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    The beginning of the end for cash ?

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    papa_umau
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    The beginning of the end for cash ?

    Post by papa_umau on Mon 29 Jun 2015, 12:19 pm

    More and more we are now seeing the banks and the mobile phone companies working hard towards paying ordinary bills by the use of contactless payments.

    At first it was the credit and debit cards that could do this but now we are seeing some companies making wearable devices for paying for trivial expenses.

    Read THIS from Barclays and The Guardian.com




    Is this the future for cash payments and will we eventually stop using hard-cash altogether ?

    What say you.


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    zathrus
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    Re: The beginning of the end for cash ?

    Post by zathrus on Thu 02 Jul 2015, 11:45 am

    I honestly cannot see hard cash being completely done away with as there is a large section of society that are just not into the tech that they would need to be required to do this.

    Diminished use of cash payments, yes, but done away with, no-way.
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    papa_umau
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    Re: The beginning of the end for cash ?

    Post by papa_umau on Fri 03 Jul 2015, 12:49 pm

    I have to admit that you are probably right there Zath'.

    Those of us that are interested in hi-tech goods will take to these benefits naturally, but those - and there are millions of them - that prefer cash will be unlikely to change very easily.


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    Angie baby
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    Re: The beginning of the end for cash ?

    Post by Angie baby on Sat 04 Jul 2015, 1:29 pm

    There is one point that seems to have been overlooked, and that is the fact that cash is totally secure while electronic payment is not.

    So long as you are not mugged and your cash taken off you any payments you might make with cash is instant and complete.
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    Re: The beginning of the end for cash ?

    Post by papa_umau on Mon 06 Jul 2015, 12:22 pm

    I guess it is all about the value of the item that you want to pay for.

    I mean by this, that if things cost a lot of money it is easier and safer to pay by credit or debit card than by carrying large amounts of cash about with you.

    For a long time Lidl and Aldi could not handle electronic payments, but after they saw their takings dropping they very quickly started to install card-readers at every till.


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    Hell's Granny
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    Re: The beginning of the end for cash ?

    Post by Hell's Granny on Tue 14 Jul 2015, 3:12 pm

    When my debit card came up for renewal last year I was sent a Contactless card. I created merry hell, and got it changed. I don't trust contactless transactions. I draw cash from my bank each week, and use cash for all transactions. There is already too much information on my habits floating around.

    I'm a private person and I prefer it to stay that way. I choose what information gets out about me, not computers.
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    papa_umau
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    Re: The beginning of the end for cash ?

    Post by papa_umau on Wed 15 Jul 2015, 11:09 am

    I think if we knew about what the "ghosts in the machine" are doing in our name, we might think more carefully when sending payment electronically

    While I am a bit if a tech-head I still worry about giving out my personal information to so many places.

    The problem is that wherever technology is used in this way there will always be hackers that are spending thousands of hours trying to get round the security that protects us.


    Last edited by papa_umau on Thu 16 Jul 2015, 12:11 pm; edited 1 time in total


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    Re: The beginning of the end for cash ?

    Post by Hell's Granny on Wed 15 Jul 2015, 11:45 am

    Precisely.
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    zathrus
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    Re: The beginning of the end for cash ?

    Post by zathrus on Fri 17 Jul 2015, 1:54 pm

    The "ghosts in the machine" eh Paps. I like that one.

    I guess that none of us will ever know what is going on in the deepest parts of the very complex software that is supposed to protect us when we pays our money out.

    I agree with HG, that so long as the money is safe in my wallet, ( just try and take it off me ), then paying by cash is still the best and safest way to go.
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    Re: The beginning of the end for cash ?

    Post by papa_umau on Sat 18 Jul 2015, 12:09 pm

    I have found that using a credit card or a debit card is safer if it is done with a machine, ( a card reader ), right in front of your eyes, as the card is protected by the pin number, so long as nobody sees you entering it.

    Contactless cards are only as good as their protection data is in that card.

    On internet connections they ask for the long number on the front of your card, the entry and expiry dates, and the short security number at the back of the card.

    This is enough information to charge that card with just about any sum of money, and if that information is held in the seller's database then it can be used over and over without having to give these details again.

    Of course, as this kind of a transaction is not protected by a pin number, anybody who has access to the information in that database can charge that card in different places and for any amount of money.

    This weakness needs to be strengthened before we can say that distance payment with a debit of a credit card is truly safe.


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