Cash Makes A Comeback

[naomi24]

According to new research by the Post Office, in an effort to keep tighter control of their spending people are turning back to cash which seems a good idea to me. Plastic is all too easy to spend. What say you?

https://www.bbc.co.uk/news/business-62437819

[davebro]

of course they could just cut you finger off and use it at will!

[bhg481]

dave - you are right. Things which are beyond what honest people do are well within the range of criminals.

[sp1814]

bhg481

If he relied on cash, he could be knocked down and have all his money stolen.

In the example you give, the thief may be able to run off with the phone but just because he/she has access to the phone doesn't mean they have access to the banking app within the phone. They would need physical verification there too (passcode, fingerprint or facial recognition).

Also, once logged into the banking app , the thief could transfer money out, but unless they were buying bitcoins, the transaction could easily be traced.

[mushroom25]

// It doesn't occur to him that someone could knock him down and then press his finger on the phone before running off with it. //

a fingerprint could be harvested from a coffee cup. once your biometrics are compromised, they are compromised for life.

[sp1814]

mushroom25

It's a bit more convoluted than that (at least with Apple products). Not only is the shape of you fingerprint stored as data on the phone but also information from the 'subepidermal layers' of your skin.

In other word, like with Face ID, you need more than an image of the fingerprint, you need depth info too.

(I own alot of Apple products).

[bhg481]

Feel free to trust the system sp - I don't even trust contactless bank cards.

[Arksided]

It never went away for me I usually are skint ;-)

I carry both cash and card just so happens I couldn't be bothered going to the cash machine this afternoon.

[New Judge]

//...that's what I mean by high value items.//

Sorry, sp. I missed your reference to high value goods.

[sp1814]

bhg481

Actually I agree with you on those. I don't trust them even though they are reportedly safe. I just don't feel comfortable using cards.

https://www.thalesgroup.com/en/markets/digital-identity-and-security/banking-payment/cards/contactless/how-it-works

[youngmafbog]

//I've got to the end of a weekend not knowing where all my money went, but now because I pay with my phone I know exactly what I spent and where.//

haha, its not the knowing where you spent it more not spending it in the first place. For instance I never go to the pub with a card, only cash. When the cash runs out I have to stop drinking. In the late 80's/early 90's I had a gold Amex card. It was the thing then to fling it behind the Champaign bars and away you went. I always knew where the money had gone but too late by then! And there were some very unpleasant shocks - even for me!

[jourdain2]

Hooray! One grandchild was given pocket money and made to physically bank half of it (as was I, as was her mother). At 16, she is very level-headed and handles her cash well (having overspent on a couple of occasions and discovered no bail-out was forthcoming). Now she has a Saturday job and is saving for driving lessons.

The other 2 have been given cards. They constantly run-out of money and have not properly learned about it. They expect a heck of a lot more and seem to have no idea of what they can and cannot afford.

[mushroom25]

// I always knew where the money had gone but too late by then! //

sounds a bit like Billy Connolly's hangover song - "As Usual"....... :-)

[Old_Geezer]

The ability to be aware of one's expenditure was always one of the major reasons not to use electronic means as one's main way to pay. Amazing it seems a period of austerity was needed for it to sink in for some others. IMO it seems sellers are pushing for using the electronic payment sytem in preference to notes & coins more than buyers.

[barry1010]

OG, it is very easy to be aware of one's expenditure when paying by electronic means; I can tell at a glance how much I've spent today/this week/this month and how much I have left. I can also see what bills are due to paid.
I get an electronic receipt each time I make an electronic payment, too. Not as easy to lose as a paper receipt

[davebro]

with the closure of many bank branches I guess disposing of cash is a problem for shopkeepers etc.

[douglas9401]

That's all just part of the nudge though, davebro. The switch from cash to electronic is profit driven, nothing more or less.
Customer preferences are a long way down any list of priorities.

[Old_Geezer]

That's not the same Barry. That's discovering what you've already spent after you've done so when you audit. Bit late then, you've already overspent. There is no alternative to finding you have little left in your pocket/wallet/purse to keep you informed of how you are going at the time.

[davebro]

with banking apps you could probably set up an alert on your phone when your account balance drops to a certain level

"Chase offers a wide range of Account Alerts that help you monitor your finances, keep your account safe, and help avoid overdrafts."

[barry1010]

OG, I can very quickly check my balance and payments due at any time - even before I spend.

[burlyshirley]

Totally agree with dougie at 8.30 - customers ARE well down the list. I always used cash and thought I would carry on doing so until my bank branch closed. I was convinced by a family member to use a debit card and I soon got used to it, but not keen since contactless was brought in as if I lose it and am not aware right away, anybody can use it, so I have to guard it like it's the most expensive thing in my possession !! I still use cash occasionally and feel happy doing so, but sadly the times are a changing, aren't they ?