Showing posts with label payment. Show all posts
Showing posts with label payment. 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.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
society, economists, journalists, predictions, cashless, money, cash, cards, electronic, payment, articles news politics economics society anthropology historiography history sociology people nations country asia europe africa u.s. south america central Mediterranean eastern western interesting funny technology adventure australia blog australian blog free news sex

Paying by Smart Phone

There isn't much doubt that all future purchasing and banking will done with a smart phone. New tech being tested like no pin number or signature payments are just "fill ins" until the final technology is perfected.

An old idea that has fallen by the wayside is having a picture of a card holder on the card itself. Just why this concept was dropped is unknown. The only card now with your photo is your driving licence.

Paying with a finger print is also something thought about, tested but never marketed. Retail at the moment is a mishmash of different methods of payment including the old fashioned cash payment. Older people still like to draw cash from an ATM. They like the idea of having cash on them so they can pay immediately. Immediacy will be even quicker using a smart phone.

Bendigo Bank has developed a system where a phone app generates a random code to finalize a transaction. They have been using such a system in the UK for many years now.

Eventually, a phone held against one's skin will take a measure of blood flowing through. A partial DNA reading will be taken which will verify that the phone owner and bank account holder is indeed the correct person. Much of this is possible with existing technology.
Technology by Ty Buchanan
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
     Australian Blog                         

Medicare to Adopt Online Payment

It's about time Medicare moved into the modern age! Thankfully it has given people an alternative to queueing for their medical treatment rebate. It is a silly system anyway. X-ray clinics and specialists should be given the subsidy directly in the first place. This would reduce the number of public servants providing an unnecessary service.

Now "customers" will be able to fill in forms online. Payment will then be made directly into their bank accounts.

We are led to believe that Medicare delayed adoption of a direct payment process due to the potential for fraud. This is nonsense. Fraud could occur under the old system. Limiting payments to $250 a day will not stop fraud.

Medicare holds that people will continue to use the queuing method of refunds. Internet banking is increasing in popularity. There is no doubt most will change to the new system in droves.
. . . . . . . . . . . . . . . . . .