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  1. #1
    Thailand Expat misskit's Avatar
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    The (near) cashless society arrives

    People have suddenly stopped using money of the bill-and-coin variety for fear it may spread the virus. Some worried shopkeepers have stopped accepting it, too.


    Why it matters: The coronavirus may have changed our buying and payment habits forever. Online shopping is through the roof, and consumers are rushing to get "contactless" credit and debit cards, which are tapped at a merchant terminal rather than inserted or swiped.


    Driving the news: The coronavirus has made us scared to touch anything, and there's a perception that money is dirty and payment terminals carry germs.


    ATM use is down 32%, according to Visa, and 63% of consumers say they're using less cash.


    In places like South Korea, bank notes have been disinfected and placed in quarantine.


    The decline of cash has been particularly pronounced in the U.K., where an article in the Telegraph quoted a W.H.O. official advising people to wash their hands after touching currency.


    Yes, but: Health experts say they consider it unlikely that cash is spreading COVID-19 (though hand-washing is always recommended).

    MORE The coronavirus is creating a (near) cashless society - Axios

  2. #2
    Thailand Expat misskit's Avatar
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    The Pros and Cons of Moving to a Cashless Society


    Benefits


    Lower crime rates because there's no tangible money to steal


    Less money laundering because there's always a digital paper trail


    Less time and costs associated with handling, storing, and depositing paper money


    Easier currency exchange while traveling internationally


    Disadvantages


    Exposes your personal information to a possible data breach


    If hackers drain your bank account, or you experience technical issues, you'll have no alternative source of money


    Those without bank accounts will struggle to keep up with evolving cashless technology


    Some may find it harder to control spending when they don't see physical cash leaving their hands

    MORE The Pros and Cons of Moving to a Cashless Society

  3. #3
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    Been stuck in England since March and used cash maybe 3 times and 1 of them was because the vendors swipe machine was playing up. Just so easy to flash your card as long as you have credit.
    Despite the emails from banks telling me they're "with you all the way" through this pandemic and my 999 rating with one credit rating agency, I'm struggling to get any new credit cards. My circumstances are hardly ideal but when I was in Thailand despite having no "official" job for 10+ years it was never a problem playing the 0% interest carousel for just in case. I've noticed the application forms are a lot stricter now as well.
    Democracy is two wolves and a sheep voting on whats for dinner

  4. #4
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    Quote Originally Posted by misskit View Post
    The Pros and Cons of Moving to a Cashless Society


    Benefits


    Lower crime rates because there's no tangible money to steal


    Less money laundering because there's always a digital paper trail


    Less time and costs associated with handling, storing, and depositing paper money


    Easier currency exchange while traveling internationally


    Disadvantages


    Exposes your personal information to a possible data breach


    If hackers drain your bank account, or you experience technical issues, you'll have no alternative source of money


    Those without bank accounts will struggle to keep up with evolving cashless technology


    Some may find it harder to control spending when they don't see physical cash leaving their hands

    MORE The Pros and Cons of Moving to a Cashless Society
    another disadvantage is political, it's easier to switch certain people/groups off with a digital currency.

  5. #5
    Thailand Expat misskit's Avatar
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    The only time since March I’ve used cash is for the dog groomer. Guess he dodges bank fees or taxes. Whichever reason, I can appreciate.

  6. #6
    Thailand Expat VocalNeal's Avatar
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    Been using cash everyday. No change seen where I live.

  7. #7
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    Been like that in china for a couple of years. Wechat pay for everything. Your salary gets sent to your wechat account and you use your phone to pay for everything. No one has cash in their pocket anymore.

  8. #8
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    Must be months since I used cash in Australia.

  9. #9
    Thailand Expat harrybarracuda's Avatar
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    You forgot:

    Quote Originally Posted by misskit View Post
    The Pros and Cons of Moving to a Cashless Society

    Disadvantages

    Easier to hide unspecified charges in transactions that are billed later - which happens a lot nowadays "Would you like to pay in your own currency or Thai baht?".

  10. #10
    The Dentist English Noodles's Avatar
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    Contactless is great. All I have in my pocket these days is my phone. No need for cash or cards...

  11. #11
    Thailand Expat tomcat's Avatar
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    ...I still need cash for my barber, my laundry, taxis and restaurant tips...

