[stevelup]

Spent more cash tonight than I have in a long time!

Yep, and what are the odds of any of it being declared to HMRC.

You're effectively a criminal accomplice - probably to organised crime

Skylar White's car wash is a drop in the ocean compared to these wurst-pushers.

[OCB]

Many years ago, the farmer’s fair just outside Edinburgh got hit with a huge technical outage. No card systems worked anywhere.

Amazingly. Bank of Scotland turned up with an “office in a portacabin”, at their own cost, the staff worked like complete “whirling dervish”, cash was dispersed, clients and vendors managed to get by.

I’ve always been an IT geek.

I also have, amongst others, an academic background in economics/finance.

The risk/benefit analyses - when you give a weighted response that takes into consideration several millennia of “cash”...I personally don’t see the benefits outweighing the costs of going cashless.

Yes, Central Banks, politicos, and multinationals love the idea of cradle to grave financial transactions...but through a “one way mirror”. They have nothing to lose and everything to gain....except of course there is no reciprocal principle.

Want to see how your dosh goes from your e-wallet through to paying for schools and puppy rescue farms, or how much the Philippino 10 yr old was paid for that 200 pair of plastic shoes?LOL.

It would, actually, be a massively powerful democratic tool - if at the end of each year you saw how your tax and profit was spent/distributed.

Give me a cashless society that delivers the above - and I’ll be one of the loudest and proudest evangelists.

[Robin500]

Bad.

[OCB]

You know. it wouldn’t cost much to set up a global “action group” that campaigned for a truly reciprocal cashless and accountable financial system.

I can imagine those in the UK who pay the various transport tax/excise and duties would be overjoyed to see (to the penny) where and to whom the cash flowed.

Think it’s not possible? Having worked in “big data” since the mid 90s and exclusively in the financial sector for more than a decade, it would be a bit of work - but probably not much more than Y2K. The various tax and regulatory requirements within Euroland and for US citizens isn’t that far from total financial (reporting) control.

[riverrock]

I thought it was called bit coin? Every transaction is known by everyone, its just that you have no way of telling who owns what wallet. All you need to do is link wallets to people.

[Sooty25]

If cashless was forced upon us, I'd see that as an invasion of human rights to be honest. My right to randomly roam through a car boot sale buying rubbish of my choice for pennies, or my right to feed 2p's in to stupid machines on Gt Yarmouth seafront, without wondering if HMRC are watching my every foolish move.

The current "Make Tax Digital" being forced upon small businesses is just one demonstration in how HRMC wants control and access to everything. It is all becoming a bit Orwellian.

[AndyR]

I used to own a business which dealt almost exclusively in cash. There are benefits, indeed there are pros and cons in most things.

I have however spent a fair amount of time in Norway this past few months where it is almost at the point of being cashless. The taxi driver seemed perplexed when I gave him cash on my first day there. He patiently explained that every driver had card facilities and that they would take card. Unlike for example Dubai where they all have card machines but mysteriously they never work

Restaurants and shops are the same. No matter what the amount. Try paying a £3 purchase in the UK and eyes roll. It is normal there.

When a card machine is presented you confirm the amount, or tap in a greater amount if you want to tip. Then either swipe or PIN and done. So much swifter.

I didn’t think I’d like it. However I do. So much easier. And if you use something like Monzo the app is up to date with your spending almost before your card is back in your wallet.

I see the benefits of cash mentioned above but I do rarely carry it now. A bit different from when I used to walk around with substantial rolls of notes in my pocket, the look over the shoulder when doing the wages run to the bank and so on.

[masterofnone]

Interesting Andy. When I was in Germany and got cabs, the drivers were most unimpressed when I presented them with a card for payment. Lots of arm waving... Must have cash etc etc. With my Englishman's mastery of the German language, I explained that's all I had, at which point they reached into the glove compartment and pulled out a shiny new card machine. Job done! Good to know the black market is alive and well with our European cousins

Having recently lost my wallet ( ), I have had to revert temporarily to the cash economy, and it's been awful. You just don't realise how much liberty a card gives you day to day. No planning about how much cash you may need, having to make choices about how much fuel you need to put in the car instead of just filling it up. And God help you if some unplanned spending occurs.

I've just got a card back in action, and dear God, what a relief it is

[Cns416]

The other advantages not yet mentioned for a government and banks of a fully cashless society are

1. Pretty well eliminates most of the the 'black' and criminal economy and make every payment (in the UK anyway) traceable. I mean sheep movement are more traceable!

2. Makes it possible to have negative interest rates to force spending and prevent hoarding as a way of boosting the economy when reducing interest rate fail as a policy as they are already near zero.
Currently any such attempt would result in a mass bank run as everyone withdraws to cash.

3. Following on from 2 it makes bank runs an impossibility as cash does not exist and online withdrawals can be blocked - as happened with the Icelandic bank UK arm Icesave in 2007/8 when it collapsed.
Savers can hence be trapped in and rather than them being bailed out by taxpayers (as with Icesave) they are "bailed in" by loosing a proportion of their funds in a haircut of their savings - as happened with the Cyprus banks more recently when they failed due to losses in Greek bonds.

[Paul_Sengupta]

Try paying a £3 purchase in the UK and eyes roll.

Not in my experience. I've been paying for everything I can using contactless cards for a few years now. It seems to be the norm in the places I go most frequently. Pint of beer? Tap - beep.

Germany on the other hand, as stated, still like cash. When you eat out in Germany, tipping as such isn't really a thing, just rounding up to the next whole note.

[Dave W]

... contactless cards...

You mean, you still have to get something out of your wallet? How quaint.

[Paul_Sengupta]

I haven't quite got my head around trusting Samsung Pay yet to be able to wave my watch at the machines.

[Bill Haddow]

Purely for the purposes of sociological research, you understand, I went on Saturday evening to what the late , great, Jack House used to call "a place within the meaning of the Act".

I saw many people paying by card (contactless, no-one entered a PIN),or using a phone, but not one looked at the screen on the terminal or requested a printed receipt.

Too trusting for words.

Bill H

[akg1486]

... contactless cards...

You mean, you still have to get something out of your wallet? How quaint.

I saw on the news several years ago a segment about a Dutch bar where customers could have a chip implanted in their arm and pay by presenting the arm to the barman. "Never leave home without it," indeed.

[Leodisflyer]

I don’t bother unzipping my wallet or getting my phone out of my pocket - much prefer to pay with my watch. Now that the watch can make calls as well I’m starting to leave the wallet and phone at home. It’s a nce feeling.

Just need to figure a way out of not carrying a car fob and front door key now...