Digital wallets and a cashless society.
Posted by: mustang6000
3rd Jul 2018 09:06pm
With the increasing popularity and growth of digital wallets and contactless card payments is there a need to carry cash around anymore?
Personally, I do not trust digital wallets, no matter how much encryption and security we are promised, too many security breaches for my liking. Plus, what happens if your smartphone crashes or you lose it? A nightmare in the making in my opinion.
How many people still carry cash for small incidental purchases, or does every thing go on the debit/credit card?
I would be interested in your thoughts.
Personally, I do not trust digital wallets, no matter how much encryption and security we are promised, too many security breaches for my liking. Plus, what happens if your smartphone crashes or you lose it? A nightmare in the making in my opinion.
How many people still carry cash for small incidental purchases, or does every thing go on the debit/credit card?
I would be interested in your thoughts.
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Comments 9
Sardines31961137
I think cash is good because you can actually 'see' what money you're spending...
AnxiousOne
I don’t carry any cash, and I haven’t for a few years.
Quite some time after I purchased my last car, I found some cash hidden in one of the many storage places in the car. I think it was a total of $10. I have left it there, just in case there’s an emergency and I cannot use my card. But 6 years on and I’m still waiting for that emergency to occur.
I’m waiting for my driver’s licence to be available in digital format. When that finally happens, I’ll no longer need to carry my wallet.
Ryan31319086
I don’t go as far as carrying cash around, but certainly am not a fan of keeping access to money on my mobile phone. I don’t even use paywave, have blocked the function on my card. Knew a few people who got scammed by someone simply walking past their pocket with a scanner and charging “$30 Uber fares”. I use my debit card, with a pin, for all my purchases. Safer and makes me more accountable for my spending . Any cash usually ends up vending machines anyway haha
PGS
Cash and cards. Nothing finance related on the phone.
Pete
The farthest I'll go in this direction is my Visa Paywave card. I like many others who've commented here don't trust the security of the technology & I also have concerns about, for example, having my mobile phone stolen. I'm one of those strange people who uses his mobile to make calls & send texts. While this means I'm not using the device to its full capacity, I feel safer.
Kria
I like a mix. I always have a small amount of money on me, use my bank card for most purchases, and add to digital wallets when they're useful. I only add small amounts, it's better to spend what you're sure you'll use with those.
I don't think that having money on hand will be completely obsolete any time soon. Bank to bank transactions still take a while, and some people don't have easy access to the internet. People in rural areas and those that have a low income face the worst of that particular issue. Some shops also charge for using a card. So, there are plenty of situations where physical transactions are still useful, depending on your circumstances. It's not that much different from the jump to cards, they didn't make cash in hand obsolete either, they just made a new way to exchange money with different pros and cons.
super88
Cash, credit, savings,
Yep, I use 'em all.
But cash is still handy for purchases from small stores - The local bakery, news agent , green grocer are all happy to accept cash.
Now the bank branch at the shopping centre has closed they appreciate the loose change as part of cash payments. It suits me to use cash .
mustang6000
Some excellent points Kria, I agree with you regarding those in rural/remote areas and those on lower incomes.
Like most, I still carry a small amount of cash but it will take a lot of convincing to get me to trust digital wallets. When credit cards came in, at ;least we still had physical control over the cards, with digital wallets, we have no control and the consequences of that could be serious.
say_wot
I trust cash
I don't trust mobile phone manufacturers or banks