[Finance] A Cashless Society.

[Gwylan]

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 ?

I don't have Apple Pay. Like most people, I have an Android phone.

The card on my phone definitely doesn't work when I've stopped it - I tried when I lost the card. And it says quite clearly on my app that a stopped card won't work on the phone

 

[studio150]

Bank Of England - If we introduced the digital pound it would not replace cash. Instead we would like it to work alongside each other as we know that people like to have the option to use cash.

Just wonder if this will still be the case when they make their decision in 2025.

 

[Diablo]

If you pay by cash. You can`t go overdrawn and spend money you haven`t got. I take cash and spend to the limit of the cash I have. I like a drink in pub and know I`d sometimes spend and drink more than I should with a card. I do have a credit card but it is rarely used. I go to cashpoint regularly and take out what I want or can afford.

 

[Springal]

I don't have Apple Pay. Like most people, I have an Android phone.

The card on my phone definitely doesn't work when I've stopped it - I tried when I lost the card. And it says quite clearly on my app that a stopped card won't work on the phone

Android equivalent then. Of course the old one won’t work, but they’d just issue a new one

 

[Blue3]

Almost there in Denmark and has been for a while. Annoying when you end up with cash now as not everywhere takes it. Works a treat and struggle to see arguments against it

I know a number of people who have been completely left behind regards electronic age and the idea of a mobile phone or laptop is something that they have absolutely no experience of

 

[Beach Hut]

Only two people I us are not cashless:

Barber - cash
Window Cleaner - cheque (although he does now cash these on-line)

 

[PILTDOWN MAN]

I'm an undertaker not the Gambino family

You're in a great position of being able to dispose of bodies though, a useful person for the underworld (pun intentional).

 

[dazzer6666]

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.

Can, but rarely do……

 

[dazzer6666]

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

Who said they were ignorable ?

 

[Tyrone Biggums]

Can, but rarely do……

Actually happening quite regularly now for people who wish to use crypto trading platforms.

US a good example of a concerted effort by some parts of Government and the big banks.

 

[Guinness Boy]

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.

I'm old enough to qualify for Over 50s Life Insurance and a Saga holiday and I help design tech

 

[dazzer6666]

Actually happening quite regularly now for people who wish to use crypto trading platforms.

US a good example of a concerted effort by some parts of Government and the big banks.

In the overall context though that’s still very rare…….may be a high % of those using crypto, but that’s in itself a small % of the banking population.

 

[Guinness Boy]

Can, but rarely do……

Consumer Duty starts today. In the UK (which is presumably what the OP is about as different countries are at very different stages on the road to cashless) that presumably means that, unless a transaction looks very dodgy indeed they will need to expedite it pretty much immediately to meet the helpful and responsive customer service threshold.

 

[Tyrone Biggums]

In the overall context though that’s still very rare…….may be a high % of those using crypto, but that’s in itself a small % of the banking population.

For now no doubt, but the % is growing each year.

At present over 4 million Brits hold some crypto. Sizeable enough in numerical terms.

 

[Herr Tubthumper]

I'm old enough to qualify for Over 50s Life Insurance and a Saga holiday and I help design tech

There you go!

 

[dazzer6666]

For now no doubt, but the % is growing each year.

At present over 4 million Brits hold some crypto. Sizeable enough in numerical terms.

Yeah, but a high % of that is in ‘crypto accounts’ (investment punts for example) that people hold with no connection to their day to day banking so won’t impact ease and speed of transferring small amounts for day to day transactions

 

[Herr Tubthumper]

I don't have Apple Pay. Like most people, I have an Android phone.

The card on my phone definitely doesn't work when I've stopped it - I tried when I lost the card. And it says quite clearly on my app that a stopped card won't work on the phone

The card I have is a virtual debit card, it has a different number to the physical debit card I also have on the same account. This is why it works when I lost all my physical cards. Maybe your bank also offers this?

The issues you have stated with losing your cards all seem to be resolved with current processes and tech.

 

[LamieRobertson]

I’m not sure I want to see the end of cash (apart from those Xmas tips) ..don’t tell my accountant ) if the Post Office get wind of my Facebook post on my predicted starting eleven for the Luton game, I can see them sending me a nasty letter

 

[drew]

I'm an undertaker not the Gambino family

No, but you might be burying one of them!!!

 

[dazzer6666]

The card I have is a virtual debit card, it has a different number to the physical debit card I also have on the same account. This is why it works when I lost all my physical cards. Maybe your bank also offers this?

The issues you have stated with losing your cards all seem to be resolved with current processes and tech.

Yep, the virtual card I have with one of my accounts in my Google Wallet (see, there are alternatives to Apple pay )has a different number to the physical card the bank sent me and they work independently (ie if I lose and block the physical card I can still use the virtual card)