3 ms·

>How the hell was cashless supposed to be a utopia, anyway? It wasn't, that was just journalistic flourish. It was (and is) a convenience and a barrier to crim

>How the hell was cashless supposed to be a utopia, anyway? It wasn't, that was just journalistic flourish. It was (and is) a convenience and a barrier to crime. >And was big business quietly pushing the idea Business wasn't quietly pushing the idea, they have been shouting from the rooftops. >figuring that "cashless" would help them rake a percentage off every transaction Interestingly my local cafe pays lower fees on card transactions than they do on cash deposits into the bank.

bell-cot 2y ago
> ...and a barrier to crime... A decent barrier to street crime - which, yes, does push emotional buttons. But now-obviously at the expense of facilitating non-street crime, and "non-profit" attacks on computerized infrastructure. > ...my local cafe pays... Might I ask your nation? Here (USA, SE Michigan) quite a few businesses advertise discounts (often ~3%) for paying with cash - because of the fees raked off by the card companies.
- pxx 2y ago
  Cash logistics typically cost much more than credit card fees no matter where you are located [0]. In the US, explicit cash deposit fees are typically only at ~0.1-0.3% (as a consumer you don't see these but check out a business fee schedule), but there's a lot more that goes into cash logistics, including transport, the risk of counterfeiting, internal and external theft, etc. Cash discounts in the US are mostly a way to encourage the customer to collude in tax evasion. It's not an actual comparison of costs. [0] see e.g. https://sbecouncil.org/2024/07/01/the-cost-of-cash/ https://sbecouncil.org/2024/07/01/the-cost-of-cash/ for a US based analysis. this is even before you consider increased spend when people use cards.
- tonyedgecombe 2y ago
  >But now-obviously at the expense of facilitating non-street crime, and "non-profit" attacks on computerized infrastructure. I was thinking more about internal crime (people dipping into the till) and tax evasion.
- johnisgood 2y ago
  Here in Hungary sometimes online stores charge you extra if you want to pay with cash.

bell-cot 2y ago

> ...and a barrier to crime... A decent barrier to street crime - which, yes, does push emotional buttons. But now-obviously at the expense of facilitating non-street crime, and "non-profit" attacks on computerized infrastructure. > ...my local cafe pays... Might I ask your nation? Here (USA, SE Michigan) quite a few businesses advertise discounts (often ~3%) for paying with cash - because of the fees raked off by the card companies.

pxx 2y ago
Cash logistics typically cost much more than credit card fees no matter where you are located [0]. In the US, explicit cash deposit fees are typically only at ~0.1-0.3% (as a consumer you don't see these but check out a business fee schedule), but there's a lot more that goes into cash logistics, including transport, the risk of counterfeiting, internal and external theft, etc. Cash discounts in the US are mostly a way to encourage the customer to collude in tax evasion. It's not an actual comparison of costs. [0] see e.g. https://sbecouncil.org/2024/07/01/the-cost-of-cash/ https://sbecouncil.org/2024/07/01/the-cost-of-cash/ for a US based analysis. this is even before you consider increased spend when people use cards.
tonyedgecombe 2y ago
>But now-obviously at the expense of facilitating non-street crime, and "non-profit" attacks on computerized infrastructure. I was thinking more about internal crime (people dipping into the till) and tax evasion.
johnisgood 2y ago
Here in Hungary sometimes online stores charge you extra if you want to pay with cash.