What is societies obsession with carrying cash?

freshpopcorn

If you think somebody who's slow to pay with cash is slow waiting until you'll see how slow they are to put in a pin.

Dohnjoe

https://www.boards.ie/discussion/comment/120031506#Comment_120031506

I don't live in cloud cuckoo land but I do work closely with banks and the central bank. Not saying everything is perfect now, but it's a hell of a lot better than it was. Light years better. I'm speaking chiefly for European banks and financial plumbing. The world is a series of interconnected systems, some better than others, some more robust than others, almost all of which is certainly better than pre-2008 in terms of spotting a systemic FC, coping with it and fire-fighting it.

As for digital cash, it's been that way internally since the 80's. Numbers on a screen. Physical cash will still be around a long time but it's inevitably going the way of the Dodo.

Dohnjoe

https://www.boards.ie/discussion/comment/120031234#Comment_120031234

That's basically it. Of course the pound has been around for centuries, but it's now backed by government which gives us control over our monetary policy rather than sailing rudderless dependent on a volatile rare earth ore, in a system which sucked for economic growth, which everyone ditched.

Almost all currencies and financial assets are now created digitally - literally just numbers on a machine.

kippy

https://www.boards.ie/discussion/comment/120031532#Comment_120031532

I don't disagree. The costs of being card only aren't just transaction fees either. Theres a whole infrastructure required.

My point stands on the fifty euro stands. Once one hundred transactions are made with that note the bank own it.

asdfg22

https://www.boards.ie/discussion/2058276852/what-is-societies-obsession-with-carrying-cash

The other side of this is was in Lidl a couple of weeks ago when a teenager/secondary school could not pay for the stuff she had bought for lunch. It was an app on smartphone. I offered to pay for the stuff but after the person in front of me and i got through, she didn't mind if she held ujp the whole shop. I offered to pay as i had an appointment and in a hurry. I do agree with you with going throughj all the pockets dor change, i think if people want to do this they need to have the money ready.

I would never feel comfortable unledd i had a few €100 cash available.

Wanderer78

https://www.boards.ie/discussion/comment/120031644#Comment_120031644

...then how come we re still in the situation whereby most central banks, in particular the major ones such as the ecb and the fed, are still refusing to accept the reality that the majority of our money supply comes from the financial sector itself, and not from themselves?

...again, yes most money has been digital for decades, but again, most dos not come from the central banks directly themselves!

MrMusician18

https://www.boards.ie/discussion/comment/120031675#Comment_120031675

The same is true of cash though. If a business repeatedly lodges 50, it will be completely eaten by fees as well.

Transaction charges are not a phenomenon unique to electronic payments

kippy

https://www.boards.ie/discussion/comment/120032275#Comment_120032275

I appreciate that, however I'd argue it would take a lot more transactions to use up that fifty euro.

A business particularly a small one, can avoid a heap of banking related fees by dealing in cash primarily while the customer can do the same.

This rush to cashless only really helps one group and it ain't the consumer.

MrMusician18

I'm sorry, but they can't avoid the expense. On the consumer side dealing in cash primarily involves having sums of cash to hand and/or using ATMs frequently. Having large sums of cash on hand carries risk which has a cost and using ATMs frequently has transaction charges, not mentioning the time wasted on these activities.

For the business, they need to have the equipment, people and processes to handle cash. They need to carry the risk of having cash on premises, they need to maintain a float and they need to pay banks for cash services. When you add up all the time and effort it takes to manage cash, it is much more inefficient than epayments. That's why the rush is to cashless - it's easier for all involved.

The only true benefit of cash is the privacy it affords and a means of simple exchange for those that do not have the volume to have an epayments system. These are legitimate benefits but it is by no means cheaper than epayments. Even with transaction fees.

JizzBeans

https://www.boards.ie/discussion/comment/120030370#Comment_120030370

Obviously you were going to say that though

JizzBeans

https://www.boards.ie/discussion/comment/120030639#Comment_120030639

Is there not something a little pathetic about a middle aged man fumbling about looking for coppers? Stacking them up on the counter, trying desperately to show "hes got it"

Why would a person choose to go out of their way to embarrass themselves ??

babyducklings1

For the same reason I prefer cash. I use my card a lot( especially around Christmas) but with the card you are tapping away and can easily go over budget. Find as you say if you are super wealthy but for ordinary people you can budget better with the money in your pocket. I don’t see anything wrong with having both. There are people on here lambasting people for using cash but as an ordinary worker who gets salary paid into bank I think it’s good to have the choice. Also there are people who couldn’t manage online banking and navigate their way through it and some of the elderly couldn’t ( through no fault of their own) passwords , logins, etc. Tech. is brilliant when it functions smoothly but it’s pretty new and people are still learning.

