A cashless world!?

[Sutton 0]

According to the Independent-

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Cashless society by 2012, says Visa chief
By Tim Webb
Published: 11 March 2007

Paying for goods with notes and coins could be consigned to history within five years, according to the chief executive of Visa Europe.

Peter Ayliffe said that, by 2012, using credit and debit cards should be cheaper and more convenient than cash.

Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned.

Visa Europe briefed the British Retail Consortium last month on new "contactless" cards that can be waved in front of a scanner to make small payments.

However, the consortium dismissed this vision and claimed that card processing fees, which regulators are investigating, are still too high.

One member of the consurtium said that the estimated "interchange" fee charged to retailers amounts to some 4p for each transaction.

Nick Mourant, treasurer at Tesco, said: "There is a duopoly between Mastercard and Visa in the UK. Their setting of fees is anti-competitive."

I think that it wont happen, I'm curious what you all think

-Sutton

[IanHarrop 37]

I know one business in Calgary, Alberta that doesn't accept cash - Credit card or Debit card only.

"Where troubles melt like lemon drops, away above the chimney tops, that's where you'll find me" Dorothy

[Sutton 0]

That just seems ridiculous to me, and I'm a card user. I hardly ever use cash these days, but I couldn't imagine not being accepted at a story for having cash

-Sutton

[IanHarrop 37]

No cash to count, no till to be out, no need for a float, no worries about staff stealing, no money to carry to the bank.

Lots of things are easier for this business and this business doesn't sell anything under $10

"Where troubles melt like lemon drops, away above the chimney tops, that's where you'll find me" Dorothy

[billvon 2,426]

> No cash to count, no till to be out, no need for a float, no worries
> about staff stealing, no money to carry to the bank.

OTOH, an EMP would erase a country's economy.

[IanHarrop 37]

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> No cash to count, no till to be out, no need for a float, no worries
> about staff stealing, no money to carry to the bank.

OTOH, an EMP would erase a country's economy.

A real good EMP is caused by intense electromagnetic radiation generated by a nuclear explosion.

When that happens the economy is in trouble any ways

"Where troubles melt like lemon drops, away above the chimney tops, that's where you'll find me" Dorothy

[billvon 2,426]

>When that happens the economy is in trouble any ways

Not really. A nuclear explosion in low earth orbit wouldn't do much damage to the surface via its blast effects, but could wipe out half a continent's worth of electronics. One 1962 test damaged electronics from Hawaii to New Zealand - and 1960's electronics were inherently much more EMP resistant than modern electronics.

[narcimund 0]

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> No cash to count, no till to be out, no need for a float, no worries
> about staff stealing, no money to carry to the bank.

OTOH, an EMP would erase a country's economy.

We're already WAY past that point. The $50 in your pocket doesn't amount to much in the scheme of your own finances or the continent's finances.

Cash is already a minor player in the large scheme of things.

First Class Citizen Twice Over

[skydyvr 0]

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No cash to count, no till to be out, no need for a float, no worries about staff stealing, no money to carry to the bank.

Plus, cash is just plain nasty -- everyone and their brother has handled it. I avoid it like the plague.

. . =(_8^(1)

[kelpdiver 2]

That is Visa's wet dream. Even with a lower charge on 'micropayments' they and Mastercard's earnings would fly.

But the benefit to businesses is mixed, and to consumers suspect. They've been talking up stored value cards for a long time and people have mostly rejected it. I'm not sure what the utilization of debit (Visa/MC) ATM cards is. I refused to get one and stuck to the regular, pin requiring, ATM card. All those ads talking about the not having to carry your ID to cash a check, but instead use a stolen Debit card. No thanks.

Europe does seem to have taken to these cards more than Americans.

[billvon 2,426]

>We're already WAY past that point.

True. I guess I see that as the "no turning back" point.

[nathaniel 0]

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Cash is already a minor player in the large scheme of things.

Indeed. Try paying for a car or a house with cash. Many localities have even criminalized carrying large amounts of cash, and show no signs of indexing for inflation. They might true up every now and then but long term I think the writing is on the wall.

My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me, Lebowski?

[DaVinci 0]

I can see it happening.

I already use a card for almost everything....Hell, I find it easier to save this way.

I pay the bill off in total every mth and I get cash back for using the card. Any other money is invested. It is easy to invest everything else when you know you have "X" in the bank and you owe "Y" this mth.

Plus I get a mthly statement that shows me where almost every dollar goes.

[hairyjuan 0]

does anyone else out there know the 'legal' definition of the word dollar.

we are all one consciousness experiencing itself subjectively


wishers never choose, choosers never wish

[akarunway 1]

I seriously doubt the U.S Treasury is gonna quit printing money. How is the U.S. going to stay afloat? We know corps. love the idea tho. Just think of all the databases you'll be in.

I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all.

[TrophyHusband 0]

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Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned.

i used he services of two different companies last spring that didn't accept credit or debit cards because of the cost of processing.

