Should we move to a cashless society?

  • Cash or no cash - where do you stand?

    Cash is at risk of disappearing without action from regulators and the government, according to a major report published earlier this week.

    The system which underpins the use of notes and coins was at risk of falling apart, the Access to Cash Review concluded.

    Millions of people would be lost without cash, it said, but there is a clear trend towards digital payments.

    Although it seems like it's inevitable that we are moving to a cashless society with contactless payments on the rise, I'm not so sure its a great idea. What if the computers are switched off, or get hacked?


    There was a incident in India last year, when the central bank, I think it was, shut down all the cash machines for a few weeks depriving millions of people access to their money, but if we were to move to a fully digitised money system, one hack into financial systems could collapse the whole system in one go.


    My view is we should not abolish physical money whether it be coins or notes any time soon.

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  • I know from personal experience that the costs for accepting cards is very high for the small retailer/business, as they don't have a big enough volume to get cheaper rates, and they are not allowed to pass processing costs onto the consumer. To balance this, banks charge a hefty fee when you bank cash into a business account.


    Yes, it's heading that way and it would be good for evidence against criminal acts and tax evasion that all transactions could be recorded and monitored, but that applies equally to non-criminals. Like most things, it depends how secure everything is, and how easily some government body with an axe to grind could access it.


    There are advantages and disadvantages with a cashless system, but currently the systems are not robust enough or secure enough.

  • I already find myself carrying very little if any cash around with me so it probably wouldn't make much difference to me, but I can appreciate that there are people who prefer to have cash and pay with cash rather than electronically.

    Young boys in the park jumpers for goalpost that's what footballs all about isn't it.

  • Cash is still king.


    It’s the finance company’s pushing for the slice of cake. Credit controls the population, want and greed drive the population, shoving 10 grand in cash over the counter feels very different to sliding a card over.

  • shoving 10 grand in cash over the counter

    I wish. :D


    I still carry cash even though I mostly pay by card. Comes from a period when I had very little money and there was always the chance that the card would fail and I didn't want the embarassment of not being able to pay.

    History is much like an Endless Waltz. The three beats of war, peace and revolution continue on forever.

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  • shoving 10 grand in cash over the counter feels very different to sliding a card over.

    Yes it would because you would probably find yourself down the local nick under suspicion of money laundering. :D

    Young boys in the park jumpers for goalpost that's what footballs all about isn't it.

  • Cash is still king.


    It’s the finance company’s pushing for the slice of cake. Credit controls the population, want and greed drive the population, shoving 10 grand in cash over the counter feels very different to sliding a card over.

    Yes, that is a good point.


    I was purely coming at it from tech point of view, but debt is another major factor in this too.


    Many people don't view cards like they do cash and act very differently.

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