Cash Replaced?

[pwaring]

I don't think cash will diappear for some time yet, for a number of reasons:

a) It's not economical for shops to accept cards for small transactions, as they would barely cover the cost (something like 8p/transaction or 2.5%, it varies - which is why most shops won't accept credit cards for orders less than £5) of the charges levied by the card companies.

b) There's still a lot of cash (we're talking billions of pounds here) in circulation. It would take a long time to make a complete changeover - at the moment it takes months for the Bank of England to issue a new £5 note, never mind abolishing them altogether!

c) As some people have already pointed out, cash is anonymous (hence why it's often requested in ransoms - it would make it a lot easier for the police in such cases if all transactions were electronic) and people like this for various reasons, including paying builders and getting "a cash-in-hand discount" (i.e. the builders don't claim it as income). Okay, so that's not a legitimate example, but you get the idea.

d) Cash is a lot simpler to deal with than cards. Not only can anyone accept it (you don't need a special machine or anything like that) but it's a lot easier to spend as well (seeing as you don't have to mess around with signiatures). Also, could you imagine giving your card to someone selling items without a shop (e.g. the Big Issue)? Unless they had a wireless card machine (which could bring about all manner of new security issues), they'd have to take your word for it that the card was genuine and that your account was in credit.

e) Finally, cash helps you budget. If you have £100 in your wallet, you can't spend more than that, no matter how tempting it might be. With cards, you can easily build up a mountain of debt whilst remaining totally unaware of the situation you are getting yourself into.

[RoadClosed]

Thanks Bballad, I used it yesterday and when and if they stop I will stop using WallMart. They suck for the most part anyway. I just like saving a few cents a product but I hate the lines. HATE THEM! That's why I go at 11pm at night. The only cool think about Wal is you can order McDonalds right at the register. "Yeah and give me a number 1 value meal with my 10 dollars back please...."

No debit card, no customer. The largest retail corporation in the world and they take away a nice conveniece to save a few cents that, arguably could end up saving them alot. Well they would need to rack up thousands of transactions to equate what I have bought there in the last few years in terms of money spent vs. their cost in transactions. See ya Wally.

[bballad]

T oclear up wallmart further (or cloud it), you should still be able to use your debit card as a debit, you would jsut need to enter your pin number into their littel machine, you can no longer sign for it......roumer is that MC may pull their credit card from wallmart also, but that is not confirmed by anyone yet.

[RoadClosed]

Interesting. What the hell is wall mart thinking Master Card is a huge market.

[RoadClosed]

//Edit

Ok now I am really confused. Wal Mart dropped Interlink which would not effect cards that are accepted but would limit how the transaction is processed. As for MasterCard, wal-mart offers a Wal-Mart card through Chase?????


http://www.walmartmastercard.com/

Maybe they are changing provider for their own card or the whole story is BS?

There was a case that wal-mart fought along with others that gives them the ability to accept other cars. Visa and Master Card are monopolys and there are consequences when accepting competing cards. In 2004 Wal-Mart and others have a legal option to say NO to Visa or Master Card. Does that mean they will do it? Nope, I doubt it but it lets them have greater flexibility in their choices. For instance if they could drop some of the connections like and ATM link and choose not to give cash back or choose another transport and VISA or MasterCard can't do **** about it.

In fact this case makes it illegal for wal-mart to accept a visa card and not a Mastercard?

Here are some links.

http://takomagroup.com/walmart_settlement_reshap.html


The only other suite was related to walmart pulling interlink out, which is the mechanism for VISA.

I think this is the main suit and it's both not just one.


rueters: The retailers claim that Visa and MasterCard force them to accept their debit cards by requiring their acceptance as a condition for continued use of their credit card systems. The debit cards issued by MasterCard and Visa have higher transaction fees, and therefore, the argument goes, they cost the retailer and the consumer more money.

[bballad]

The routers link hit on it, walmart is palying a very dicey game with mastercard/visa not sure wich corp to cheer for in this one.

[0000000]

Whatever you do, don't try to hand an angry American a Euro! If you do, I'll piss on it and mail it back to you with no love attached!

[Dhej]

Funny that this thread came up the same day that I read:

http://www.theregister.co.uk/content/28/34346.html

about subdermal RFID chips. Like a smart card, but the size of a grain of rice and imbedded in your tricepts.

Now, that is just..., STUPID.

Things like this make my head hurt. Much like remote keys/starters for cars, all it takes is some clever chap and stealing your car is as easy as pushing a button on a special kind of box.

Atleast with Credit Cards and Debit Cards, there is something physical to steal, unless of course some miscreant sniffs your number or browses a DB.

But, an RFID, to steal your info, would be like war-driving, except more lucrative. Just walk around in crowded areas and log all the data your special little scanner picks up, and presto, the ultimate pick-pocket, you don't even have to touch them. Not to mention the privacy issues, of being able to track your exact location within the exactness of the most recent scan.


I like cash. I like knowing that there isn't an exact digital trail of my spending habits. And not even for paranoia issues, but just HUMAN issues. I'd like to think of myself as something more than a few number transactions at specific locals.

I also like my debit card, it makes purchasing that much easier. Checks are nice too, but then you have to wonder how long it will take for the check to get cashed, debit is usually instantaneous.

I doubt that cash will ever disappear completely, after all, then the clandestine would have to resort to bartering. What do you trade for a quarter ounce of pot? Gift certificates to borders? I mean really.

Peace,
Dhej

[RoadClosed]

Both cases have been settled. In 2004 Wal-Mart can do what they wish. They won't drop either, they just save a **** load of money.