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‘No cash accepted’ signs are bad news for millions of unbanked Americans
A cashless economy is a less inclusive economy.
theconversation.com
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chieftain
Ground Beetle
People have gone to jail here for not accepting cash as payment.
I have never heard of a single case. Do you have a link?
chieftain
Ground Beetle
By here, I mean Australia Mr Jerky. Criminal cases are very rarely published here.
Government actions against citizens are not public record in Australia?
chieftain
Ground Beetle
It's actually kind of fucked up how and where court records are published here.
Research Guides: Court cases in Australia: Court & police records
Find information about court cases, including law reports, judgments, newspaper articles, police records and commentaries.
guides.slv.vic.gov.au
That's a sort of summary but it doesn't provide a complete picture as to the records and proceedings of criminal cases.
Remember, it is written about Australia.
BIS is keeping an eye on use of cash metrics:
www.bis.org
19 page .PDF:
Tap, click and pay: how digital payments seize the day
The use of digital payment methods continues to increase, particularly for small amounts. In tandem, cash withdrawals and the number of small-denomination banknotes in circulation have declined. Fast payments reached new heights and are a prominent driver of the digitalisation of countries'...
19 page .PDF:
https://www.msn.com/en-ph/news/money/over-145-million-coins-deposited-via-codms/ar-BB1iOOXW
They got "coinstar" machines sucking coins out of the economy in favor of digital money.
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Oz is a penal colony so they probably wouldn't advertise...?
Since the coins are just tokens of marginal value...pot-metal fiat...I don't know how much of a difference that makes.https://www.msn.com/en-ph/news/money/over-145-million-coins-deposited-via-codms/ar-BB1iOOXW
They got "coinstar" machines sucking coins out of the economy in favor of digital money.
Phone outages:
There is no more a Verizon network, AT&T network, etc.
They share. There is just THE network; and when it goes down, it's SOL for whoever depends on cellular phones.
Which is most of us.
Yikes:
Cash: use it or lose it!
Cash: use it or lose it!
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Sounds like predictive programming.
Or, conditioning. Soften the sheeple up to it.
It still ain't gonna work. But then, any first-year nursing student could have told those great epidemiologists, that locking everyone up, wouldn't stop an epidemic, either.
Sometimes, the Smart Set understands, just because an idea cannot work, doesn't mean it's not a good idea.
That's how we got Affirmative Action, DEI, Woketardedness, Climate-Change regulations, battery cars, and a Kenyan ex-President who is now running proxies in the Deep State madness.
Or, conditioning. Soften the sheeple up to it.
It still ain't gonna work. But then, any first-year nursing student could have told those great epidemiologists, that locking everyone up, wouldn't stop an epidemic, either.
Sometimes, the Smart Set understands, just because an idea cannot work, doesn't mean it's not a good idea.
That's how we got Affirmative Action, DEI, Woketardedness, Climate-Change regulations, battery cars, and a Kenyan ex-President who is now running proxies in the Deep State madness.
The idiots will complain, "but what about convenience?"
Australians rally against cashless future in a popular new petition
RBA data shows cash withdrawals increased 1.6% from January to December 2023, with a petition to guarantee access to cash in Australia at more than 160,000 signatures.
www.savings.com.au
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There is quite a bit of debate right now about whether inflation’s effects will worsen again soon; or, whether the inflation threat has been minimized and “disinflation” will prevail. Don’t look now, but the specter of a liquidity crisis is looming in the background.
The situation is such that a liquidity crisis of epic proportions might overtake all of us in our arguments about the quantity and extent of inflation’s effects. My concern was heightened this past weekend when I drove to a small, local restaurant to pick up a take-out order.
goldseek.com
The situation is such that a liquidity crisis of epic proportions might overtake all of us in our arguments about the quantity and extent of inflation’s effects. My concern was heightened this past weekend when I drove to a small, local restaurant to pick up a take-out order.
System Liquidity Risk – Cash Is Preferred & Appreciated
Don’t look now, but the specter of a liquidity crisis is looming in the background.
goldseek.com
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UK Citizens Just Got a Brief Foretaste of the Inherent Fragility of a Cashless Economy
Unlike digital forms of payment, cash does not crash.“Cash payments only.”
These are not words you’d normally expect to see adorning the tills of the UK’s second largest supermarket chain, Sainsbury’s, which has spent the past decade or so encouraging its customers to use (often card-only) self-service tills and has even experimented with “SmartShop Pick & Go” checkout-free stores. But on Saturday (March 16), Sainsbury’s stores were blazoned with improvised signs informing customers that cash was (in some cases, together with chip-and-pin card payments) the only payment option available.
The reason?