"Your scrotum is quite nice" - Skymama
www.kjandmegan.com

[skypimp.gzo 0]

Thats what they want, total control.
If we all only use credit cards and no cash anymore it's going to be really easy to follow peoples needs and buying habits. People can track down exactly your movements and what so ever.
And there wont be a black market anymore for anything. Which might be good. Maybe. Well, I can't agree on that one.
And you have to bring your money to the bank. Actually you can't even decide anymore if you want it at home under your pillow or at the bank.
It will be like the www is already, to customize commercials and so on.
I think that would be gay. Nothing against Gay peeps.
Cash also looks somehow better and more than plastic.

cheers

[SpeedRacer 1]

I think we should implant microchips in everyone's forehead or hand ....preferably with the number "666" on it.

Let's just do it & get the whole apocalypse over with once and for all. At least after its all over we could shut up all those televangelists.

Speed Racer
--------------------------------------------------

[IanHarrop 37]

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>When that happens the economy is in trouble any ways

Not really. A nuclear explosion in low earth orbit wouldn't do much damage to the surface via its blast effects, but could wipe out half a continent's worth of electronics. One 1962 test damaged electronics from Hawaii to New Zealand - and 1960's electronics were inherently much more EMP resistant than modern electronics.

So how much cash do you keep on hand?

Since all back records are computerized these days, I suggest that I'm still correct, "When that happens the economy is in trouble any ways"

"Where troubles melt like lemon drops, away above the chimney tops, that's where you'll find me" Dorothy

[billvon 2,426]

>Since all back records are computerized these days, I suggest that I'm
>still correct, "When that happens the economy is in trouble any ways"

Right - but that's because we lose our electronics, not because anything "real" is damaged. (i.e. we just lose electronic records.) If our systems were hardened, or had a realistic paper backup, it wouldn't be nearly as much of an issue.

[rhys 0]

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Europe does seem to have taken to these cards more than Americans.

americans are stubborn and slow to take in the benifits of ease.

take the metric system for example and 5000cc vehicles

they do have drive trough ATM's though, klazy bastards.

Between internet banking and debitcards/eftpos what is the point of cash?

Just like the cheque, cash will mostly disappear but still have a meager existence for the old schoolers until they are all dead. we all knew this in the 80's

"When the power of love overcomes the love of power, then the world will see peace." - 'Jimi' Hendrix

[Lindsey 0]

Imagine not being able to spend any money without your exchange being tracked. *Some* things are simply cash-only purchases. "Verboten" spending could get sticky.

--
A conservative is just a liberal who's been mugged. A liberal is just a conservative who's been to jail

[IanHarrop 37]

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>Since all back records are computerized these days, I suggest that I'm
>still correct, "When that happens the economy is in trouble any ways"

Right - but that's because we lose our electronics, not because anything "real" is damaged. (i.e. we just lose electronic records.) If our systems were hardened, or had a realistic paper backup, it wouldn't be nearly as much of an issue.

Do you really thing that a "realistic paper backup" would prevent a meltdown in the US economy after an EMP? Hardening the systems might help, but have you any realistic expectations that the investment in hardening will happen? Don't think the stock market would crash, perhaps fall more than it did yesterday for comparatively little reason compared to an EMP?

Sorry Bill, not buying it.

"Where troubles melt like lemon drops, away above the chimney tops, that's where you'll find me" Dorothy

[base428 1]

As a small business owner, I WISH we could go back to cash. After Visa/Mastercard takes their 3% cut of my sales, they hammer me on chargebacks and monthly gateway/service fees as well. In the last few years, Visa/Mastercard RAISED their rates by at least .20% despite credit card sales increasing.

Visa's latest tactic is to penalize merchants if they don't fork over information about sales such as the tax rate paid. It's basically a way of generating additional revenue from merchants who don't comply with THEIR requirements. And the merchant is always guilty when a chargeback occurs......I doubt many of you understand the process.

Ever had your credit card numbers stolen? Happened to me last year and I never lost my card. Hackers must have got my info from a merchant I purchased from.

The lure of cash back on your credit card purchases only serves to suck us all in to their monopoly.

(c)2010 Vertical Visions. No unauthorized duplication permitted. <==For the media only

[Sutton 0]

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As a small business owner, I WISH we could go back to cash. After Visa/Mastercard takes their 3% cut of my sales, they hammer me on chargebacks and monthly gateway/service fees as well. In the last few years, Visa/Mastercard RAISED their rates by at least .20% despite credit card sales increasing.

Visa's latest tactic is to penalize merchants if they don't fork over information about sales such as the tax rate paid. It's basically a way of generating additional revenue from merchants who don't comply with THEIR requirements. And the merchant is always guilty when a chargeback occurs......I doubt many of you understand the process.

Ever had your credit card numbers stolen? Happened to me last year and I never lost my card. Hackers must have got my info from a merchant I purchased from.

The lure of cash back on your credit card purchases only serves to suck us all in to their monopoly.

Thats the big issue I have. If we ended up going to a cashless world, then Mastercard and Visa would have all the power in there hands. They are only charging 3% right now because they have to stay competitive with cash. If they win the battle, they have no reason not to raise that percentage up to 7% or so

-Sutton