Using credit/debit cards vs. handling money physically

[Coco]

'I wasn't allowed to buy my burrito with cash' https://www.bbc.co.uk/news/business-51214832

I thought this article was relevant given our discussion and the book talking about credit/debit cards vs handling money physically.

The article points out the increased dependance on digital means to pay for money. I didn't realise in the US some states are mandating some businesses accept cash, UK 28% use cash payments and in Sweden only 6%? Sweden is increasing becoming cashless society.

What are your thoughts? On a personal basis I really struggle to use cash, I rarely use it. The reason I don't it when I receive my statements I get an exact balance of how much I've spent and where I have spent it.

This has really allowed me to reign in my expenditure, I've become a much better saver as a result but I also identify sections in the book that talks of the pain of paying for things later

 

[Zablon Kaenda]

'I wasn't allowed to buy my burrito with cash' https://www.bbc.co.uk/news/business-51214832

I thought this article was relevant given our discussion and the book talking about credit/debit cards vs handling money physically.

The article points out the increased dependance on digital means to pay for money. I didn't realise in the US some states are mandating some businesses accept cash, UK 28% use cash payments and in Sweden only 6%? Sweden is increasing becoming cashless society.

What are your thoughts? On a personal basis I really struggle to use cash, I rarely use it. The reason I don't it when I receive my statements I get an exact balance of how much I've spent and where I have spent it.

This has really allowed me to reign in my expenditure, I've become a much better saver as a result but I also identify sections in the book that talks of the pain of paying for things later

Well from my understanding these developed nations try to do away with cash payments to curb corruptions...with a cashless system they can trace your sources of income and what services or goods you are paying for...remember kabura and the sacks of money...? Traceability

 

[Coco]

Well from my understanding these developed nations try to do away with cash payments to curb corruptions...with a cashless system they can trace your sources of income and what services or goods you are paying for...remember kabura and the sacks of money...? Traceability

Good point & you are right, better stringent measures are there to trace money, but it also depends on many citizens being honest. Impo, like with most businesses it's about saving money, so as we move towards digital spaces, it's less staff. I recently visited a restaurant that used to be a bank! Banks are now actually paying people to join them, literally giving people cash to open current accounts.

I mean before you had to have an appointment with banking staff who appeared opaque. For example where I live I have opened all my accounts recently via the Internet, all banking cards and pins posted. Digital is disrupting things massively. Mpesa being a prime example