A massive outage disabling contactless and mobile payments across all of the chain’s stores, as well as at its subsidiary Argos. Sainsbury’s blamed the outage on a software glitch that impacted its online ordering system and contactless in-store payments:
More:
UK Citizens Just Got a Brief Foretaste of the Inherent Fragility of a Cashless Economy | naked capitalism
Unlike digital forms of payment, cash does not crash.
The National Park Service will only take plastic at its parks. Three visitors are suing to use cash
The National Park Service adopted a policy last year of accepting only credit and debit cards. A California woman is among those suing.
www.latimes.com
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Brazil's Pix payments are killing cash. Are credit cards next?
BRASILIA, April 2 (Reuters) - In just three years, Brazil's hugely popular Pix payment system has become the country's favorite way to pay, replacing cash and wire transfers in many cases and now threatening the dominance of credit cards in the booming e-commerce sector.The instant payments designed by Brazil's central bank are a boon to online retailers, helping with cash flow in a sector with tight margins, while undercutting the legacy business of banks and fintechs built on existing credit card infrastructure.
"I think credit cards will cease to exist at some point soon," central bank chief Roberto Campos said nearly two years ago, discussing the potential for open finance and the Pix platform. "This system eliminates the need to have a credit card."
Market trends have since added weight to his forecast.
Use of Pix surged 74% last year to nearly 42 billion payments across the Brazilian economy — surpassing credit and debit card charges combined by about 23%, according to central bank data and industry group Abecs.
For buyers, the switch to Pix has been nearly seamless, as they simply scan a QR code with any banking app instead of reaching for their wallet. But for sellers, it has turned the tables on the traditionally lucrative card payments industry.
In online retail, orders paid with Pix surged 22 percentage points in two years to about a third of all purchases in December, according to e-commerce research firm Neotrust. Credit card orders slipped 5 percentage points to 51% in the period.
More:
Viking
Yellow Jacket
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Can't comment as to the veracity of the article. Really don't know jack shit about oz except they have some neat beaches and good surfing.
From May 20 customers will also be unable to order a new cheque or deposit book. Instead, they’ll “be able to make payments digitally — a safer, quicker, and more convenient way to bank.”
In August 2023, Australia’s “Big Four” banks — Commonwealth Bank of Australia, Westpac Banking Corporation, ANZ Group Holdings Ltd, and National Australia Bank Ltd — claimed a major victory in their war of attrition against physical money: more than a billion dollars worth of cash had disappeared from circulation in the previous financial year, marking the first time the number of notes in circulation had officially declined since dollars and cents were first introduced in 1966.
A month later, Macquarie Bank, Australia’s fifth largest lender, unveiled plans to phase out cash and cheque services altogether across all of its banking and wealth management products from January to November 2024, thus becoming a bank without any physical money in its vaults. It looks like the lender is well ahead of schedule, having announced that as of the end of this month (May 2024) its customers will no longer be able to use cash at any of its branches as part of its transition to a fully digital model. From news.com.au:
Read the rest:
www.nakedcapitalism.com
War on Cash Down Under: Australia’s Fifth Largest Lender, Macquarie, Is About to Eliminate Cash From ALL Its Branches
Posted on May 7, 2024 by Nick CorbishleyFrom May 20 customers will also be unable to order a new cheque or deposit book. Instead, they’ll “be able to make payments digitally — a safer, quicker, and more convenient way to bank.”
In August 2023, Australia’s “Big Four” banks — Commonwealth Bank of Australia, Westpac Banking Corporation, ANZ Group Holdings Ltd, and National Australia Bank Ltd — claimed a major victory in their war of attrition against physical money: more than a billion dollars worth of cash had disappeared from circulation in the previous financial year, marking the first time the number of notes in circulation had officially declined since dollars and cents were first introduced in 1966.
A month later, Macquarie Bank, Australia’s fifth largest lender, unveiled plans to phase out cash and cheque services altogether across all of its banking and wealth management products from January to November 2024, thus becoming a bank without any physical money in its vaults. It looks like the lender is well ahead of schedule, having announced that as of the end of this month (May 2024) its customers will no longer be able to use cash at any of its branches as part of its transition to a fully digital model. From news.com.au:
Read the rest:
War on Cash Down Under: Australia's Fifth Largest Lender, Macquarie, Is About to Eliminate Cash From ALL Its Branches | naked capitalism
The digital gulag is rising rapidly in Australia, and the big banks are building the foundations.
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^^^^^^^
I think the article in the above post may have been pulled. I'll leave it up for a while in case it's reposted. Here's a different article on the same subject.
7news.com.au
I think the article in the above post may have been pulled. I'll leave it up for a while in case it's reposted. Here's a different article on the same subject.
