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Digital wallets and a cashless society.

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.

Last reply: 18th Jul 2018 / 5 replies / Post by mustang6000

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say_wot

Posted by: say_wot
Posted: 7th Jul 2018

say_wot says: I trust cash
I don't trust mobile phone manufacturers or banks Reply

Kria

Posted by: Kria
Posted: 8th Jul 2018

Kria says: 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. Reply

mustang6000

Posted by: mustang6000
Posted: 9th Jul 2018

Kria says: 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...

mustang6000 says: 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. Reply

super88

Posted by: super88
Posted: 18th Jul 2018

Kria says: 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...

super88 says: 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 . Reply

Pete

Posted by: Pete
Posted: 16th Jul 2018

Pete says: 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. Reply

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