4 ms·

I was expecting yet another puff piece on the advantages of some app-based alternative. A good exploration of some of the disadvantages of cashless society. O

I was expecting yet another puff piece on the advantages of some app-based alternative. A good exploration of some of the disadvantages of cashless society. Only thing they have missed is the indirection of cashless - the further you are from actual money, the more you're likely to spend, especially impulsively. Works for credit cards, game currencies, and undoubtedly for cashless apps.

Someone 10y ago
I agree with you, but in not sure I'm right in that. Chances are that, centuries ago, people used to say "further you are from actual gold, the more you're likely to spend, especially impulsively". So, people could/might become used to currencies that are even less physical. Also, before banks provided credit, people used to run up bar tabs not only at bars but also at their grocer. Maybe, the thing to fear is credit, not money being virtualized?
- aleksei 10y ago
  It would seem that some studies have shown increased impulse buying to be tied to credit cards, eg. https://www.zawya.com/mena/en/story/GN_27032015_280306/ https://www.zawya.com/mena/en/story/GN_27032015_280306/
- anexprogrammer 10y ago
  "Chances are that, centuries ago, people used to say "further you are from actual gold..." I've never considered that angle, and you may be right, but centuries ago 9 out of 10 or more spent to survive rather than consumerism. We may become used to them, but I'm not sure how comparable the two eras can ever be. I've also seen enough reports on the topic to see that paying via plastic (both debit and credit) leads to higher overall spending. There's countless gamasutra type articles explaining the income benefits of tiers of virtual currencies. Game monetisation seems to have been researched well enough that most freemium have ended up with a combination of soft and hard currrencies, with deliberately unusual prices, and a remarkably similar set of price points for a bucket of gems. They're not all ending up there as customers spend less.

Someone 10y ago

I agree with you, but in not sure I'm right in that. Chances are that, centuries ago, people used to say "further you are from actual gold, the more you're likely to spend, especially impulsively". So, people could/might become used to currencies that are even less physical. Also, before banks provided credit, people used to run up bar tabs not only at bars but also at their grocer. Maybe, the thing to fear is credit, not money being virtualized?

aleksei 10y ago
It would seem that some studies have shown increased impulse buying to be tied to credit cards, eg. https://www.zawya.com/mena/en/story/GN_27032015_280306/ https://www.zawya.com/mena/en/story/GN_27032015_280306/
anexprogrammer 10y ago
"Chances are that, centuries ago, people used to say "further you are from actual gold..." I've never considered that angle, and you may be right, but centuries ago 9 out of 10 or more spent to survive rather than consumerism. We may become used to them, but I'm not sure how comparable the two eras can ever be. I've also seen enough reports on the topic to see that paying via plastic (both debit and credit) leads to higher overall spending. There's countless gamasutra type articles explaining the income benefits of tiers of virtual currencies. Game monetisation seems to have been researched well enough that most freemium have ended up with a combination of soft and hard currrencies, with deliberately unusual prices, and a remarkably similar set of price points for a bucket of gems. They're not all ending up there as customers spend less.