this post was submitted on 25 Oct 2024
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I'm sorry but I don't support a cashless society. Banks and Government overreach too much even now, let alone in a future cashless society.
And aside from that, there's also cybersecurity, connectivity issues, and privacy to consider.
Anyone remember computers going down everywhere at Coles, Airlines and Banks a couple of months ago due to a dodgy software patch? No cash means everything stops.
https://www.theguardian.com/australia-news/article/2024/jul/20/microsoft-it-outage-australian-airlines-banks-and-supermarkets-begin-return-to-normal-operations
I totally agree. There need to be options and alternatives for consumers; we are supposed to have the power, they are supposed to be courting us and enticing us, not dictating from upon high how things are gonna be around here, dammit!
As a side issue. Miniest was given a 5c piece in her weekly pocket money instead of a $2 coin from her Nan, and I was explaining how a blind person would not make that mistake (thickness, weight and side ridges of the coins). I suddenly thought, wow, the potential for blind people to be mercilessly ripped off in a digital world is utterly terrifying. What are they tapping at, what does it display? Was the correct information entered?What about card skimming devices and fake QR codes? Terrifying.
Excellent point that I'd never even considered.
I totally agree and the way Aussies are forced into using the banks was one of the first things I noticed when I moved back here from the US.
The banks are getting a cut from every transaction , it's like a tax paid to private companies.
I have one bank account, HSBC, that gives back 1% of any sales by card. They still make a profit.
People aren't forced into using banks in the US? I'm surprised.
And the banks would just love every cent and dollar in their grubby little hands so they can reinvest and make even more super profits than they do now. Too bad if there's global economic collapse though. And as we saw from the GFC the threat is still real and it would be even more damaging with no cash around.
People in US are often still using cheques as well as cash. Poor people (especially immigrants) often can't get bank accounts so have to pay to cash their pay cheques.
Banks over there often charge fees for accounts and provide less services overall, so things like bank transfers are not always possible, so people have to use third party providers or cheques.
US also has fun things like banks being able to change interest rates on credit cards individualy, so missing payments or changes in credit score can lead to massive increases in the interest rate you are charged.
It's about freedom of choice. There is just about always a cash option.