Here's What No Cash Actually Means
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One interesting post published regarding the cashless payment in the last few days. The publication is opposing the usage of a cashless payment system. Cashless payment is a replacement for cash where the money is electronically given from buyers to sellers, or from employers to employees. Here in this post, I will put some notes related to the publication. Firstly, we need to look at the original publication then we will see some notes in the next section.
The Publication
HERES WHAT NO CASH ACTUALLY MEANS
A cashless society means no cash. Zero. It doesn’t mean mostly cashless and you can still use a ‘wee bit of cash here & there’. Cashless means fully digital, fully traceable, fully controlled. I think those who support a cashless society aren’t fully aware of what they are asking for. A cashless society means:
* If you are struggling with your mortgage on a particular month, you can’t do an odd job to get you through.
* Your child can’t go & help the local farmer to earn a bit of summer cash.
* No more cash slipped into the hands of a child as a good luck charm or from their grandparent when going on holidays.
* No more money in birthday cards.
* No more piggy banks for your child to collect pocket money & to learn about the value of earning.
* No more cash for a rainy day fund or for that something special you have been putting £20 a week away for.
* No more fivers on the side because your wages barely cover the bills or put food on the table.
* No more charity collections.
* No more selling bits & pieces from your home that you no longer want/need for a bit of cash in return.
* No more cash gifts from relatives or loved ones.
What a cashless society does guarantee:
* Banks have full control of every single penny you own.
* Every transaction you make is recorded.
* All your movements & actions are traceable.
* Access to your money can be blocked at the click of a button when/if banks need ‘clarification’ from you which will take about 3 weeks, a thousand questions answered & five thousand passwords.
* You will have no choice but to declare & be taxed on every pound in your possession.
* The government WILL decide what you can & cannot purchase.
* If your transactions are deemed in any way questionable, by those who create the questions, your money will be frozen, ‘for your own good’.
I could write lists for 5 days & still not finish explaining how utterly awful a cashless society would be, for everyone. Even for the goody two shoes who wouldn’t dream of not declaring £500.
Forget about cash being dirty. Stop being so easily led. Cash has been around for a very, very, very long time & it gives you control over how you trade with the world. It gives you independence. I heard a story where a man supposedly contracted Covid because of a £20 note he had handled. There is the same chance of Covid being on a card as being on cash. If you cannot see how utterly ridiculous this assumption is then there is little hope.
If you are a customer, pay with cash. If you are a shop owner, remove those ridiculous signs that ask people to pay by card. Cash is a legal tender, it is our right to pay with cash. Banks are making it increasingly difficult to lodge cash & that has nothing to do with a virus, nor has this ‘dirty money’ trend.
Please open your eyes. Please stop believing everything you are being told. Almost every single topic in today’s world is tainted with corruption & hidden agendas. Please stop telling me & others like me that we are what’s wrong with the world when you hail the most corrupt members of society as your heroes. Politics & greed is what is wrong with the world; not those who are trying to alert you to the reality in which you are blindly floating along whilst being immobilised by irrational fear. Fear created to keep you doing & believing in exactly what you are complacently doing.
Pay with cash & please say no to a cashless society while you still have the choice.
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Some Important Notes
There are two main issues regarding using cashless payment. First, the considerations in deciding to use a cashless payment system. Second, the infrastructure.
First, the considerations to select a cashless payment system are related to efficiency, health issue, and money-making process aspects.
From the efficiency aspect, it can be seen from the benefits provided by cashless payment comparing to cash payment or other kinds of payment such as barter. First, cashless payment provides a fast speed of the transaction. A successful transaction can be finished just in one or two seconds. The application is when paying toll, paying the parking fee, or paying public transportation fare. Second, low risk of cash handling, e.g. minimize error in cash counting and minimise expenditure to save cash. Minimizing error is needed when sellers or buyers need a large number of coins and banknotes for transactions or change for example in dairy or supermarket. Cashless payment also reduces costs associated with cash handling, i.e. pay wage, buy cashier machine, build a safe infrastructure for longer-term cash storage, and pay security fee for transferring money from/to bank. Third, the low risk of security issues. No cash means low risk of being a target of crime, low risk of fake money, or scam. This is needed in after-hours stores, stores in high crime rates area, stores that keep a large number of banknotes or coins (e.g. banks, cooperatives), stores with expensive commodities (e.g. car dealers, property agents, pay the tuition fee in schools or universities).
From the health aspect, one additional reason to avoid cash is for health reasons especially during COVID-19 pandemic when viruses can still alive on many surfaces, including banknotes and coins, for hours.
From the money-making process, the government needs money to print money and distribute it. New banknotes and new coins need regularly printed to fulfill demand and to replace broken banknotes or coins. Additional costs needed to bring money from printing agency to the central bank, to banks, cooperatives, and ATMs. When physical money significantly reduced, the cost associated with printing and distribution will be cut.
Second, the infrastructure. Since cashless payment relies on technology, the more complex technology requires more effort (resources, fee) than the simple ones, but gives higher flexibility or the higher chance for future development.
The simplest solution for cashless payment is a direct electronic transfer from buyers to sellers, e.g. bank transfer or cheque. The sellers make authorization after the buyers send the money. More advanced technology involved third parties to make that authorization. Once the authorization is completed, transactions are declared successful, even though the money is still on the way from buyers to sellers. This advanced technology can involve multi-buyers and multi-sellers as well as cross-regions and cross-currencies.
The choice of preferred system is based on preference, convenience, market demand, and also associated fees. However, the financial independence of one nation is then questioned when the nation still uses a cashless payment system provided by other countries. This dependency also means some money sent overseas to pay the system.
Closing Notes
The selection of the payment method is based on the current condition and benefits obtained by each party. If they enjoy the significant benefits of cashless payment, then cashless payment will be exclusively chosen, for example when paying toll fees or public transportation. If using cashless payment gives only a slight increase in the benefits, the dual system is used (cash and cashless payment) will be chosen, for example, transactions in supermarkets. Lastly, if they see cashless payment causes more complicated financial management, then cash payment is preferred, for example, pocket money from grandparents to grandchildren, children's summer jobs, giving tips to the waitress.
(Thomas Soseco)
