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More businesses are not accepting cash

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Re: More businesses are not accepting cash

#71

Post by cesarb »

csomar wrote: post #40

This problem can be solved by making it mandatory for banks to accept any customer. I live in a country where the law oblige the bank to open an account for anyone. By law, they can't refuse you. There is also another solution: A government sponsored debit card. Maybe made and managed by a government owned organisation (like the postal service).

That only solves part of the problem. It doesn't solve the privacy issues, nor the reliability issues (like when there's a communications outage). And there's still the risk of a foreign country putting pressure on the payment processors to deny use of cards to a particular customer or company.

Re: More businesses are not accepting cash

#72

Post by jzchang »

bussiere wrote: post #54
jzchang wrote: post #20

This is anecdotal: here in Shanghai it's not uncommon that vendors(specifically street-side small vendors) will turn down customers paying with cash payments. Those that do unwillingly sigh and look for change. Vendors all assume immediately they're going to scan your QR code or you will scan theirs. Even taxis have their QR Codes printed out on their dashboard somewhere. Subway systems and buses all use QR codes. Re…

Do you have any link on the carrefour facial recognition please ?

https://imgur.com/a/o8Gkkps Here's a picture of the banner

Re: More businesses are not accepting cash

#73

Post by bussiere »

jzchang wrote: post #69
bussiere wrote: post #54

Earlier quoted context omitted.

Do you have any link on the carrefour facial recognition please ?

Here's a article(note that's in Chinese) http://www.sohu.com/a/232337523_610300 Next time I have the opportunity I'll take a picture of it as well, and post it here

thanks

Re: More businesses are not accepting cash

#75

Post by yellowapple »

lozenge wrote: post #64
yellowapple wrote: post #50

It boggles me that federal law doesn't already prohibit this. What's the point of designating something as legal tender if businesses can refuse to allow a customer to use it?

Legal tender only applies to debts.

Which would include the debt you've incurred after having already received a haircut or a meal, no? Or is that somehow not classified as a debt even though it walks, talks, and looks like a debt?

Re: More businesses are not accepting cash

#76

Post by a3n »

bicubic wrote: post #59
a3n wrote: post #53

Earlier quoted context omitted.

> Anything that threatens the universal acceptability of legal tender should be viewed as a national security threat. I agree, but it depends on your point of view, I guess. Cash will itself probably be portrayed as a "threat." After all, only drug dealers and people too lazy to lift themselves up to bankable condition need cash. Right? No-cash is an example of a middleman, or system of middlemen, locking up somethin…

> After all, only drug dealers and people too lazy to lift themselves up to bankable condition need cash. Right? Even if we accept that line of fallacy, the sum threat of everything that could be done with illegal cash transactions is orders of magnitude smaller than the threat of a cyber attack or natural disaster disabling all exchange of money. I don't think even the staunchest anti-cash proponents could seriously…

> I don't think even the staunchest anti-cash proponents could seriously advocate for building a house of cards out of our monetary system and creating a much bigger problem than what anti-cash purports to solve.

I don't think anyone who could influence that decision would hesitate for an instant, if it brought them money or power in their lifetime. You really have to apply Kissinger's model of international relations (nations can be relied on to act in their own self-interest) to individual politicians and other wielders of direct power.

Re: More businesses are not accepting cash

#77

Post by Izkata »

bicubic wrote: post #47
jdietrich wrote: post #32

Earlier quoted context omitted.

>I would see this practice immediately banned. That's just covering up for a bigger problem. If you've got a lot of people without bank accounts, just make it easier to open a bank account. Here in the UK, you can open an account in minutes on your mobile phone with any photo ID, even if you're not a UK resident. Banks are required by the banking code to offer fee-free accounts regardless of credit history and to acc…

The problem isn't about how difficult it may be to open an account. The problem is that banks become gatekeepers for the ability to exchange legal tender for goods and services. I could write an entire essay on the problems this causes if cashless business becomes wideapread. But a few highlights include: * A positive feedback loop will form due to less cash being accepted => less cash circulating => less reason for…

> The problem is that banks become gatekeepers for the ability to exchange legal tender for goods and services.

Aside from banks, you generally need a debit/credit card to participate, and one of the major providers has already started this with MasterCard's ban on Robert Spencer.

Re: More businesses are not accepting cash

#78

Post by whyagaindavid »

jdietrich wrote: post #32
acommentator wrote: post #27

A real nightmare occurs when a large number of businesses don't accept cash. As this process proceeds, people who are unbanked or can't get a credit care are now not only locked out of the financial system, but also the monetary system! It hugely centralizes the management of the entire consumer economy in the hands of a few bankers who have no responsibility to the electorate - and there's no escape valve. I would s…

>I would see this practice immediately banned. That's just covering up for a bigger problem. If you've got a lot of people without bank accounts, just make it easier to open a bank account. Here in the UK, you can open an account in minutes on your mobile phone with any photo ID, even if you're not a UK resident. Banks are required by the banking code to offer fee-free accounts regardless of credit history and to acc…

  > in the UK, you can open an account in minutes on your mobile phone with any photo ID, even if you're not a UK resident.
But u need a house contract/utility bill. I was in this situation recently. Arrived from non EU. Cannot sign a rental agreement as i did not have bank account and could not get bank account as i had no rental agreements!

Re: More businesses are not accepting cash

#79

Post by cco »

jzchang wrote: post #36
cco wrote: post #31

Earlier quoted context omitted.

Why does Venmo feel cumbersome in comparison? You scan a QR code, type in an amount and send; that sounds like what you're describing no?

When I mentioned cumbersome, I'm referring to these things: transferring cash between personal checking to and from Venmo balance, and the number of people who use Venmo. While both services offer immediate transfer(within an hour) from balance to bank account, Alipay's is free while Venmo asks for a small fee(or free for same/next day). Then, population usage. Cheap Hot dog stands in NYC only accept cash. Apple pay…

Gotcha, that makes sense. Though I work in fintech I'm soundly in the "keep cash alive" camp, cash has so many positives compared to other exchange methods that I think it is imperative that we keep it around.

Re: More businesses are not accepting cash

#80

Post by arcticbull »

EastSmith wrote: post #68
acommentator wrote: post #27

A real nightmare occurs when a large number of businesses don't accept cash. As this process proceeds, people who are unbanked or can't get a credit care are now not only locked out of the financial system, but also the monetary system! It hugely centralizes the management of the entire consumer economy in the hands of a few bankers who have no responsibility to the electorate - and there's no escape valve. I would s…

Why do you need credit card? In EU everyone has debit cards. You pay with your money not with credit.

You dont need them per se they're just convenient because they offer you a one-month interest free loan and numerous consumer protections, plus cash back/rewards.
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