectives.

I’ve actually switched back to using cash as a matter of course now (except for online purchases, obviously) because I want to encourage the continuation of physical money being exchanged. I think it’s important, again for various reasons.

This isn't very interesting unless you tell us what your " various reasons" are!

Tbh I’m too tired. From a quick scan of the thread I think they’ve all been mentioned by others.

Other drawbacks that spring to mind:

Not so long ago, in the midst of a financial crisis in a developing country all banks were instructed to restrict account withdrawals to a minimum (this lasted not a few hours but a few months)

In the UK, banking charges are minimal. This is not the case around the world, where banks can charge hefty sums for every transaction. In a fully cashless society banks would have a captive market with no other options.

Partial or full system outages (e.g. due to a cyber attack) could become more common and longer to resolve due to increased systems complexity and lower spending on security and business continuity arrangements.

This is all scary and undesirable. I guess those who call for cash to be eliminated are either very young or don't understand the risks.

Everyone needs to have as many alternatives as possible.

I want to encourage the continuation of physical money being exchanged

Yes, I think we all need to do our bit

Cash is also helpful internationally - the seller can't DCC you in cash! (ATM can, but you should be able to see that). So you know what you are paying and that you are paying the correct price, not being charged at the worst rate for conversion.

Despite all the messaging since the pandemic, my experience is that the vast majority of places still take cash.

I agree there are advantages to having cash as an option. I don’t think it’s going to disappear though.

I prefer cash. If I use my debit card, my spending can get out of control. I don't have any sort of payment app on my phone.

I work in a supermarket and I hate cash, mostly because it is a breeding ground for germs. I cash up our tills every night and when I finish I always have to go and wash my hands as they are so visibly dirty from handling all of the coins, and that's before you take into account the people who still think it is acceptable to hold money with their mouth before handing it to a retail worker 🤮

I genuinely can't remember the last time I needed or used physical cash - when I'm at work I can't carry cash, my bus ticket is on my phone (and you can pay with cards on the buses), all of DDs classes etc are paid via bank transfer, DD has her own bank account for pocket money etc so I just got out of the habit of intentionally drawing money out for the sake of having it. If I needed physical cash for a specific reason then I could easily draw it out but I haven't had that situation happen for months, if not years.

Personally I think this thread is alarming to any prepper reading it. Totally reliant on the system to keep them ticking over. Take that away and it'll be days before they're desperate.

Banks go down. Power cuts. Totally fucked.