Michael Hardner Posted October 7, 2016 Report Share Posted October 7, 2016 Interesting Freakonomics podcast on the advent of cashless society. http://freakonomics.com/podcast/still-using-cash/ Most interesting is the futurism wherein they talk about a world without money at all. It's coming. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted October 8, 2016 Report Share Posted October 8, 2016 Why are you still using cash? Quote Link to comment Share on other sites More sharing options...
BC_chick Posted October 8, 2016 Report Share Posted October 8, 2016 What is cash? Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted October 8, 2016 Author Report Share Posted October 8, 2016 Cash = Paper money I currently only use it for cash-only business transactions like certain restaurants and the TTC Quote Link to comment Share on other sites More sharing options...
msj Posted October 8, 2016 Report Share Posted October 8, 2016 I do the same. I notice that I tip less at cash only restaurants - like I know they are committing tax evasion so I adjust my tippage down accordingly. Quote Link to comment Share on other sites More sharing options...
BC_chick Posted October 8, 2016 Report Share Posted October 8, 2016 4 hours ago, Michael Hardner said: Cash = Paper money I currently only use it for cash-only business transactions like certain restaurants and the TTC It was a joke. As in it's so obsolete in my life I don't even know what it is. Quote Link to comment Share on other sites More sharing options...
GostHacked Posted October 8, 2016 Report Share Posted October 8, 2016 7 minutes ago, BC_chick said: It was a joke. As in it's so obsolete in my life I don't even know what it is. If I gave you a 100$ bill, you sure won't turn it down. Quote Link to comment Share on other sites More sharing options...
BC_chick Posted October 8, 2016 Report Share Posted October 8, 2016 23 minutes ago, GostHacked said: If I gave you a 100$ bill, you sure won't turn it down. Correct. It's only obsolete in my life in the sense of going to the ATM and requesting it out of my account. The only time I use "Cash" is on a Balance Sheet. Quote Link to comment Share on other sites More sharing options...
Argus Posted October 8, 2016 Report Share Posted October 8, 2016 I guess I am old fashioned in that I prefer cash. I always carry enough to make smaller purchases, ie, anything under about $40-$50. And unlike most of the people I know who use debit or credit cards even to buy a bottle of water I've never had an incident of someone forging my cards - because I don't use them very often. I find it's usually faster at the cash, too. Quote Link to comment Share on other sites More sharing options...
?Impact Posted October 8, 2016 Report Share Posted October 8, 2016 I use cash about 99% of the time for ad-hoc transactions. Recurring transactions are almost always through some sort of electronic means, a few of them through my credit card. I can't remember the last cheque I wrote many years ago. Quote Link to comment Share on other sites More sharing options...
Topaz Posted October 9, 2016 Report Share Posted October 9, 2016 IS that why the host of "until debt do us part" decided to retire? Many people getting in to high debt, are using credits and she tells them to stop using them and use cash and a budget. I wonder how many use a budget? I have for over 43 years and soon when hubby estate is all settled, I'll pay any out standing debt and try to get on with life. Quote Link to comment Share on other sites More sharing options...
overthere Posted October 9, 2016 Report Share Posted October 9, 2016 I was in a town this summer in Northern Canada when Internet service went down 3 days in a row, off and on for a few hours each day. The bank closed immediately, and the three ATMs in town followed suit. It became impossible to buy a meal, fuel or much of anything unless you had cash and they still had change in the till. And of course there was no way at all to get cash from anywhere. It took no time at all for attitudes to get kind of ugly as commerce and communications essentially halted. It was instructional and disconcerting. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 9, 2016 Report Share Posted October 9, 2016 (edited) I can't see using anything other than cash for a dark roast, two milk at a Horton's drive through. And if I need it for that, I might as well use it for other stuff. It's strange. We have advanced from a system where you have to carry a card, scan it, sign it, get the bill, check the bill against the main bill, then pay the main bill, to a system where you just hand over some paper or coins and you're done, but people still resist it. Edited October 9, 2016 by bcsapper Quote Link to comment Share on other sites More sharing options...
?Impact Posted October 11, 2016 Report Share Posted October 11, 2016 On 10/9/2016 at 6:49 PM, bcsapper said: IWe have advanced from a system where you have to carry a card, scan it, sign it, get the bill, check the bill against the main bill, then pay the main bill, to a system where you just hand over some paper or coins and you're done, but people still resist it. Check out ApplePay. Place your watch next to the terminal, and you are done. You can even have you bill automatically deduced from your bank account. Yes, I would suggest you review the items, but it can be an almost hands off system. No need to run to the ATM to get cash. b.t.w. I still prefer cash, but just pointing out ease of use is not the problem. Quote Link to comment Share on other sites More sharing options...
msj Posted October 11, 2016 Report Share Posted October 11, 2016 Argggh! I have Apple Pay on my phone and need to figure it out for my watch but I'm still waiting for stores to accept it around here. Oh well, if they don't want my money that's fine. All the more to save in my TFSA and RRSP anyway. Quote Link to comment Share on other sites More sharing options...
