Cash Replaced?

Will cash be completely replaced by credit, debit, smart cards and checks. Or with electonic money. I mean if cash is gonna be replaced how will we know how much we have, like if you pay someone with a smart card he only gets a number of how much you paid him, he can't later go to a bank and replace that number with cash, the only think he'll have is a number. And crackers will sure find a way how to steal that "electonic money". I mean these days paper money is not worth anything bevause it's not backed up with gold anymore like it used to be. It's only paper. Money can be any form. So is cash gonna be replaced by electonic money or are we just gonna have another form of money which is used frequently, besides cash ?

MemorY,

Sorry to have to be the first to tell you that "cash" already is history. AFAIK the British East India Company ceased trading some time ago :)

The term "cash" refers to the private company tokens issued by the EIC. I actually have an 8 cash copper coin recovered from the wreck of the Admiral Gardner (an East Indiaman.....sort of heavily armed merchant ship) that sank off Ramsgate in the early 1700's.

On a more modern note (pun intended :) ) I would suggest that cash will continue to be used for a long time, particularly for small and frequent transactions, if only because of the overhead that electronic money carries. I do not know what it is like for members from other countries, but in the UK an electronic transaction cost the vendor about 1.5% of the total transaction value....and this could be much higher depending on the type of goods and the floor limit of the vendor.

Cheers

I have been working on a stored value card implementation for a while now. It's not meant to replace cash though, but save money on payroll - however and unsuspecting customer has come up within the last few weeks.

all I can say is that I hope cheques are replaced bloody soon. It's actually a major hassle for me to get to a bank to cash a cheque these days... I'm either working or the bank is shut (no banks near where I work so I can't nip out at lunch time). I find either actual cash or plastic to be much more convenient... and paying the bills over the net is really useful (especially as more often than not such 'payments' are insured againt fraud)

Z

You don't have the option of electronic direct deposit of paycheck?

I know I'm going to sound like a Luddite but you'll never replace cash. Cash is anonymous. How do I pay the kid who mows my lawn or babysits my kids with a debit card. I just read on CNN that Walmart is going to stop accepting Mastercard debit cards.

My paycheck is electronically deposited. When I make an ATM withdrawal and take out cash I become an unknown entity. Monica Lewinsky bought a book for Bill Clinton at Borders, she used a charge card and the special prosecuter tried to get that record. If she bought it with cash noone would have known.

I'll stick with cash (until Patriot Act 5 outlaws it)

I think that eventually YES...not any time in the near future, But you will see more and more Smart cards..They have started testing it in Europe a while back..here in the States not so much..But what will happen is all your digital money will be in the bank and you will carry a Smart Card that will basically take care of larger transactions..your gas,dinner,grocery,shopping,atm, most everything..Now also on these cards is going to be all your personal info..SS#, address,allergies,perscriptions and so on...Then comes the problem with security..Well that will all be done by Biometrics..Using Iris scans, facial recognition and finger prints..The real scary part is that If these cards are lost which they ran into during the testing, thats becomes expensive..So what is there solution you ask? The scariest damn thing in the WORLD and if it ever gets to this point there should be an Uprising against the Goverment...But you guessed it a chip in the body...They have already implemented it into dogs for tracking purposes...My vet asked me if I wanted it put into my dog...I swear I almost Socked him in the face....This is a real threat to all Humans on this planet and I think something needs to be done...but they are making the changes so slow that the SHEEPEOPLE don't relize whats going on all they see is things are easier.....WAKE UP!!!!!

More to come later!!!!

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You don't have the option of electronic direct deposit of paycheck?

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not sure if this was directed to me but I'll answer anyway... fourdc yes we do have electronic deposits of pay cheques... I wasn't actually talking about pay cheques I was talking about personal cheques e.g. from my mother or from her friends (all are over 50 and don't really 'do' the internet). The banks are closed (and the deposit boxes are situated inside the bank) when I finish work... and frequently I don't get up early enough on Saturday to go into the nearest town and make the deposit (being as I'm usually up until 4-5am).

everything else I have deposited into my account e.g. pay cheque, misc payments, are normally by electronic means

Z

Ps

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But you guessed it a chip in the body...

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Thats called the mark of the beast (of revelation) also known as Satan (Shaitan in hebrew) by the way Alienboy :D

I hope they don't take away my greenbacks, I've grown quite fond of them. :p


`pw

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Thats called the mark of the beast (of revelation) also known as Satan (Shaitan in hebrew) by the way Alienboy

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I was involved in the same argument back in the 70s when they installed an ominous little ATM at the local bank. A man I knew swore up and down it was the end of us all.

Why would Wall-Mart get rid of MasterCard debit cards?
I happen to have one and happen to love the hell out of it.

Cash or some form of physical currency might never go away but as any of you who have traveled abroad may know, you get better exchange rates using electronic methods.

Now if you are prone to visits with a local "Gentlemans" club or "Bankok Massage" then I could see the desire to put away the plastic. :D

PS. I am not endorsing such activities in anyway. :eek:

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Originally posted here by RoadClosed
I was involved in the same argument back in the 70s when they installed an ominous little ATM at the local bank. A man I knew swore up and down it was the end of us all.

Why would Wall-Mart get rid of MasterCard debit cards?
I happen to have one and happen to love the hell out of it.

Cash or some form of physical currency might never go away but as any of you who have traveled abroad may know, you get better exchange rates using electronic methods.

Now if you are prone to visits with a local "Gentlemans" club or "Bankok Massage" then I could see the desire to put away the plastic. :D

PS. I am not endorsing such activities in anyway. :eek:

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on the walmart issue, the roumer I heard from the finacials is that walmart tired to paly hardball with MC t oget them to lower their card usage fees. MC wouldn't budge so no more debit....this is probably not a good decsiion on the part of walmart, but they are trying to get their own credit card busniess started so they may be looking at this as a way to jump start it.