Showing posts with label cashless. Show all posts
Showing posts with label cashless. Show all posts

Cashless Society Will Not Happen

A cashless society will not happen despite predictions by economist and journalists.
In the near future some countries could legislate to ban the use of coins and notes. This will be a drastic move. Indeed, people in the United States would argue that it is a protected right in the Constitution if it passed both governmental houses there.
Cashless society
A shop would be stupid to put this sign out
A myth is promulgated throughout the world that Singapore is a cashless society. This certainly isn't true. Ninety per cent of consumers in Singapore prefer to use cash rather than electronic payment. Just why there is a push to get rid of cash is a mystery. One can understand governments wanting to keep all transactions visible - it will stop tax evasion. However, there would be no benefit for people generally to use cards and transfers to buy everything.

Economists and journalists have got the future totally wrong. How could cash be abandoned when it has almost universal appeal? It just will not happen. A government that forced it upon its people would lose office at the next general election, unless
it is a dictatorship.

Culture has inertia. Values do not change overnight. Card payments are increasing, but it is like asking an Englishman to give up his fatty fried breakfast - there would be major resistance! Like driverless cars and delivery by drones, it is fairytale stuff.

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Australia a Cashless Society? Not Bloody Likely!

Experts have predicted that Australia will be cashless by 2022. Even Singapore which planned a cashless society cannot do it completely. Non-cash buying has reached 69 per cent. It has remained there. People love money and sometimes they want to see it. If you take it away they will lose confidence in the currency. This is just common sense.
Cashless society in Australia is not likely
Has Singapore made major steps? Note, the world average for electronic purchasing is 66 percent of consumer spending. A pitiful 3 per cent is not a big step! While 79 per cent of Australians say that using mobile phones to make payments will be standard, most still have some cash in their pocket. What they say and what they do is not the same thing.

Purchasing electronically, then going to pick it up will be the norm say 81 per cent. Unfortunately, this is not sustainable. Most pre-purchasers go out to physical shops to view what they intend to buy, looking at variants and price. If four fifths of the population actually did pre-purchase, existing shops would not be there - they would be bankrupt.
Hardly any article overtly states the real reason why people will not let go of cash: individuals will not say it, but they want to avoid paying tax. Yes, it is simply tax avoidance that will keep cash alive, always. Hardly anyone keeps all their money in the bank. They know the tax department can access the real time data. You cannot hide anything that goes onto a record sheet. Business as well as consumers want cash. Why do shops ask if you want a receipt? If they don't issue a receipt the cash goes straight into the pocket!

Remember: Electronic buying with no electric power means no economy.
Society by Ty Buchanan
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