Re: Cashless Society
Probably never while the electronic systems is fragmatised and privatised.
Originally posted by Sparko
The biggest hurdle has always been the networks fee structures (merchant fees & transaction fees). Here in Oz mrchants now (after a law change) are allowed to charge extra on EFT & CC transactions to recover bank fees. Small retailers who by necessity do, are put in a non-competitive position with big retailers who don't. There are other issues...
Credit/Debit Card fraud. The whole Card system is one of undeserved trust. Your card/s are not secure. Easily forged, easily stolen and the Net trans allow impersonation. Believe me I know! I worked in electronic banking for a lot of years. The banks work on a probability theory and absorb losses (hence high fees). Also the electronic banking system are fully automated. Thats why the banks tell you to check your statements. I had a fraud happen to me. Several years ago I'd signed a service contract that required monthly payments. An option was to have these automatically charged to my credit card. Contract expired, then three years later some dude reactivated the auto payments. I probably wouldn't have noticed but the trans was $500, so I noticed! Real hastle getting the bank to stop payments.
Then there is small transactions. The only real issue here is fees. Smart cards are suppose to solve this.
etc etc etc
Imu, world wide the banking system is similar. Each night financial institutions make net settlements, shuffle cash reserves. Though usually this is an exchange of IOUs.
The actual "money" is held by the Reserve bank. With the worldwide market crash legislation was passed to allow the Reserve to gaurantee all bank & credit union deposits and release the "money".
Decades ago I was given the nickname "apostoli" by an older Greek lady at a takeaway, because I was her favourite "Paul" and the tag stuck. Too many people named "Paul" in this world! No other significance in the tag...