All branches of major Australian bank go cash-free in ‘digital only’ shift
Customers will be stopped from withdrawing and depositing cash and cheques this month.
7news.com.au
Really makes me sad to read about what's happening there. Maybe @chieftain can share a first person perspective, but it seems like their government is full on chasing the Chinese social credit system dream. A while back they sent reps to China to learn about their system. They've been trying to install elements of it peacemeal style ever since.
chieftain
Ground Beetle
This episode has different root causes.
The major cash carriers, Armaguard, Prosegur and there's one more I'm missing for years were moving the cash for the banks and other businesses for a small margin. Of late their insurance costs* have gone through the roof obliterating any profit. As they went to pass on the costs to their customers, they got a lot of pushback and as it turns out, they were on rather cushy rates hence the outcry. Coles the supermarket chain has resorted to limiting the amount of cash customers can withdraw at the till as a means to recoup these new added cash handling costs.
They may well want to bring in a Chinesium-spec social credit system, but the cash economy is far larger than they realise. Not only that, there is a resurgence in the use of cash in the past 12 months; businesses that thought they were being progressive by being "card only" for payments have had to backpedal and revert to accepting cash. Bear in mind that they were breaking the law by refusing to accept cash.
* The insurance price increase has nothing to do with being held up, they lost a lot of guards due to death whilst on the job.
The major cash carriers, Armaguard, Prosegur and there's one more I'm missing for years were moving the cash for the banks and other businesses for a small margin. Of late their insurance costs* have gone through the roof obliterating any profit. As they went to pass on the costs to their customers, they got a lot of pushback and as it turns out, they were on rather cushy rates hence the outcry. Coles the supermarket chain has resorted to limiting the amount of cash customers can withdraw at the till as a means to recoup these new added cash handling costs.
They may well want to bring in a Chinesium-spec social credit system, but the cash economy is far larger than they realise. Not only that, there is a resurgence in the use of cash in the past 12 months; businesses that thought they were being progressive by being "card only" for payments have had to backpedal and revert to accepting cash. Bear in mind that they were breaking the law by refusing to accept cash.
* The insurance price increase has nothing to do with being held up, they lost a lot of guards due to death whilst on the job.
More on the Australia news:
news.bitcoin.com
Macquarie Bank to Go Cashless as the Banking Sector Shifts to Digital-Only in Australia – Fintech Bitcoin News
Macquarie Bank, a banking institution in Australia, will drop support for cash and cheque transactions in its branches starting this month.
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From the link:
At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale.
In October last year, in More Good News for Cash in Europe, More Bad News for Digital Dollar in US, we reported that recent developments suggest that the trend away from cash and toward purely digital-only payment systems may not be quite as smooth or as seamless as some may have wished or expected. One of the developments we highlighted in that report was growing concern among central bankers and politicians in Sweden, one of Europe’s most cashless economies, about the unintended consequences of driving cash out of the economy:
www.nakedcapitalism.com
At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale.
In October last year, in More Good News for Cash in Europe, More Bad News for Digital Dollar in US, we reported that recent developments suggest that the trend away from cash and toward purely digital-only payment systems may not be quite as smooth or as seamless as some may have wished or expected. One of the developments we highlighted in that report was growing concern among central bankers and politicians in Sweden, one of Europe’s most cashless economies, about the unintended consequences of driving cash out of the economy:
World's Oldest Central Bank Keeps Sounding Alarm on Fragility of Cashless Economies. Are Other Central Banks Listening? | naked capitalism
At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden's Riksbank may offer a cautionary tale.
... or a natural disaster (flood, earthquake, tornados, etc.) or central authority malfeasance or any number of risks. This was the essential point I was making in the Seventh Characteristic of Money article.
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Imagine this: One card for all your expenses. "They" are moving forward with their plans (jm2c.)
Visa announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
The new features could mean Americans will be carrying fewer physical cards in their wallets and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant.
More:
abc7.com
Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets
NEW YORK -- Your wallet may soon be getting thinner.Visa announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
The new features could mean Americans will be carrying fewer physical cards in their wallets and will make the 16-digit credit or debit card number printed on every card increasingly irrelevant.
More:
Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets
Visa announced major changes to how credit and debit cards will operate in the U.S. in the coming months and years.
What that means is, I no longer carry Visa.
Visa anything.
If there's no alternative, then I'll just use a MasterCard. If both do it, then cash.
If cash is banned...well, we all gotta die sometime.
Visa anything.
If there's no alternative, then I'll just use a MasterCard. If both do it, then cash.
If cash is banned...well, we all gotta die sometime.