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> In April, the Bank of Japan said that despite the growth in cashless payments, it expects "the demand for cash, which can be readily used by anyone, anywhere,
by karaterobot 2y ago
> In April, the Bank of Japan said that despite the growth in cashless payments, it expects "the demand for cash, which can be readily used by anyone, anywhere, and at any time," will continue to play a significant role in the economy.
I'm all for carrying cash, but clearly it's not the case that you can use it anywhere at any time, if 80% of the vending machines in the country won't accept these new bills. When and if these machines get replaced, it would make sense for them to accept both cash and cards. If that happens, you'd think it would only accelerate the move away from cash in Japan.
- downrightmike 2y agoProblem is that machines are used to run businesses like ordering at a mom and pop restaurants, and replacement is around $19k. Odds are that rather than replacing the machines, society will make sure to hold on to the old money longer and the new bills will be not accepted by people.
- pooper 2y agoThe article talks about counterfeit but doesn't talk about it in detail. Do these vending machines accept counterfeit old bills? If so, it seems like at some point genuine old bills will be scarce making it very likely that people desperate for old bills will more likely reach these counterfeit old bills?