A Preference For Going Cashless

in #money6 years ago

A recent poll that was conducted by YouGov Galaxy, a market and social research company, discovered that many Australians today prefer to pay with card rather than use cash when they go shopping.

They estimate that 1 in 3 Australians use their card to purchase new items; 4 in 5 reported that they felt it was more convenient to go cashless and use a card instead.

Most people don't frequent the bank very often and they aren't holding that much cash on them regularly. For those in Australia who are under the age of 40, it's estimated that they carry an average of $38 in their pocket.

The preference has prompted many businesses in the region to allegedly assume that they will someday be operating on an entirely cashless basis.

The government has also been moving forward with their own plans for going cashless, specifically with regard to welfare payments.

They've been experimenting with controversial programs that seek to have welfare payments loaded onto cards, rather than giving those individuals checks to cash or directly depositing funds into their bank account etc. The program is allegedly supposed to help cut down on those recipients who receive welfare funding who might be spending their funds on controversial items like alcohol or drugs. The programs are seen by some not as a solution to a problem but as an attack on the poor and critics have argued that this initiative prevents welfare recipients from participating in the cash economy.

As well, this new card-over-cash initiative for welfare payments might prompt some to believe that their government is looking to be more financially responsible. That belief would in-turn prompt further support for the government in the minds of those individuals, if they feel that their supposed representatives are finally "getting tough" on welfare abuse.

At the end of the day however, this is an organization that is still tens of billions of dollars in debt, billions of which have been allocated to the war on terror alone. You wouldn't believe some of the things that your tax dollars have been funding.

The cashless preference is one that's growing worldwide, regions like India and Sweden are well on their way. However, the preference for cash is still high, cash is still seen as king in the eyes of many. It's estimated that cash payments still account for roughly 80 percent of consumer transactions or more. Some suggest that we might be decades away still from seeing an entirely cashless society. Between 2014 and 2015, it's estimated that global non-cash transaction volumes grew by at least 11 percent, which was reportedly the highest growth that they've seen for non-cash transaction volumes over the past decade.

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If only we had some alternative ;)

I’ve been noticing a huge progression towards a cashless society, even locally. None of my friends ever have cash. I often dream of a cashless society, so it’s kind of backwards for me to say that I don’t have a bank account and pretty much strictly deal with cash. This is mainly, however, because I’ve had so much taken from me by centralized banks. The point is, it’s really made me realize how few people really use cash anymore. Everything is “Venmo this, Venmo that” among peers. Bars always find it odd that I carry cash. Most people find it absolutely insane I don’t have a bank account.

Cash is becoming an oddity. It’s only a matter of time before the masses become more interested in crypto :)

I usually never have cash on me @doitvoluntarily , 90% of the time I just pay with debit card ! upped earlier now resteemed!❤💲💳

Me personally, I prefer using cash because I use the spare change to charge up my transit card. Here in South Korea, most mom-and-pop shops simply decline all card transactions to avoid taxes and fees. A few weeks ago I ate a 5,000 won meal (around $5). I only had 2,000 ($2) in my pocket so the owner told me I can just pay 2,000 for the meal!!! It's that serious.

i hardly ever hold cash on me these days. maybe will be using crypto sum time soon

hey @doitvoluntarily, that is really hot topic and I also thought a lot about it. We see on and off action movies, when from being normal ordinary person you may be accidentally involved in anything and be chased. Having no cash you are sucked, all the bank accounts are frozen and you hard earned money gone in a moment. You can be tracked once you use your card to get some cash. Nowadays even some places talking to pay with finger print, can you imagine that place everybody is under supervision, the government know exactly where are you, what you are buying, your every step. I remember in one of the comedy one person was refused a loan because they saw that he buys every day alcohol.

Another bad side of it is when someone hacking into your account via your smart phone that we use so often sometimes for booking or online shopping and your money that way, sometimes you notice it so late. The technology makes it easy not only for consumer but for criminals too.

Living in democratic country I would like to have a right to decide about my finance, if I want to pay cash or card or Crypto.

Again just to this situation recalled a story with Julian Assange, Wikileaks who because of being chased has invested his money in Cryptocurrency which made him more flexible, independent from banks and he made a fortune with it.

What is your own point of view?

i favor people having the freedom to make their own choice; currency competition.

Most of the time I go cashless because I rarely ever need cash anymore. It's understandable how some see a world with only digital money. That being said I'm still a fan of paper money. If I ever become a millionaire there's a good chance I'm burying some money in the backyard in case the world goes to hell someday.

The problem with using cards is that it has been proven that people spend more using cards than they would if they used cash. This is part of why so many get into debt. They don’t know how to budget.

It is also handy to have cards rather than a bundle of cash and it is not eye-catchy not unless if the thieves were electronic wizzard that can grab your card details via there device. I do prefer to bring cards than cash most of the time but the thing is, it is better if crypto will be the face of monetary system - it is much easier and handy than cards.

Cashless society. ... A cashless society describes associate degree economic state whereby monetary transactions aren't conducted with cash within the variety of physical banknotes or coins, however rather through the transfer of digital data (usually associate degree electronic illustration of money) between the transacting parties

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