the Death of Cash ? the Rise of Electronic money ?

[PalazioVecchio]

Not Good. One more liberty being denied of us. The Liberty of keeping privacy in your financial affairs - and for Joe Public to not be treated like a drug dealer.

Discuss

 

[Teddy Eagle]

There was a conspiracy theory during Covid lockdown(s) that governments were testing the feasibility of cashless societies. Sweden didn't lockdown and is virtually cash free already.

 

[Badger11]

Not Good. One more liberty being denied of us. The Liberty of keeping privacy in your financial affairs - and for Joe Public to not be treated like a drug dealer.

Discuss

I actually agree with Barclays on this (I'm a retired banker).

If you don't like it change the rules around fraud. Currently if a little old lady is conned out of her life savings the bank is somehow liable (go figure). So understandably the banks are keen to prevent this happening which is why they want to know what she wants the money for. It must be a large amount probably over £500 because that is when you need to order it.

So the simple solution is stop making the banks liable for other people’s crimes and if you get conned don't expect them to refund you. Or just keep it under the mattress. 😀

 

[chris123]

I actually agree with Barclays on this (I'm a retired banker).

If you don't like it change the rules around fraud. Currently if a little old lady is conned out of her life savings the bank is somehow liable (go figure). So understandably the banks are keen to prevent this happening which is why they want to know what she wants the money for. It must be a large amount probably over £500 because that is when you need to order it.

So the simple solution is stop making the banks liable for other people’s crimes and if you get conned don't expect them to refund you. Or just keep it under the mattress. 😀

Ex compliance here, today's systems are so lightening quick that tracking a transaction is far more difficult

 

[Forest Hillbilly]

There was a conspiracy theory during Covid lockdown(s) that governments were testing the feasibility of cashless societies. Sweden didn't lockdown and is virtually cash free already.

A lot of us thought Covid was the excuse the Government needed to make all transactions completely traceable. This is a significant scheme of financial control over individuals. I've recently been asked about a large deposit put into my account. My answer was,..."It's none of your business. It's my money"

 

[cryrst]

A lot of us thought Covid was the excuse the Government needed to make all transactions completely traceable. This is a significant scheme of financial control over individuals. I've recently been asked about a large deposit put into my account. My answer was,..."It's none of your business. It's my money"

Sore bum ?

 

[Wisbech Eagle]

A lot of us thought Covid was the excuse the Government needed to make all transactions completely traceable. This is a significant scheme of financial control over individuals. I've recently been asked about a large deposit put into my account. My answer was,..."It's none of your business. It's my money"

I suppose I ought not be surprised that people see evil intentions behind everything these days. It being the age of conspiracy theories.

If my government want my help in tracking fraud and other criminal activity I will happily give it. I have nothing to hide, so nothing to fear.

Covid certainly accelerated the growth of the cashless society but not for any devious nefarious government scheme designed to keep track of innocent people. Contactless payment systems help restrict the spread of infections. Nothing more involved.

 

[Common Sense Club]

I suppose I ought not be surprised that people see evil intentions behind everything these days. It being the age of conspiracy theories.

If my government want my help in tracking fraud and other criminal activity I will happily give it. I have nothing to hide, so nothing to fear.

Covid certainly accelerated the growth of the cashless society but not for any devious nefarious government scheme designed to keep track of innocent people. Contactless payment systems help restrict the spread of infections. Nothing more involved.

M&S, Co Op, Jaguar Land Rover, airports, have all been hacked and I have 3 letters on file informing me that my personal details may have been stolen from 3 different financial institutions. So, do excuse me if I prefer to put my trust in my ability to use cash rather than subcontracting my ability to exist to some computer that is God knows where in the world. But you go ahead..,

 

[beak]

Apparently debit cards currently have a £100 limit (contactless) .They are now scrapping that for NO limit.

 

[Palace Old Geezer]

Call me naive, but I actually like to use my phone to buy stuff. It feels easy, convenient and secure. However, I fully understand that cash is, of course, legal tender and as such should be accepted anywhere for payment of goods or services. My daughter and her husband always carry, and use, cash for payment whenever possible.

I'm not sure about the legal issues, but it seems to me that nowhere should have the right to refuse cash payments. I was at an event recently where cash could not be used, presumably because of the security risks around having large amounts knocking about. There's a pub near me that won't take cash either, which is ridiculous.

It doesn't bother me particularly, but I'd be interested to know if anyone can explain how places can legally get away with refusing to take real money for payment. I may be naive, but I'm perplexed too.

 

[Common Sense Club]

Apparently debit cards currently have a £100 limit (contactless) .They are now scrapping that for NO limit.

