For the last four days, I've not had any physical money on me. Now, this is 2023, and I firmly believe we are hurtling towards an electronic payments-only society anyway, so in theory, it shouldn't matter. I don't carry any cards either; I use my mobile for payments, so generally, it's not a problem. The one downside is small shops such as my local newsagents can't afford WorldPay's exorbitant charges for a 27p transaction, so generally make a rule of "£3.00 minimum spend".
This morning I decided to visit a cash point (ATM for our American cousins) and, armed with £50, visited my local sandwich bar come cafe for the worker's breakfast of poached egg on toast with a bit of salt and pepper.
Me: "I've got actual money this morning, but you're going to hate me."
I handed over a £10 note to pay for my £2.30 sandwich
Cafe: "I can't do it! I don't have enough change."
Me "Well, I can pay by card, but you have a minimum purchase, don't you?"
Cafe: "Three pounds."
Me: "So I'm back to spending more! I dunno why I bothered getting cash?"
Cafe: "I'll make a note we owe you seventy pence."
Me: "With interest! I want interest!"
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"Be who you are and say what you feel because those who mind don't matter and those who matter don't mind."
I was watching One Show last night and there was a piece about how Worldpay was withholding payments to some small businesses for months causing them to go into the red!
Personally I like cash better as it's much easier to manage my budget, but then I lose out on all the online and credit card offers. Can't win!
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I use electronic payment the vast majority of the time out of convenience. However, I don't like being forced to. If a business doesn't accept cash I'm likely to go elsewhere. Of course, that will be hard when it's everyone not accepting cash...
I was initially totally against using mobile phones for making payments. I thought it was a stupid idea that if your phone was pinched, the chances of your bank account being cleaned out were high.
Fast forward to a couple of years ago, and my bank decided to switch from Visa to Mastercard. I couldn't associate the new card with my phone for some reason. I rang the bank daily, complaining until they eventually compensated me and finally sorted the problem out. The point is, I'd gone from totally anti-phone usage to "My life is over!" when I couldn't pay with my mobile. 🤣
I still usually use a card vs. my phone. I only use one card on a regular basis so it's not really any harder. Mainly, I just haven't bothered to get used to using my phone for payments yet.
So that's how cheques will be reinvented...
Cash also comes with costs for depositing and security. Here in the Netherlands shopkeepers generally prefer card payments. Although I prefer cash for privacy, I'm glad I can pay €2 by card for a quick rinse at the car wash now.
But there would be demand for a crypto stablecoin if it was easy to use and had low transaction fees.
Crypto is probably a worse solution than card payments as the transaction on each coin, or satoshi is documented. I can picture the self-guilt now of someone finding out they have a Bitcoin that once belonged to Justin Sun. 🤣 🤣 🤣
I was late to paying with my phone, but it is handy. I have a pot of change I try to use for small stuff, but coins just wear holes in my pockets. I can feel for small businesses who get hit with fees, but customers expect to pay by card these days. Of course all our transactions can be traced and some places don't take cash at all. That's the world we live in now.
Maybe some day I'll be able to pay for a coffee with $HIVE.
!PIZZA
As I said on the Fediverse, I can see physical money being a thing of the past by 2040
But how will I buy my drugs? Will have to use crypto.
Yeah, well, it is for criminals innit? 🤣
Allegedly. I think they mostly use cash, but they will adapt. Apparently the US gov is the biggest holder of Bitcoin. Some will be from criminal seizures.
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