Digital currency to be UK's Leading Spending Method by 2016

CommanderFrank

CommanderFrank

Cat Can't Scratch It
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PayPal conducted a study on the payment methods of the British and predict that by the year 2016, they will be making the majority of brick and mortar purchases through means other than cash transactions, switching over to digital transfers instead. Sounds more like wishful thinking on PayPal’s part considering the nature of their business. :D

On the upcoming move Scheible added: “We’ll see a huge change over the next few years in the way we shop and pay for things. By 2016, you’ll be able to leave your wallet at home and use your mobile as the 21st century digital wallet.
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I don't understand why people use cash at all at this point in time. There are very few places out there that do not accept a card. At least in the U.S., could be slightly worse in some places.

- it's safer
- lose it? call your bank / credit company
- ripped off? file a dispute
- no worries about cash forgery
- it's more convenient
- lots of benefits
- cash back
- points
- & others depending on company

Why use cash at all? :confused:
 
This just in:
NoName Steaks conducted a study on the meat of choice of the British and predict that by the year 2016, the majority of meat eaten other than chicken, will be beef.
 
No I'm telling you, if you believe in large government this is the most logical path of progression.

You use a system like Bitcoin. Where each persons spending and wealth can be tracked at all times. This gives ya controlling party knowledge of what each person is doing and it makes tax collecting far easier. The government then claims that physical currency is a security threat and can be used by terrorists and ban the use of physical currency.

This means that poeple have to use the digital currency and cannot be "off the radar". The government can then lock you out of the system if needed (perhaps instead of a month in jail you just get locked out of the digital currency for a week or 2).

If you believe in a unified world government and things like police states, digital currency is the best method.
 
U.K has had this in place for some time now already, you can call in using your cell and have money moved around, a woman at our work used to do it, kids needed money, call the bank, move money around

My concern is security... you loose your cell, your screwed.
 
westrock2000 said:
No I'm telling you, if you believe in large government this is the most logical path of progression.

You use a system like Bitcoin. Where each persons spending and wealth can be tracked at all times. This gives ya controlling party knowledge of what each person is doing and it makes tax collecting far easier. The government then claims that physical currency is a security threat and can be used by terrorists and ban the use of physical currency.

This means that poeple have to use the digital currency and cannot be "off the radar". The government can then lock you out of the system if needed (perhaps instead of a month in jail you just get locked out of the digital currency for a week or 2).

If you believe in a unified world government and things like police states, digital currency is the best method.
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This +1,000,000.

I use cash whenever and wherever possible.
 
I don't understand this obsession with using my cell phone to pay for stuff.

What's wrong with a plastic card? I highly doubt we'll be replacing the entire wallet any time soon (Photo ID/driver's license anyone?), so it's not like credit or debit cards will ever be "inconvenient" in the near future.
 
Since Paypal is dependent on actual currency to exist and function (dollar, pound, etc), then I wouldn't really call it "digital currency" if it has to be backed by true currency.

Bitcoin on the other hand.....
 
"By 2016, you’ll be able to leave your wallet at home and use your mobile as the 21st century digital wallet."
You know, just like we've been doing it in Africa since the late 1990s.
 
krogen said:
- it's safer
- lose it? call your bank / credit company
- ripped off? file a dispute
- no worries about cash forgery
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In my experience CC aren't really "safer". I've had my CC info stolen (from a retail store) but I've never had cash stolen. Yes I was able to file a dispute/police report, but that still took a couple hours. I guess if you live in an area with a lot of muggings a CC might be safer, although at that point money wouldn't really be my top concern.

For online shopping I prefer to use Paypal if possible. I'd rather give my CC info to 1 company than 50.

krogen said:
Why use cash at all?
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Apart from the reason above, it's very hard (if not impossible) to give tips with a CC usually. Some people's jobs largely depend on those tips to get by. I know there are some smartphones that can do transactions like this, but most of the country still doesn't have smartphones.
 
travbrad said:
In my experience CC aren't really "safer". I've had my CC info stolen (from a retail store) but I've never had cash stolen. Yes I was able to file a dispute/police report, but that still took a couple hours. I guess if you live in an area with a lot of muggings a CC might be safer, although at that point money wouldn't really be my top concern.

For online shopping I prefer to use Paypal if possible. I'd rather give my CC info to 1 company than 50.



Apart from the reason above, it's very hard (if not impossible) to give tips with a CC usually. Some people's jobs largely depend on those tips to get by. I know there are some smartphones that can do transactions like this, but most of the country still doesn't have smartphones.
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Tips are not the solution. You can begin by getting restaurants and bars to pay their employees properly and raise food / service prices accordingly. What you're essentially implying is mandatory tipping. If it's mandatory, just put it in the price, FFS.
 
travbrad said:
...Apart from the reason above, it's very hard (if not impossible) to give tips with a CC usually. Some people's jobs largely depend on those tips to get by...
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What are you talking about? Every time I have paid with a cc and they bring you a receipt to sign there is a little space for tip/gratuity. A little bit of math too much for you?

And cc tips get added to a server's paycheck at the end of their pay cycle. Just bc you pay with cc doesn't mean the wait staff gets nothing. :rolleyes:
 
krogen said:
Why use cash at all? :confused:
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  1. Those crappy places that have a minimum amount you have to spend for cards.
  2. Those crappy places that charge for using cards.
  3. Cafes/bars when you are buying 1 coffee and want to pay instantly without messing around with a credit card for a tiny purchase (you can just hand them $1.20 or something)
  4. Vending machines.
  5. Parking meters/various ticket machines.
  6. Various modes of transport (some taxies/buses/trains).
  7. Some places like being paid in cash (you can get a discount sometimes by using it).
  8. etc.
 
ryko said:
What are you talking about? Every time I have paid with a cc and they bring you a receipt to sign there is a little space for tip/gratuity. A little bit of math too much for you?

And cc tips get added to a server's paycheck at the end of their pay cycle. Just bc you pay with cc doesn't mean the wait staff gets nothing. :rolleyes:
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Only waiter/waitresses get tips huh?
 
Cyrilix said:
You can begin by getting restaurants and bars to pay their employees properly and raise food / service prices accordingly. What you're essentially implying is mandatory tipping. If it's mandatory, just put it in the price, FFS.
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Do you really think I (or anyone for that matter) have the power to force people to pay their employees properly? REALLY? I agree your solution is great if we lived in a perfect world or alternate universe, but we don't.
 
krogen said:
I don't understand why people use cash at all at this point in time. There are very few places out there that do not accept a card. At least in the U.S., could be slightly worse in some places.

- it's safer
- lose it? call your bank / credit company
- ripped off? file a dispute
- no worries about cash forgery
- it's more convenient
- lots of benefits
- cash back
- points
- & others depending on company

Why use cash at all? :confused:
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Try getting an "ethnic" restaurant to accept your credit card, or actually many ethnic stores.

Having said that, yeah I try to make as many credit card purchases as I can. It's generally the safest and best way to pay for anything in my experience.
 
what I hate more is you know how normally there is a fee for using your card when paying for some things? I hate it when you pay cash and companies charge you for using cash. -.- Am I paying for the space being used in their register or......?
 
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