We've had vague knowledge a way back in our head that someday we might not have any cash in circulation as we have today. I recently listened to a documentary and was surprised at how soon it may be that we do not have cash in circulation any longer.
In my last post I wrote about the penny being discarded in our cash. Many comments were on the sentimental value of the penny. However all commenters could see the practical reasons for getting rid of the penny. Other comments could look ahead to the loss of the nickel
It was a few days after these comments that I discovered the reality of a whole country without cash. This may be coming sooner than we think. Most of us have cell phones and are connected to the Internet.
There is now technology developed that would allow us to do business with out cash. We would have a chip on our cell phone. This chip would communicate with the chip in our bank card which is in our pocket. We would simply key in the price of the total of the items we are purchasing and away we go. The Canadian mint is assessing one system now.
Sweden is much further advanced in going cashless. They have a cashless system in place. However, cash is still in circulation. About 90% of Swedes go cashless. There are a few people for whatever reasons still want to use cash.
One must look behind and wonder when we started using cash. What did we use before cash?
So I guess quite soon we will be able to say, "Have chip. Will shop."
I am so not looking forward to the cashless society day. I think it will be much easier for the government, or whoever, to control people and their lives when we don't have anything to use except the chip! Scary thoughts!
ReplyDeleteHey! Maybe there's electronic device out there that would give us some more clout over the Govt?
DeleteI like to have money in my pocket, but I could get used to a cashless society pretty quickly. I think. :-)
ReplyDeleteI think it will happen much sooner than we think. Self check out is getting more bells and whistles all the time.
ReplyDeleteI have mixed feelings. But one month, I had 2 credit cards used fraudulently. One was my bank card. It all worked out fine, but I had to wait 2 weeks for their replacements; so when all this electronic stuff is compromised, that's a problem. No cash will certainly mess up purse snatchers.
ReplyDeleteI think the chip technology has greatly improved security.
ReplyDeleteMy wife and I have only one credit card for ID purposes and pay cash for everything. But it's time for the penny to go. You can't buy anything with one.
ReplyDeleteCome to think of it , it' been a long time since I've written a check? The last time the credit card was used for ID.
DeleteI think we should use palm, or thumb recognition, or retina - that way nobody can steal your "chipped card", and I do not care about the loss of coins or paper money. I rarely have cash on me anyway. Lets go high out on technology and spread our "change" to the future:)
ReplyDeleteNice post Red - thanks
I agree that technology could do more to make the system more secure.
DeleteI like your sense of humor about looking forward to "change."
I hardly use cash anymore as with the credit card I not only get cash back (propaganda??) but have a better record than with cheques. I DO like cash in my wallet for smaller things though.
ReplyDeleteFor you the credit card would be better for record keeping. Just think of the air miles you must get? My family uses the credit card for most of their farming transactions except the big stuff.
DeleteWhen we go on cruises, the boats are always cashless - but there they regress to old technology and the waiter or the shopkeeper writes a bill out by hand and you sign it. It is like stepping back fifty years.
ReplyDeleteThat's quite a contrast! I wonder why that is done? Better tipping possibilities?
DeleteI cannot imagine being cashless..I am too old school. I like having cash at all times. I hate checks..I hate debit cards too but they are more secure than checks. If I use cash..I spend less..a nice side effect:)
ReplyDeleteI live with somebody who shares your ideas about money. The more I look into it the closer will be coming.
ReplyDeleteIt's coming, it's only a matter of time.
ReplyDeleteIt's not going to be a surprise because most of what we do now is cashless.
ReplyDeleteThanks for commenting. Cashless is probably inevitable. There are some networks where bartering is used...in some retirement communities for certain services. Of course, the tax man does not like being left out on this type of arrangement.
ReplyDeletekind of a scary concept - so much room for identity theft and fraud. but i guess that's with banking in general, too.
ReplyDeleteI like bartering, myself. That said, I gave away some left over wood from the previous owner of my house, and she promised to make me a woodpecker feeder. That was 3 months ago!
ReplyDeleteCold hard cash? I think cashless will be colder. Bartering is socially much more valuable as there is so much face to face interaction.
ReplyDeleteIm not so sure about cashless.. Wouldn't it be even harder to track your spending or cover the illegal tracks? I would have to know all the fine print before even deciding to go cashless.
ReplyDeleteThe security would also have to be much better. Today many people don't use cash. They can check their bank balance with their phone.
ReplyDeleteI don't agree the cashless society. It needs a lot of consideration. And we will go back to the very beginning if we will consider that one.
ReplyDeletePerth River Cruise