JizzBeans

https://www.boards.ie/discussion/comment/120030267#Comment_120030267

What does that mean though?

JizzBeans

https://www.boards.ie/discussion/comment/120030740#Comment_120030740

Sure, what feedback do you have then?

JizzBeans

https://www.boards.ie/discussion/comment/120031440#Comment_120031440

I respect your opinion

cnocbui

https://www.boards.ie/discussion/comment/120032670#Comment_120032670

Incredibly satisfying, pretending to fumble with coins and making a performance of it, when you sense an impatient, self important, entitled little scrote behind you in the queue. Drop a couple coins or engage the cashier with some inane question for the win.

20Wheel

https://www.boards.ie/discussion/comment/120032684#Comment_120032684

I believe your anonymous story.

cnocbui

https://www.boards.ie/discussion/comment/120032636#Comment_120032636

It's easy to come out ahead on bank fees. With AIB, for instance, you can go into a branch and make a single €1500 cash withdrawal from an ATM and then pay in cash where possible. A single transaction fee then goes a very long way.

Ficheall

Cash doesn't need all that 2FA and MFA bullshit, and doesn't need the internet to be working correctly.

blade1

https://www.boards.ie/discussion/comment/120032722#Comment_120032722

Cash needs the internet when u have to send it through your computer to pay for something bought online.

Pauliedragon

https://www.boards.ie/discussion/comment/120031123#Comment_120031123

So I'm a fool and you've never met me? Cards are much quicker than cash. I work in hospitality and believe me cards are much quicker. I scan my phone transaction takes a few seconds. Cash I have to deal with people fiddling with their wallet I have to walk to the till get their change and it back to them. How is that quicker than a simple 3 second scan?

Ultimanemo

I pay with cash when shopping, I found that I spend more when using plastic, I had to wait longer after people paying by plastic or phone as sometimes they have to do it few times and sometimes it doesn't work at all, I prefer to get rid of change as I don't like coins in my pocket but I am very aware of people after me, if I take more than 10 to 20 seconds I don't do it

Graces7

What "obsession'?

Cash is better in some situations and card in others. Anything I buy locally in my remote area eg a bag of turf from my neighbour, needs cash, but anything ordered from a town needs a card.

https://www.boards.ie/discussion/comment/120032670#Comment_120032670

God no, why on earth would it be? , he is looking for money, his money, to pay for an item.

What could possibly be pathetic or embarrassing about that? Would you have the same opinion of the action if he was searching for, and pulling out €100 notes?

Do you mind me asking, are you a teenager?

pgj2015

https://www.boards.ie/discussion/comment/120032815#Comment_120032815

you are a fool because you are paving the way for a cashless society and you have a bigger chance of becoming a fraud victim by using your phone over cash.

tabby aspreme

https://www.boards.ie/discussion/comment/120032832#Comment_120032832

He's a teacher I think, maybe the one who got out of jail recently

orourkeda1

https://www.boards.ie/discussion/2058276852/what-is-societies-obsession-with-carrying-cash

You should see the morons I have to deal with that carry cards and mobile phones.

Technology doesn't relieve stupidity and sometimes makes it worse.

hynesie08

https://www.boards.ie/discussion/comment/120032900#Comment_120032900

Someone hacks my account and empties it, I report it to the fraud squad and get my money back.

Someone dips my wallet and I'm never seeing that cash again.

Pauliedragon

https://www.boards.ie/discussion/comment/120032900#Comment_120032900

I'm not a fool. I believe every business should offer both card and cash payments. I could be defrauded by having my wallet stolen with my cash in it or being held up at an ATM. My barber won't take cards that's fine but when I hand over a note he never has change so I have to run to some shop to get change. If you refuse cards get some change. My bank AIB has a charge back facility so if I get charged for something I didn't pay for they put the money straight back into my account so get your facts right.

20Wheel

Cards being quicker doesnt matter anyway.

The 10 seconds becomes irrelevant when given the presence of the innevitable 'woman returning an item' that was one part of a two part set bought on sale with a voucher and can I get a new voucher and no that voucher is for the other department and no im just returning the one part and do you have another one in blue but in a smaller size, and so on while you stand there with a can of coke and exact change and 5 mins to be back at work.

Also the fat idiot who wants a super burger with medium fries, no actually a regular burger with large fries and onion rings, oh theres no onion rings well then a special burger with chilli sauce and no fries but what are you having susan, and whats he having.

Also the quickpick and two super scratchcards guy, no make that a mega scratchcard, and rolling papers and do you have 10s of marlboros, no the red ones, no the other ones and oh you have to get the key. Can you scan this lotto tickeh.

Its not like any of these regular characters are going to not still be a huge pain in the hole just by using a card.