[Finance] A Cashless Society.

[Herr Tubthumper]

If my pal is going to the butty shop and I ask him to get me a butty while he;s there, is it easier to pay him with a £5 note or with a UPI123 or logging in on my computer?

What we talking about here 1 pound tops? Tell him you will get the next one...even easier.

I’m often in the cafe or a bar with others and we just take it in turns.

 

[dazzer6666]

No. But credit card or even debit card contactless payments are no use if someone wants to give me any money - you would need a smartphone for that. And smartphones cost money.

Vast majority have them though....... 88% of all adults in the UK (96% of those aged 16-24, 78% aged 55 and above). Very simple to transfer money between users using various Apps like Monzo.

 

[Herr Tubthumper]

Vast majority have them though....... 88% of all adults in the UK (96% of those aged 16-24, 78% aged 55 and above). Very simple to transfer money between users using various Apps like Monzo.

I will also add, via my line of work, I’m now exposed to “digital health” which is typically either wearable tech or using a smart phone. There was some initial concern about the reaction, uptake and ability to interact with such tech from older and/or unwell people BUT response has been a lot higher than expected and people are actually keen to engage with technology. Also, a friend is involved with a charity which teachs old people how to use tech....again uptake is keen and people want to learn.

My point being is that I am not totally convinved by the 'old people cannot use tech' argument. I find it quite dismissive, a little disrespectful and not aligned to my experience.

 

[Lenny Rider]

I presume it's due to potential money laundering?

I'm an undertaker not the Gambino family

 

[dazzer6666]

I will also add, via my line of work, I’m now exposed to “digital health” which is typically either wearable tech or using a smart phone. There was some initial concern about the reaction, uptake and ability to interact with such tech from older and/or unwell people BUT response has been a lot higher than expected and people are actually keen to engage with technology. Also, a friend is involved with a charity which teachs old people how to use tech....again uptake is keen and people want to learn.

My point being is that I am not totally convinved by the 'old people cannot use tech' argument.

Oh definitely........my 91yo neighbour is the least tech-savvy person I know but even he has a heart monitor connected to a remote device that he's able to use to keep an eye on his status, and similarly I have an elderly pal who is diabetic and monitors his insulin using an implant connected to a smart phone (he was a previous 'smart-phone denier' and only got one so he could use this app - he's now a convert)

 

[Herr Tubthumper]

I'm an undertaker not the Gambino family

The perfect laundry !

 

[Tyrone Biggums]

This is why some Governments have lost their shit over Cryptocurrencies.

The fact that they lose control in a decentralized world means they can't control the people like their plans would allow them too.

This is why Web3 has so many young developers working on creating something that works and takes away the power of the multinationals that control it at present.

 

[Deleted member 37369]

What we talking about here 1 pound tops? Tell him you will get the next one...even easier.

I’m often in the cafe or a bar with others and we just take it in turns.

Stop making things sound so straight forward

 

[The Antikythera Mechanism]

If the internet is compromised for any reason, what then?

 

[Herr Tubthumper]

Stop making things sound so straight forward

:lolo:

I'm wondering if I can earn some extra cash with a side-hustle as a life-coach. Card only obvs.

 

[Springal]

If the internet is compromised for any reason, what then?

Then you’re not getting cash out anyway

 

[Thunder Bolt]

Well in the future, there might not be a bank to get to!

There hasn't been a bank in Newhaven for over ten years. We used to have three.
The Post Office takes payments but most payments and transactions are via BACS now.

 

[Gwylan]

This was not the case for me. I had my wallet lifted a few years ago and I stopped all my cards. I was still able to use the phonecard linked to my bank account as it is a virtual card. This was very handy, and I'd say a big benenfit of cashless.

Not for me. I've just checked on my banking app and they confirm that if I stop my card, then the phone stored on my card is stopped as well.

 

[dsr-burnley]

Vast majority have them though....... 88% of all adults in the UK (96% of those aged 16-24, 78% aged 55 and above). Very simple to transfer money between users using various Apps like Monzo.

It's not politic to write off 5 million people as an ignorable minority.

 

[Herr Tubthumper]

Not for me. I've just checked on my banking app and they confirm that if I stop my card, then the phone stored on my card is stopped as well.

Fair enough. But this is the only current situation and with your bank.... which can be changed for when he UK goes fully cashless.

 

[dsr-burnley]

I will also add, via my line of work, I’m now exposed to “digital health” which is typically either wearable tech or using a smart phone. There was some initial concern about the reaction, uptake and ability to interact with such tech from older and/or unwell people BUT response has been a lot higher than expected and people are actually keen to engage with technology. Also, a friend is involved with a charity which teachs old people how to use tech....again uptake is keen and people want to learn.

My point being is that I am not totally convinved by the 'old people cannot use tech' argument. I find it quite dismissive, a little disrespectful and not aligned to my experience.

Some old people (not all) lose the ability to learn new things as a result of old age. It's not disrespectful to say so IMO.

This may be less of a problem in 20 or 30 years time when daily life has changed so much that a smartphone is essential and the then-old folk have already learned smartphones.

 

[Tyrone Biggums]

Vast majority have them though....... 88% of all adults in the UK (96% of those aged 16-24, 78% aged 55 and above). Very simple to transfer money between users using various Apps like Monzo.

Banks can restrict where your money goes to or how long it takes if they so chose too.

You might need a transfer to go through in a few minutes but a bank can ensure it takes 24 hours or more.

 

[danish seagull]

How about when you lose your card (as I did 18 months ago, just before Christmas)? I managed to get to the bank and got a wad of cash out for my shopping. I'd have been stuffed in a cashless world.

You’d have to be pretty unlucky as most pay straight from the phone using either ApplePay or a payment called MobilePay meaning you’ve lost the phone and wallet. If you did happen to lose both most have both a credit and debit card so one stays at home.

 

[The Antikythera Mechanism]

Then you’re not getting cash out anyway

Exactly, the economy and pretty much everything else collapses.

 

[Springal]

Not for me. I've just checked on my banking app and they confirm that if I stop my card, then the phone stored on my card is stopped as well.

But surely they can just issue you a new Apple Pay ‘card’ to your mobile ?

There’s no link between a physical card and an Apple Pay card is there ?