this post was submitted on 28 Nov 2023
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Everyone who is saying there is nothing wrong with cash is right. However, there is one major drawback to cash which is no longer a big problem in societies which are mostly cashless. Namely, if your wallet gets stolen and you have $300 in it, you've lost that $300 forever. If your wallet gets stolen and they get your cards, you can just cancel them and aren't even charged for fraudulent purchases.
I realize that means less privacy, but I can't afford to lose that kind of money just walking to the supermarket to buy groceries.
They solved that problem by having no thieves lol
I was just in Japan and how safe it was blew my mind.
This sentence makes me laugh. Where are you from?
Probably Detroit
Argentina, unfortunately.
For me, the main drawback is rather than you need to get to a machine to get your physical money pieces regularly. Sometimes you run out, there's no machine, or you have no time to find one, and it can put you in troubles, like being stuck in the middle of transit or getting at the cashier and realizing you don't have enough.
Your in a cash+card hybrid country, right? In my country at least, you can go into a chain grocery store, buy somthing (doesnt matter what) and pull a small to medium amount of cash from your card. They are (slowly as to not alert people) trying to tear that system down and go cashless.
Before I kind of blundered unintentionally into going mostly cashless, I'd just get cash out when I went grocery shopping. But thankfully by the time I was in charge of my own money it was pretty rare to need to spend money without the option of paying via EFTPOS.
Thanks for teaching me the abbreviation EFTPOS.
Welcome :)
It was pretty common to hear people talk about it for a span of about 10-20 years in Australia. For as long as I can remember every bank gave you a card that was not a "true" credit or debit card, but would work in the EFTPOS machines of any domestic store. They were called Redicards, and were basically debit cards you couldn't use online (once internet shopping became a thing), but worked in ATMs, stores etc. Even back in the 00s it was rare to see someone pulling out a cheque book to pay for anything, and now it's basically unheard of. Talking to US friends I get the impression Australia beat them to this level of wide-spread electronic payments, by quite a margin.
This year the Redicard network is shutting down and I just got issued a second Visa debit card by my bank to replace it. End of an era…
Valid point. But I assure you if you lose your wallet in Japan with $300 in it (because, statistically, nobody will steal your wallet), you'll find it at the police station next day.
(That's the most statistical thing that can happen, please do not try.)
Went there on vacation recently and my girlfriend left her luggage in an elevator and forgot it for 15 minutes. It was at the police box a block over.
Finally a positive post on Lemmy!
I had my wallet stolen years ago, within an hour someone had purchased thousands of $$$ worth of MacBook pros from the Apple store.
Don't lose your debit card!!! The bank doesn't do charge backs!
how?
they would need a pin for that, for contactless payment there is a limit, I believe 200 euros in my country.
so did you write your pin down on a paper and put it in your wallet or do you have your money stored at a terrible bank?
I don't know about elsewhere, but in the US you can run a debit card as a credit card without needing the pin. Pin is only required for cash back.
You also won't have that money to spend if the power goes out.
Manual credit card machines have existed long before electronic ones.
That's just absurd. Who the hell has one anymore? Not to mention they require the card to be embossed and not all are anymore.
You can literally write down the number on a piece of paper and a price and let the bank know or enter it manually when the power goes back on. This simply isn't a problem unless society collapses and if that happens, cash will be worthless too.
I've worked in multiple retail stores and not a single one of them would do that. If the power went out, they lock the door. So that absolutely doesn't work in the short term.
Long term? Idk, how long can you hold out w/o spending money?
If the power goes out on a global scale, you won't be able to spend cash either.
Wallet in a cashless society? Are you stuck in the early 2000's?
Now, cashless means Phones+NFC, which means when your wallet, a.k.a your phone, gets stolen you get taken somewhere until you allow access to your phone and banking apps where there should be an easy 10~30k in savings + loans they can extract
GG
People have savings? Sounds like the 90s.
You think people don't have and use credit and debit cards anymore? Really?
"Taking you somewhere" is far too much effort. They can just watch you enter your passcode on your phone in a bar, then swipe your phone from you and gain access to all your accounts.
https://youtu.be/QUYODQB_2wQ
Biometrics are good for some things.
Yeah, for getting kidnapped 🤣
Where you getting the 10k figure, and how many people do you know who would have thay on hand.
Here in Brazil most better-off people have access to that in easy-to-contract loans in banking apps like Nubank, etc
This scenario is of course impossible if you only carry cards or money 🤷
/s
Banking app access ransom isn't the same as the good old ransom family for money, the risk/reward ratio is so much better
im gonna press X to doubt that you carry $300 to the grocery store, let alone that you carry that much groceries by hand while walking home
Yeah homie I dunno there. I'm in Quebec right now and it's extremely rare for me to get out of even a simple grocery run for less than $200. I could easily carry home 300 dollars worth of groceries, even buying mostly generics.
$300 is not at all unusual for groceries these days if you have a family.
It is not hard to rack up $300 in groceries where I live. I'm lucky to walk out w/o spending at least $100 for my smaller trips.
And that's just for me.
$100 is my weekly beer bill.