Yes. It’s a mission creep; it started out as a limit of £10 (?), then moved to £100, and now there is a drive to make it unlimited. It’s selling your soul to the devil; the convenience is the carrot, the stick is “where’s my money gone?!”

 

[beak]

Yes. It’s a mission creep; it started out as a limit of £10 (?), then moved to £100, and now there is a drive to make it unlimited. It’s selling your soul to the devil; the convenience is the carrot, the stick is “where’s my money gone?!”

I believe (from memory) we had a short spell at £20, This WILL be inflationary as people tend to not keep track.Also a scammers dream come true-limitless.

 

[PalazioVecchio]

As a matter of principle, i refuse to buy any refreshments while on Ryanair. Tending to stock-up prior to the flight. Even to the point where i may Tap my debit card at the airport shop for some sandwiches etc.

The principle being that if said Airport Shop would hypothetically accept my cash. And are therefore not b@.stards.

When dealing with small businesses, if I'm indifferent to them, its card. If i like them, its cash and 'dont bother with a receipt mate'. Fish & chips, dog-groomers, getting a man to fix the lightening conductor on my Castle.

 

[ASCPFC]

M&S, Co Op, Jaguar Land Rover, airports, have all been hacked and I have 3 letters on file informing me that my personal details may have been stolen from 3 different financial institutions. So, do excuse me if I prefer to put my trust in my ability to use cash rather than subcontracting my ability to exist to some computer that is God knows where in the world. But you go ahead..,

Watch your accounts closely. I had this and was watching my account empty. I got in touch with the head of security in my bank immediately and had nearly all, bar a few euro, refunded.
I had booked a football camp for my son on an entirely legitimate website that was hacked and had the warning email.

 

[beak]

Watch your accounts closely. I had this and was watching my account empty. I got in touch with the head of security in my bank immediately and had nearly all, bar a few euro, refunded.
I had booked a football camp for my son on an entirely legitimate website that was hacked and had the warning email.

I run the current account with just whats needed.

 

[Teddy Eagle]

I suppose I ought not be surprised that people see evil intentions behind everything these days. It being the age of conspiracy theories.

If my government want my help in tracking fraud and other criminal activity I will happily give it. I have nothing to hide, so nothing to fear.

Covid certainly accelerated the growth of the cashless society but not for any devious nefarious government scheme designed to keep track of innocent people. Contactless payment systems help restrict the spread of infections. Nothing more involved.

So no one will be checking what those on benefits spend their money on. Good to know.

 

[Wisbech Eagle]

M&S, Co Op, Jaguar Land Rover, airports, have all been hacked and I have 3 letters on file informing me that my personal details may have been stolen from 3 different financial institutions. So, do excuse me if I prefer to put my trust in my ability to use cash rather than subcontracting my ability to exist to some computer that is God knows where in the world. But you go ahead..,

Nothing we do in any ordered society is completely risk free. Even if you lived off grid, as a hermit without contact with others, growing or killing your own food, you take risks.

So the real question is whether the upside of doing something is greater than the downside. Yes, your personal details can be stolen. Which is why data security has become so important and is being constantly improved. However, so long as the risk is transferred to those responsible for the security, and not those using it, then the cost is shared by us all in charges.

I would argue that cost is minimal compared to the benefit.

 

[Wisbech Eagle]

So no one will be checking what those on benefits spend their money on. Good to know.

I am struggling to see the connection between this comment and the original.

I trust that surveys are done to understand how benefits are spent. Some even, I believe, are paid via pre-loaded card, so that ought to be easy.

 

[Common Sense Club]

Nothing we do in any ordered society is completely risk free. Even if you lived off grid, as a hermit without contact with others, growing or killing your own food, you take risks.

So the real question is whether the upside of doing something is greater than the downside. Yes, your personal details can be stolen. Which is why data security has become so important and is being constantly improved. However, so long as the risk is transferred to those responsible for the security, and not those using it, then the cost is shared by us all in charges.

I would argue that cost is minimal compared to the benefit.

I wonder how much stress is caused if your whole life, your money, your personal details are stolen and used by someone who has the ability to do so, verses just losing a wallet with your cash and a few credit cards. Digital ID, digital cash, and everything else digital will result in a two tier system with the criminal fraternity being the better off and the rest of us trying to prove who we actually are. I will continue to use cash, you can trust some digital centre in Bangalore, or wherever…

 

[Teddy Eagle]

I am struggling to see the connection between this comment and the original.

I trust that surveys are done to understand how benefits are spent. Some even, I believe, are paid via pre-loaded card, so that ought to be easy.

If you can't see any connection then I can't help but your trust in surveys is touching.