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Is a cashless society desirable?

39 Comments
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It's all fun and games - till the power goes out.

15 ( +17 / -2 )

Giving banks full control of your money is never a good idea.

15 ( +19 / -4 )

I’d rather have my wallet stolen than my virtual money system hacked

12 ( +15 / -3 )

No, a mix is more resilient against the negatives of both systems. Just did a craigslist transaction in cash. You want an economy that can have to ability to be efficient at lower scales without wasting energy. Cash is king

9 ( +11 / -2 )

Otherwise I use debit for groceries, and cc for incidentals and large items. Each have their place.

-3 ( +0 / -3 )

Do you want to be tracked every where you go ?

12 ( +14 / -2 )

Err credit cards track your every move, you're Suica and Pasmo cards see where you travel. How's that any different? Cashless is BEST and we work with a cashless client of ours, that are developing the next gen cashless system in Japan. Need to get with the time folks or stick to the past.

-14 ( +0 / -14 )

Amazon, Rakuten ETC all record your every purchase, How else does their AI send you recommendations..

4 ( +5 / -1 )

PayPal also is no different..

1 ( +2 / -1 )

In addition it makes shops pay taxes instead of hiding and not pay taxes. So the government would make sure there's transactions from the business side that accepts cashless.

In this regard one example China did good is make the full country take advantage of cashless ecosystem. Even with the old generation mom and pop stores all are now cashless using wechat pay or ali for example: https://youtu.be/75AXINUL47g

We are far behind them here in Japan, because of the mentality of the older generation here and lack of proper understanding that society prospers with fintech

-8 ( +0 / -8 )

Now: people use cash to buy drugs and plastic for everything else (except for Japan).

Future: people use cryptocurrency to buy drugs and implants for everything else (except for Japan).

1 ( +2 / -1 )

Credit cards track your every move, you're Suica and Pasmo cards see where you travel. How's that any different? 

They are not. That is why you use cash.

4 ( +8 / -4 )

They are not. That is why you use cash.

Hope you've turned off all gps tracking on your smartphone and you don't use SNS applications. You're being watched regardless of your choice to use cash or not.

5 ( +7 / -2 )

Oh and your Iphones and Android, you can count Apple and Google do in FACT record everything you do on your phones..

3 ( +5 / -2 )

Its not just about being watched, cashless systems are a problem for poor people who lack access to basic financial services.

5 ( +6 / -1 )

"Hope you've turned off all gps tracking on your smartphone and you don't use SNS applications"

I use a flip phone, thanks for your concern.

4 ( +7 / -3 )

Cash has been used for thousands of years-there is a reason for that.....

3 ( +4 / -1 )

I agree with Kenji. Only criminals care about privacy. The rest of us are happy that the government will know everything we spend our money on, and when and where we spend it. And it will be impossible for those anti-social types to refuse the government. When our wise, kind and honest government wants our money they can just take it, which is as it should be. What right do these people think they have to the money they earned? Surely the hard working bureaucrats and politicians know better how out money should be spent.

I look forward to system like China's, as does Kenji. Freedom is dangerous. We should let our betters decide how we should live our lives. I can't wait until security cameras are required in every room in every home.

That's the wave of the future. Only silly old farts could possibly object to such a brave new world.

2 ( +7 / -5 )

Cash has been used for thousands of years-there is a reason for that.....

There sure is: the technology didn't exist for cashless payments yet.

-1 ( +2 / -3 )

The good thing about cashless is all those under-the-counter cash-only deals no longer drop off the taxman's radar. That means your one-man entrepreneur plumber/gardener/spiv who today gets by paying little or no tax/health/pension premiums while claiming benefits is on a level playing field with those under the yoke of PAYE.

More people paying in means we all get to pay less.

Fair do's for all. What's not to like?

-5 ( +2 / -7 )

The biggest advantage of a cashless society is lower crime. You are lucky to find a taxi driver in Sydney that will take cash on a Friday or Saturday night. Taxi driver robberies have almost disappeared on those nights since it was implemented.

1 ( +2 / -1 )

On the whole paying by plastic or your phone is so much easier. I'm not really that concerned that some organisations have details if where I shop. Amazon know a lot of what I buy and the result: I get adverts that are slightly more relevant to me.