  12. #12
    Custom user Neverna's Avatar
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    I still use cash daily.

  13. #13
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    Many places here in Canada aren't accepting cash.. and many are. In grocery stores they will have signs saying this cashier only accepts cash. It has happened a few times I went to the wrong cash when trying to use cash and they made an exception. I normally use debit though no matter. I have unlimited debit transactions that I pay monthly bank fees for.

    I think using debit card or credit card only is great! I miss using Wechat pay as I did all the time living in China. I know they have apple pay in many places, so I should start using that with my iphone.

  14. #14
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    For me it's here already! I don't have any cash

  15. #15
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    Quote Originally Posted by English Noodles View Post
    Contactless is great. All I have in my pocket these days is my phone. No need for cash or cards...
    Has the amount of fraud increased with these contactless cards?

  16. #16
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by hallelujah View Post
    Has the amount of fraud increased with these contactless cards?
    It's probably easier to limit such fraud because all the payments have to have a business and an account behind them, and it wouldn't take long for a stream of fraudulent transations to be pinned down to a particular merchant, so your "portable card reader" anonymously gathering cash by tapping people around airports wouldn't work. Even if they managed to "transfer" the electronic "cash", they'd have nowhere to put it.

  17. #17
    Thailand Expat jabir's Avatar
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    No matter how good the technology, counter-tech is at most a step or two behind, and crims will find a way through the 21st c tech maze to continue their field day. Much like the pathetic magnetic strip technology of the 60s that bled annual billions from bank coffers through more than half a century, the establishment are committed to the cashless goal regardless of losses through fraud, which are covered anyway by their captive audience.

  18. #18
    Thailand Expat
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    Quote Originally Posted by harrybarracuda View Post
    It's probably easier to limit such fraud because all the payments have to have a business and an account behind them, and it wouldn't take long for a stream of fraudulent transations to be pinned down to a particular merchant, so your "portable card reader" anonymously gathering cash by tapping people around airports wouldn't work. Even if they managed to "transfer" the electronic "cash", they'd have nowhere to put it.
    Yes, but surely if somebody manages to nick/clone a card or whatever it is they use to pay for things (I have no experience of it), it's easier to help yourself as there's no pin or signature required? Just a wave over the payment thingamabob and off you go.

  19. #19
    Thailand Expat lom's Avatar
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    Cash is king and doesn't delay the queues at the cashiers.

  20. #20
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    in over 35yrs.i have NEVER had a card of any kind in thailand.as iom.puts it "cash is king"can you see any thai refuse cash.
    debt is at an all time highcome and get it,only 10% interest weekly.

  21. #21
    Cenosillicaphobiac
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    Quote Originally Posted by lom View Post
    Cash is king and doesn't delay the queues at the cashiers.
    I guess that's true if everyone else is paying with cheques?


    It's the cash payers that are holding up the queues for the contactless payment users.

  22. #22
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    It's good to have cash as a back up. If there's a problem with your card at the checkout, or going out for a meal or a drink.

  23. #23
    Thailand Expat lom's Avatar
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    Quote Originally Posted by Plan B View Post
    I guess that's true if everyone else is paying with cheques?
    The fukwits are paying with their cards which needs a verification then needs a slow thermal printer printout then needs a signature.
    It is one thing using your card when in a restaurant or when buying a new tv but they should be forbidden in grocery stores.
    Many punters are buying their daily food on credit to be paid next month..
    May the bridges I burn light my way

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  24. #24
    Elite Mumbler
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    Quote Originally Posted by lom View Post
    The fukwits are paying with their cards which needs a verification then needs a slow thermal printer printout then needs a signature.
    Don't know where you're referring to, but in Canada I just waive the card near the terminal and go. No signature needed and takes about two seconds to verify. Much faster than waiting for change.

  25. #25
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by hallelujah View Post
    Yes, but surely if somebody manages to nick/clone a card or whatever it is they use to pay for things (I have no experience of it), it's easier to help yourself as there's no pin or signature required? Just a wave over the payment thingamabob and off you go.
    Mag stripes can be skimmed and pins filmed. And when was the last time you saw anyone bother to check a signature?

    Very early on Visa (in an earlier incarnation) tried photos on Credit Cards and they abandoned the idea because virtually no-one bothered checking them.

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