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 Replies: 16 / Views: 1,297 |
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Pillar of the Community
Australia
1344 Posts |
'A sharp decline in the number of people using cash is putting pressure on the entire payment system and could lead to people needing to travel further to access ATMs and bank branches, Reserve Bank Governor Michele Bullock has warned.
Speaking in Sydney this morning at the Australian Payments Network Summit, Bullock said the Reserve Bank remained focused on maintaining access to cash despite the difficulties that lay ahead.'https://www.9news.com.au/national/p...553e27a42e60
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Valued Member
Australia
253 Posts |
Yes, interesting times ahead. Banks want everyone to go digital. Saves them the costs of employing tellers, processing incoming cash and dispensing it.
The RAM didn't issue much in the way of standard design coins for 2023 because the banks didn't request any. Only the junk coins requested and paid for by Woolworths and Australia post were released into circulation. Sure, coins with the King's melon on will be released but that is more than likely just a matter of protocol. 2024 dated coins will more than likely be limited releases (my guess).
If we are forced to go cashless, who would want to be paid in cash? What are they going to do with it if banks are closed or won't accept it?
I expect that some people will be happy to accept cash but they will have limited opportunities to pass it on. I think there is a need for cash and I hope we continue to have it to use. I suppose we will see soon?
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Bedrock of the Community
 United States
94367 Posts |
Except for extra tipping at restaurants, I haven't used any cash for years.
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Bedrock of the Community
United States
16857 Posts |
I've paid with cash twice, perhaps three times over 2023.
Looking forward to the time when we'll be bartering in chickens, potatoes, and hotel shampoo bottles (topped off, of course).
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Moderator
United States
157664 Posts |
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Looking forward to the time when we'll be bartering in chickens, potatoes, and hotel shampoo bottles (topped off, of course). You forgot fast food condiment packets.  I cannot recall the last time I used cash. All the venues I frequent have tap-to-pay... unlock the phone, tap, select tip when applicable, and go.  I do not even carry cash now. I switched to a skinny wallet that only has my DL and CC (for the rare event tap-to-pay is not available). Insurance cards, etc. are all on the phone. I feel bad as I have nothing to offer the buskers downtown. Still waiting to see one that takes Venmo. 
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Pillar of the Community
United States
1775 Posts |
For decades, it's been more convenient & easier to use credit/debit cards. BTC & other cryptos have been around since 2010'ish but they still remain to be an unaccepted form of payment by the masses. Though, I can utilize 35,000,000 of my PuppyDogCoin to buy a $350 GPU off NewEgg but that's about it. I think the day is coming to where some sort of digital global GovCoin will be implemented as they'll attempt to phase out physical currency, but not for many years/decades to come.
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Valued Member
Australia
365 Posts |
When the Mint announce that no more coins will be made and the note printing branch announce there will be no more notes printed, I will sit up and take notice. Until then i'll ignore all the bs that we see all the time and has been going on for years. They are trying hard to make it happen but there is a pushback against this stupid idea. It will never happen in my lifetime if at all.
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Pillar of the Community
Australia
541 Posts |
I cannot see cash every disappearing. Consider the following points:
The recent outages by the big Telco's in Australia have forced the population at large to see that relying on electronic or card based transactions all come with a downside - though a few hours a day of outages or even a full day does not sound like a lot of time the inconvenience is definitely felt not just by individuals but by businesses themselves.
On the other hand there are reasons why businesses will not accept cash - I originally thought it was the global world order pushing for a cashless society - the reality is that business that have cash on hand are targets for robbery and they do frequently get robbed for that reason - namely they have cash onsite.
Everyone has to balance things out - a good mix of both electronic payments and cash is a perfect solution
Thus I cannot see cash every disappearing
After all there are places (think about it....) where you have to use cash only
That's my two bobs worth
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Moderator
United States
157664 Posts |
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It will never happen in my lifetime... I have to agree with you on that part... We will likely never live to see it happen. The younger people eschew cash, so after the old cash loving people die off, efforts to eliminate cash will meet less resistance. Once all of us are gone there will be no one to stop it, nor will anyone care.
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Bedrock of the Community
United States
94367 Posts |
A few weeks back, I confess to not bothering to pick up a cent in a parking lot - for the first time in my life.
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Pillar of the Community
United States
1608 Posts |
I guess that I am a dinosaur because I use cash and don't have any credit cards. I must respectfully disagree with most of you that a cashless society will never happen in your lifetime. Governments around the globe are hellbent on power and part of that power is the ability to control your finances. If you are a non conformist or don't tow the party line, you will be cancelled. Cash transactions are too easy to hide from taxation for governments to allow that to continue. To quote Klaus Schwab of the WMF, "You will own nothing and like it". It is happening faster than most people realize. In short, cash is freedom and that seems to dwindle more and more every day. I'm glad that I am in my twilight years so that I won't have to endure a world without freedom. For the time being, the paper I use still says "for all debts public and private"!
Edited by MisterT
12/13/2023 10:13 am
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Valued Member
United States
183 Posts |
People who use cash don't leave a paper trail.
People that use a debit card to buy a pack of gum kill me. You don't have $1 or $2 on you?
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Moderator
United States
157664 Posts |
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People that use a debit card to buy a pack of gum kill me. You don't have $1 or $2 on you? When I bought that Pepsi Zero Sugar at the QT on the way home from vacation last month.... No, no I did not. Too bad I could not just "add it on" when I paid for gas at the pump. You know, like I do at the grocery checkout. Those coolers and candy racks are right there for a reason!
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Valued Member
Australia
365 Posts |
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Governments around the globe are hellbent on power and part of that power is the ability to control your finances. If you are a non conformist or don't tow the party line, you will be cancelled. People power can vote out governments. Not enough people can be bothered though 
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Bedrock of the Community
United States
94367 Posts |
Hear, hear!  |
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Bedrock of the Community
Australia
21593 Posts |
Cash Is the only way I pay anybody.
Don't do any sort of electronic payment , be it by computer, mobile, or card.
If I need to pay utility bills, it is by handing cash over at the Post Office.
The Governor of the Reserve Bank of Australia said recently that
cash is the only method of payment when communications providers' systems go down. When it does, it causes tremendous angst for lots of individuals and businesses.
But never for me.
Don't do emails or social media.
The scammers do not know that I exist, - that is why I have never been scammed. I feel reasonably sure that I am not supporting the Russian invasion of Ukraine or Hamas.
I have never been in debt or had a negative account balance, and fully own my home.
I prefer to talk to anyone face to face, - personal contacts are important. I am very highly socially connected, although I live home alone.
If I need to make a very large payment, I use the Bank's professionally managed security systems. I do not have much of an idea how manage any sort of electronic payment system anyway, to a satisfactory level of financial security.
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Replies: 16 / Views: 1,297 |
Posted 12/12/2023 08:55 am
