Stash the Cash

[Cyker]

22 minutes ago, Bper said:

Cyker,IMO If digital currency were introduced, it would initially need to run alongside cash. However, over time, cash would likely be phased out. Phones wouldn't be the only method of making payments; implanted chips in wrists are already in use and could eventually become the norm. Card payments are used for most purchases, and it always makes me laugh when we go back to London and see people paying with their phones for a tea or coffee at Liverpool Street Station. But considering the cost of a coffee is nearly the price of a tank of V-power, I'm not surprised.

Yeah, smartphones are the gateway to everything these days; Most of my friends use them for everything - I've often remarked if they ever loose their phones it'll be like loosing an arm!  

 

[Trewithy]

A few days ago my local sports centre had an internet problem and could only accept cash.  Luckily I had £15 on me.  I have had the same £15 in my pocket for more than two years because I pay for everything by card. I always ask for a receipt if they don't give me one.  When I get home I subtract what I have spent from my accounts, never had a problem keeping track of my spending. It's just a matter of being organised.

[Trewithy]

1 hour ago, Cyker said:

Yeah, smartphones are the gateway to everything these days; Most of my friends use them for everything - I've often remarked if they ever loose their phones it'll be like loosing an arm!  

 

I have seen people get on the bus and try to pay by phone only to fail due to a connection or another problem. Technology isn't the answer to everything, you always need a back-up plan. Sometimes you can't beat the old ways of doing things.

[Roy124]

I can go to my local drop off centre and just flash the QR Code,  they print the label.

Or I can go to the cruise terminal, call up my NHS App, locate my Covid vacc records.

Or check in on the App and flash the boarding card on my phone

Provided

I don't run out of Battery

Or data

Or connectivity

Or even find the !Removed! thing.

Remove, you know that red colour when that liquid in your veins leaks on to a white hankerchief

[Bper]

3 hours ago, Cyker said:

I'd not support the removal of cash completely as it's good to have a backup when things stop working.

There've been a good few times where I've wanted to pay for fuel or otherwise buy something only to find the card machine has stopped working.

The time it happened with fuel I lucked out as I had just enough money and a shell fuel voucher to make up the difference, but almost everyone else was stuck.

 

At first the attendant was telling people to use the Link ATM outside which was still somehow working, but it ran out/stopped working as I was going in to pay and he was having to dig up a load of forms for people who only had cards to fill in!

Cyker, Its interesting what could happen in the event of an internet failure and how payment could still be made. I found this online so it's obvious this has already been looked at. Payment wrist chips could still function in a limited way, thanks to a technology called Near Field Communication. The chip itself can store a small amount of transaction data. When you tap your wrist at a payment terminal, the chip and terminal can perform a secure offline transaction exchange. This might be limited to a pre set amount or a recent transaction history stored on the chip.

Without the internet, the chip can't verify your account balance in real-time. Transactions would rely on trusting the stored data on the chip.The ability to use your wrist chip during an internet outage would depend on the capabilities of the payment terminal at the store. Some terminals might have a fallback mode for offline transactions, while others might be entirely reliant on the internet.

Embedded in the wristband, this chip securely stores your payment information and facilitates communication with the payment terminal. This is a secure chip within the NFC chip that encrypts your data and protects it from unauthorised access.

The device at the shop that reads the signal from your wristband and communicates with the payment network which would be unavailable during an outage.

While internet access is ideal, wrist chips can potentially handle a limited number of offline transactions during outages, depending on the chip's storage capacity, and the terminal's capabilities, and pre-defined spending limits. 🙂

[Gren]

We still need cash .. imagine the disappointment on your young nephew's face when he opens his birthday card and sees your message "I've tranferred a tenner to your dad's account"!

[Parts-King]

Reminds me of that TV advert where he tries to buy some spuds with a fiver..........sorry pal, Crypto only 😂😂

[Bper]

38 minutes ago, Gren said:

We still need cash .. imagine the disappointment on your young nephew's face when he opens his birthday card and sees your message "I've tranferred a tenner to your dad's account"!

Hi Ken,there is a strong argument that cash should eventually be phased out, as the majority of payments are now made electronically. This shift reduces costs and aligns with emerging technologies, making electronic payments increasingly convenient and secure.

Countries like Sweden have been at the forefront of adopting such technologies. In Sweden, a relatively small but growing number of people have opted for microchip implants that can be used for various purposes, including payments. This trend is part of Sweden’s broader move towards a cashless society and its embrace of technological innovation. The younger generation in particular seems to welcome this type of technology and the ease of payment it brings.