TimG Posted October 11, 2016 Report Share Posted October 11, 2016 44 minutes ago, msj said: Argggh! I have Apple Pay on my phone and need to figure it out for my watch but I'm still waiting for stores to accept it around here. Oh well, if they don't want my money that's fine. All the more to save in my TFSA and RRSP anyway. It would likely be deployed faster if merchants were allowed to recover the cost from the customers using it instead of being forced to raise their prices and make everyone pay for the convenience of the few. Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted October 11, 2016 Report Share Posted October 11, 2016 Apple Pay doesn't always work even at points of sale that are AP enabled...still have to have a backup payment method. Cash is accepted in far more places ! Quote Link to comment Share on other sites More sharing options...
msj Posted October 11, 2016 Report Share Posted October 11, 2016 Yeah, well, even a normal Visa card doesn't work in the USA so no problem there. Fortunately was able to call visa from the cell while on Whidby Island because the 'merikins like to preauthorize transactions which makes the transaction look suspicious (especially when it occurs in a bar for about $10). Looking forward to the US to catch up to developed world standards .... Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted October 11, 2016 Report Share Posted October 11, 2016 22 minutes ago, msj said: Looking forward to the US to catch up to developed world standards .... Apple Pay is American....I never have to go slumming in other nations for products or services. Quote Link to comment Share on other sites More sharing options...
cybercoma Posted October 11, 2016 Report Share Posted October 11, 2016 12 hours ago, bush_cheney2004 said: Apple Pay doesn't always work even at points of sale that are AP enabled...still have to have a backup payment method. Cash is accepted in far more places ! Maybe in the US, who has been far slower to adopt interac technologies. Canada's banking infrastructure is far more advanced. Apple Pay works almost everywhere because the vast majority of places have NFC. In the US debit wasn't and still isn't as widespread, let alone chip or NFC tech. Quote Link to comment Share on other sites More sharing options...
overthere Posted October 11, 2016 Report Share Posted October 11, 2016 1 hour ago, cybercoma said: Maybe in the US, who has been far slower to adopt interac technologies. Canada's banking infrastructure is far more advanced. Apple Pay works almost everywhere because the vast majority of places have NFC. In the US debit wasn't and still isn't as widespread, let alone chip or NFC tech. Interac is not a technology, it is a debit payment system specific to Canada. It works well, and more importantly is quite inexpensive for consumers. The US has had VISA and Mastercard branded debit cards for a long time. This is why CDN debit cards often do not work at point of sale terminals in US and Europe. Lately, some CDN banks(TD Canada Trust is one) have stopped offering Interac debit cards and now offer only VISA branded debit cards. The implications for consumers in Canada are considerable. Interac is effectively non-profit and operated by the big banks. The fees to consumers and merchants are very, very low. The fees on VISA and MC branded debit cards are much higher than Interac though lower than credit card fees. And of course those fees(just like credit card fees) are always passed on to consumers. Always. The reason that TD has jumped on the VISA debit bandwagon is that they now get a cut of the fee, where with Interac there was basically no fee to share. My reaction to this was to close my accounts and investments with TD, and to tell them why, specifically. Quote Link to comment Share on other sites More sharing options...
BC_chick Posted October 11, 2016 Report Share Posted October 11, 2016 5 hours ago, overthere said: The fees on VISA and MC branded debit cards are much higher than Interac though lower than credit card fees. And of course those fees(just like credit card fees) are always passed on to consumers. Always. The reason that TD has jumped on the VISA debit bandwagon is that they now get a cut of the fee, where with Interac there was basically no fee to share. The vendors are the ones paying the credit-card fees, not the consumer. I have different cards, each giving me different rewards for certain purchases. If the unfortunate enterprise taking my money has to pay 4-5% of their sales revenue to the credit-card company, I'd like some of that to at least come back to me. That's another reason I don't pay for anything in cash. There are no rewards. Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted October 11, 2016 Report Share Posted October 11, 2016 Because of CC transaction fees, some retailers offer discounts for cash. Quote Link to comment Share on other sites More sharing options...
overthere Posted October 12, 2016 Report Share Posted October 12, 2016 18 hours ago, BC_chick said: The vendors are the ones paying the credit-card fees, not the consumer. I have different cards, each giving me different rewards for certain purchases. If the unfortunate enterprise taking my money has to pay 4-5% of their sales revenue to the credit-card company, I'd like some of that to at least come back to me. That's another reason I don't pay for anything in cash. There are no rewards. LOL, where would you get the insane notion that anybody but consumers pay the credit card fees? As part of every rtansaction, We also pay retail workers wages, the rent the retailer has on the premises, the wholesale cost of the goods purchased plus markups. heat, water and a host of others that most certainly includes all credit card fees as part of the dollar you hand across the counter. The 'unfortunate enterprise' would like you to take the super expensive fee laden card and stuff it up......but VISA and Mastercard both oblige every retailer to accept any branded card as part of their agreements with every merchant. So the retailer just bundles that cost and adds it to the other charges that YOU and every other customer pay for the goods. Your free lunch aka 'rewards' is not free at all. You paid for all of it. You don't get any rewards for using VISA/MC branded debt, so why not support the no cost Interac system when given that choice? In noteworthy news, the sheep are fighting back...... Walmart has chosen to eliminate all use of VISA cards in some regions because they refuse to play any more. Love it. Quote Link to comment Share on other sites More sharing options...
BC_chick Posted October 12, 2016 Report Share Posted October 12, 2016 (edited) Credit-card fees are not material, labour and premises are much higher cost for retailers. Credit-cards also increase revenue for a retailer given that people prefer to purchase on plastic, especially with anything over $100. Are you actually seriously under the impression that consumer costs would drop substantially if credit-cards fees were eliminated tomorrow? ETA - I've personally seen many businesses, (especially in residential trades), put off accepting credit-cards because of the fees only to see their sales increase significantly when they finally join the 21st century. Credit-cards bring a lot of value to the table for a company. Edited October 12, 2016 by BC_chick Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.