Interesting news.
But why no more cash?
Cash is king.
All views will be accepted and read
ANZ Says That There Wont Be Cash Transactions from 2040. Your Views?
grabngo on 19/06/2015 - 10:10
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Poor beggars looking for 'small change'…imagine some guy washing your window at traffic lights and then giving him a $1 swipe
No beggars hassling you for 'bus ticket' money or traffic light window wipers forcing their services upon you in a cashless society? Bring it on.
If the whole country was cashless, imagine if you lost your cards, or it was fraudulantly used and therefore cards cancelled. You wont be able to pay your bills, or buy food for your for weeks!
It would be funny and odd to see toddlers issued with cards though!Imagine if you lost your cash eg stolen or your house burned down. Cash is not as perfect as people first think. Electronic tx win in every respect apart from corrupt/anonymous activity.
I never said the world should be cardless! Both cards and cash complement each other. So your wallet might burn and you might loose $100 cash and all your plastic, but you can go to the bank teller and withdraw some cash while you wait for new cards to be issued.
It would be funny and odd to see toddlers issued with cards though!
funnier if toddler-proof cards existed ;)
Dumb to go cashless. everyone is focused on the criminals being the only ones caught out. But banks can freeze accounts, governments tax savings accounts. You can not do anything without money, and when you reach for that hundred bucks, your whereabouts will be known.
99% of my assets is in the bank.
Uh-oh.
Indeed
25 more years? :(
I hate it because I can't seem to get this digital currency back from stores that say "our system won't let us", but they can so easily give us store credit.
I'll just keep carrying cash until I'm forced to give it up. That way I know it's easy enough to get back when something goes wrong because there's no excuses or delays.
Trust ANZ to think that far into the future LOL! This is coming from the bank that has yet to even release an NFC compatible app when all the other major banks have. Commonwealth, Westpac, even CUA.
Banks would welcome that (no cash transaction). No more ATMs, less staff needed, more savings means more bonus payouts for CEOs and execs.
The ATO would love a cashless Australia :/
There's no reason why we can't be in that position now.
The only time I use cash is if a stupid store has an EFTPOS minimum. Abolish the minimum spend and cash will quickly disappear.It is the bank charging them transaction fees.
Minimum spends are a breach of the Merchant Agreement with some banks.
The transaction fees are a cost of doing business and should be factored in accordingly by the seller.
Better still, if a business must recoup the costs then simply have a small surcharge. Most people are actually happy with this compared to inconvenient minimum spends.
Pointless statement predicting something 25 years away, who is going to remember or care they made it?
Many people make such claims with hopes in the future to say:
"told you so" +
"look at me, I'm an expert, invest money with me"
Also when saying …in 5 years… in 10 years… by 2050… etc etc, one can increase chances of being correct.
Where did ANZ say this?
And I do wonder how they imagine transactions will take place in areas without internet access. I can't imagine there will be many of these left, but I can't imagine there will be NONE left either.
I do not want to live in a world without cash.
Me either :|
ANZ would prefer you use cash to cut their own costs so they're doin' what they can to make it seem desirable.
When testing a group it can be shown that a significant percentage of people will spend more when they pay with a card as opposed to cash.
As an individual you have no way of knowing if your decision to purchase was or was not affected by the method you chose to pay with. The prudent method therefore is to pay cash or else your in the even larger percentage of people that believe this does not affect them ;)
It's thought that this effect occurs because you do not experience a physical loss when you pay using a card.
ANZ Who ?
Which bank?
I really hope I can live to see the day.
you need bigger goals ☺
It will happen one day, including all your other data going electronic, from a drivers license to a medicare card.
Though you might regret it if the system is ever down, you are hacked, defrauded or somehow classed as undesirable and denied access to it. You would effectively become a nomad as your whole modern life is switched off.
Why does physical money even exist? If the gov got rid of it and card was the only method of payment then there would be less tax evasion and drug deals would be easier found out etc as payment would be recorded online, or have to be made in stolen diamonds LOL. Either way, it would decrease illegal activities. Or am I missing something?
haha tell 'em they're dreamin'!
i almost exclusively use cards but cash will never go away. not ever going to be sold on phone payments either…might as well attach my house and car keys to my phone to make it an even bigger theft target
Yep it's like people in this thread have no idea. Cyprus back in 2013 - panic atm withdrawals and a proposal to tax savings accounts 6-10%
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You still have most of those problems. You just do banking once a week instead of daily.
I agree the time savings can be worth it. But I've only noticed major brands use most of this extra time (like scripting sales people while EFT completes).