While it may take many years for cash to completely disappear, it is likely to happen eventually, just as the internet and mobile phones have become integral parts of our daily lives

[Bper]

49 minutes ago, Parts-King said:

Reminds me of that TV advert where he tries to buy some spuds with a fiver..........sorry pal, Crypto only 😂😂

A Bitcoin trader walks into a pub

Orders a whiskey, repays with one bitcoin and says, 

“It might be worth a million pounds by this time tomorrow “

The bartender pours him a glass of water and says,

 “By this time tomorrow, it might be Scotch.”😂

[Rhymes with Paris]

1 hour ago, Parts-King said:

Reminds me of that TV advert where he tries to buy some spuds with a fiver..........sorry pal, Crypto only 😂😂

Onions 🧅 too.

[Rhymes with Paris]

47 minutes ago, Bper said:

Sweden, a relatively small but growing number of people have opted for microchip implants that can be used for various purposes, including payments.

I absolutely refuse to have any more implants, it's bad enough being tracked everywhere I go by the one inserted under guise of the Astra zeneca vaccine.

I can just imagine in Gothenburg though,it was a fiver a pint back in 1985 , goodness knows how much now.

Waving my wrist implant in the srcob and viking bar on the waterfront, and being debited £20 .

[Bper]

18 minutes ago, Rhymes with Paris said:

I absolutely refuse to have any more implants, it's bad enough being tracked everywhere I go by the one inserted under guise of the Astra zeneca vaccine.

I can just imagine in Gothenburg though,it was a fiver a pint back in 1985 , goodness knows how much now.

Waving my wrist implant in the srcob and viking bar on the waterfront, and being debited £20 .

Domestic pint of beer in Gothenburg £5.20p

[Rhymes with Paris]

5 minutes ago, Bper said:

Domestic pint of beer in Gothenburg £5.20p

Well, I'll go t'tt foot of our stairs.

That really surprises me, I paid £5.50 in a Nottinghamshire hostelry the other week.

Back in 85 I think the Swedish and other Scandinavian governments taxed alcohol at really high rate to try and curb the high rate of alcoholism at the time, iirc.

Here in the UK it was around 70 or 80p a pint as opposed to the £5 in Sweden and Denmark.

This must have been relaxed then ,to near parity.

 

[Big_D]

On 5/29/2024 at 6:00 PM, Cyker said:

I've often remarked if they ever loose their phones it'll be like loosing an arm

Due to a ***** up (mistake)by O2, the Good Lady lost the use of her mobile phone for three days. She was unable to log in to her PC, reeve text messages with the required Multi Factor authentication codes etc.

O2 were useless in getting this resolved. She was told it would be sorted within 24 hours. It eventually took three day and a few hours on the phone to their customer services.

Personally, I think it would have been less painful if she had lost an arm than the agony and frustration she had to go through to get O2 to get this resolved 

[Bper]

12 hours ago, Big_D said:

Due to a ***** up (mistake)by O2, the Good Lady lost the use of her mobile phone for three days. She was unable to log in to her PC, reeve text messages with the required Multi Factor authentication codes etc.

O2 were useless in getting this resolved. She was told it would be sorted within 24 hours. It eventually took three day and a few hours on the phone to their customer services.

Personally, I think it would have been less painful if she had lost an arm than the agony and frustration she had to go through to get O2 to get this resolved 

Don't you just love technology

[Roy124]

13 hours ago, Big_D said:

Due to a ***** up (mistake)by O2, the Good Lady lost the use of her mobile phone for three days.

We had a similar male hen up with Lyca. Basically their system had a hen up and failed to take the payments. Then, despite various promises they both failed to take the payments and denied making any offers.

I didn't trust them with PAC and did a switch a switch to new numbers.   What a male-female Up.

[ToyotaFanDriver]

I cannot think of a single thing I actually need cash for. Parking machines can be paid by card or app and my local chippy takes card. I'm very glad not to have to deal with cash and change.

I'm hoping for a future where you can just walk into a supermarket AI cameras charge the basket to your account and you walk out (Amazon fresh, but better).

I would also like to see them do what they do with petrol, pre-hold a certain amount of money on the account before you can come in and buy. There are too many undesirables in the supermarket these days, or on some days their kids trying to ride bikes up the travelators (would love to see them become roadkill in the carpark)

[Bper]

6 hours ago, ToyotaFanDriver said:

I cannot think of a single thing I actually need cash for. Parking machines can be paid by card or app and my local chippy takes card. I'm very glad not to have to deal with cash and change.

I'm hoping for a future where you can just walk into a supermarket AI cameras charge the basket to your account and you walk out (amazon fresh, but better).

I would also like to see them do what they do with petrol, pre-hold a certain amount of money on the account before you can come in and buy. There are too many undesirables in the supermarket these days, or on some days their kids trying to ride bikes up the travelators (would love to see them become roadkill in the carpark)

jack, I think there are  pros and cons with pre holding money.

Pros would be,faster checkout, and easier budgeting which is optional

Cons,less flexibility for cash reliant people, a complex system to set up and secure.Customers would need clear information and control over any pre held funds.Strong security and easy refunds would be required 

Opting out of pre holding should be possible.

Pre holding money does have potential benefits, but concerns and ensuring fairness for all customers would be essential.