31–40 of 357 posts
It's completely normal to be "basically okay" with that... I use cards/apps to pay on a regular basis. However, it's a long haul between "okay with cashless transactions being a popular payment method", and "eliminating cash."
I wonder what effect would cashless society have on saving habits. Would more people buy gold? Stocks? Bitcoin?
Couldnt people still save "cash" electronically in a savings account, say?
Note that apart from privacy issues and technical problems (Puerto Rico blackout, anybody?) numerous studies indicate that people spend less money when using cash instead of credit cards. That's one reason for the big push by the banks, shops, restaurants, and media to "go cashless".
Earlier quoted context omitted.
You have to input the amount into the POS so it can start the transaction as well. Sellers here (Greece) are so used to this (they do it thousands of times a day) that it takes them almost no time to give change back. It helps that change is always segregated into proper trays/slots. Even with contactless, I always feel kind of bad to be paying by card at the super market because I'm slowing the queue down. If the am…
You have to input the amount into the POS so it can start the transaction as well Where are you buying that has payment queues but doesn't scan the products? I only see people inputting the amount manually in restaurants/bars.
You can't consider the time it takes to enter the amount only in the case that suits you. If you have to enter the amount for cash, you have to enter it for the card as well.
As an American, now living in Europe I cannot understand the pushback against cashless systems. In Germany almost every cafe, restaurant, or bar requires you pay with cash. I understand there is a slight charge to the vendor when charging to a credit or bank card, but the amount of time and energy saved by having "exact change" every transaction should increase productivity enough to cover any costs.
As an American, now living in Europe I cannot understand the pushback against cashless systems. In Germany almost every cafe, restaurant, or bar requires you pay with cash. I understand there is a slight charge to the vendor when charging to a credit or bank card, but the amount of time and energy saved by having "exact change" every transaction should increase productivity enough to cover any costs.
(The reason for paranoia is the history of https://en.m.wikipedia.org/wiki/Stasi)
As an American, now living in Europe I cannot understand the pushback against cashless systems. In Germany almost every cafe, restaurant, or bar requires you pay with cash. I understand there is a slight charge to the vendor when charging to a credit or bank card, but the amount of time and energy saved by having "exact change" every transaction should increase productivity enough to cover any costs.
> In Germany almost every cafe, restaurant, or bar requires you pay with cash. We must be living in very different Germanys.
Note that apart from privacy issues and technical problems (Puerto Rico blackout, anybody?) numerous studies indicate that people spend less money when using cash instead of credit cards. That's one reason for the big push by the banks, shops, restaurants, and media to "go cashless".
I'd argue that this is good for the economy. Economies are strong when money is changing hands a lot. If people hoard all their pennies, then money isn't changing hands, business isn't growing, and the economy stagnates.
That could hypothetically be a good thing, invoking my inner Milton Friedman, if those on top then use that groundswell of 'free' money to then reinvest in their business and everybody moves upward. However in this case, as opposed to general supply side economics at large, you need to show that that subsequent trickle down is more beneficial than what was removed from those at the bottom. I think that's going to be improbable, especially as the merit of supply side economics itself becomes ever more debatable.
Note that apart from privacy issues and technical problems (Puerto Rico blackout, anybody?) numerous studies indicate that people spend less money when using cash instead of credit cards. That's one reason for the big push by the banks, shops, restaurants, and media to "go cashless".
I'd argue that this is good for the economy. Economies are strong when money is changing hands a lot. If people hoard all their pennies, then money isn't changing hands, business isn't growing, and the economy stagnates.
Note that apart from privacy issues and technical problems (Puerto Rico blackout, anybody?) numerous studies indicate that people spend less money when using cash instead of credit cards. That's one reason for the big push by the banks, shops, restaurants, and media to "go cashless".
I'd argue that this is good for the economy. Economies are strong when money is changing hands a lot. If people hoard all their pennies, then money isn't changing hands, business isn't growing, and the economy stagnates.
If you really just want to inflate the amount of money being spent, there's always room for more rent-seekers and debt collectors.