But cash has a purpose and is a store of value independent of the banks. It should remain.

1 ( +2 / -1 )

Better to have a society that does not use money at all. People can then have fulfilling lives and do what they love doing. With automated factories and AI, people can live instead of toil.

-4 ( +1 / -5 )

I personally prefer to use cash so that I have a better feel of how much I'm spending.

3 ( +3 / -0 )

Businesses have to pay to accept card payments and this fee is passed on to the consumer. I prefer cash, I can keep track of what I am spending.

3 ( +3 / -0 )

Cashless does have uses, granted, but why the heavy drive to get rid of cash completely? They should be complementary.

For me a cashless society is not desirable.

5 ( +5 / -0 )

cleoFeb. 26  04:03 pm JST

The good thing about cashless is all those under-the-counter cash-only deals no longer drop off the taxman's radar. 

NPR spoke with a Harvard professor about this last week. In the U.S. it's not even a matter of going cashless, which can still be gamed, but the denomination of the money.

There are more $100.00 bills in circulation than any other denomination. Most merchants are loathe to accept $100.00 bills and normal people don't carry them around. This anomaly is entirely tried to criminallity in general and the drug trade in particular. Seems pretty straightforward that if the U.S. stopped issuing $100.00 and $50.00 bills and required citizens to exchange them for $20.00 bills that you'd pretty much destroy a lot of organized crime overnight.

-2 ( +1 / -3 )

Great for government control and surveillance however I believe it will eventually happen unfortunately. I also believe younger generations will accept this.

This will give government more and more control over your life and if you package this with a guaranteed income it is a beautiful recipe for totalitarianism. Who would want to question or anger those with the power to shut off your source of income or control your ability to spend?

3 ( +3 / -0 )

There are more $100.00 bills in circulation than any other denomination. Most merchants are loathe to accept $100.00 bills and normal people don't carry them around. This anomaly is entirely tried to criminallity in general and the drug trade in particular. Seems pretty straightforward that if the U.S. stopped issuing $100.00 and $50.00 bills and required citizens to exchange them for $20.00 bills that you'd pretty much destroy a lot of organized crime overnight.

Naw, they will just switch to other means like precious metal and/or other items of value.

Cashless for the wealthy means more ways to launder/ seek off shore accounts.

It only hits the small people, sad to say.

1 ( +2 / -1 )

Right, just what I need: the National Police Agency having a convenient record of everything I've spent money on for many years. No thanks.

1 ( +1 / -0 )

It doesn't have to be an "either , or " thing. Both of them do and can continue to co- exist for obvious reasons. So far so good.

2 ( +2 / -0 )

TriringMar. 1  02:51 pm JST

Naw, they will just switch to other means like precious metal and/or other items of value.

Back to the future huh? Gold and silver? Diamonds and rubies? Starbucks prepaid cards? Goodness.

0 ( +0 / -0 )

I personally prefer to use cash so that I have a better feel of how much I'm spending.

Exactly. When my wallet gets too thin too fast I know I'm spending too much.

0 ( +0 / -0 )

Using a debit card/ bank card is great, but it is nice to have a seconds means of paying, just in case . . . .

0 ( +0 / -0 )

Diamonds and rubies?

I prefer emeralds and sapphires myself. But Roger Moore preferred cash:

https://www.youtube.com/watch?v=hkecULhVldc

Starbucks prepaid cards? Goodness.

I used to use McD's prepaid cards. Mainly for coffee, lol.

0 ( +0 / -0 )

Using a debit card/ bank card is great, but it is nice to have a seconds means of paying, just in case . . . .

You can get debit cards that work of cryptocurrencies.

A card is just a means to access digital money, whether that be cryptocurrency based or fiat based.

0 ( +0 / -0 )

lol, seven cash-only one-man entrepreneurs (and counting?)

0 ( +0 / -0 )

Online - u have the proper records

Cash - very useful at the time u need when card is useless.

0 ( +0 / -0 )

Only if you want the government tracking EVERY transaction.

0 ( +0 / -0 )

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