Tag Archives: Cashless Payment
Life is like a cash register, in that every account, every thought, every deed, like every sale, is registered and recorded. ~ Fulton J. Sheen
There is a conspiracy at the highest levels of government and the banking industry that wants to do away with cash ~ that is the notes and coins in your wallet, purse, and pocket. Here in England our Treasury Department, The Bank of England, (which is really another branch of government), the large high-street banks, and the major retail store chains are doing all they can to bring about the complete end of physical cash.
In the UK the number of free-to-use cash machines, (ATMs), is dwindling at the rate of about 250 every month, and that leaves shoppers and small businesses struggling to get hold of any cash, (source ~ consumer group Which). Add to that the number of bank branch closures which adds up to about 1,000 a year over the past 3 years, and one can see that the finance industry is just not interested in anything but card payments and electronic banking.
The thing is, cash is utterly reliable, whereas electronic payments systems can and do crash from time to time. Also some small businesses cannot afford the trouble and expense of installing a card reader and becoming a card merchant, so they are reliant on cash payments. In addition, for very small payments, a card is just a stupid way to pay. (And what stripper or hooker will accept anything but cash?)
However, the Government, the Bank of England, and the rest of the finance industry are doing everything possible to either promote cashless payments, or force cashless payments upon us. Electronic swipe cards are now the norm, which means no signature or PIN is required to make a purchase, just wave your card at the reader. Trust me, as a guy with 30 years experience in Banking and Finance, electronic swipe cards are not and never will be secure. And just you try getting your money back from your bank if you have been a victim of card fraud.
One high street bank in the UK is trialing a system which will allow customers to authorise card payments for any amount just using their fingerprint ~ and that is also totally open to a number of easy frauds.
The thing is Governments, Central Banks, the Tax people, High Street Banks, Major Retail Chains hate cash because; it’s expensive for them to handle, they cannot monitor your every payment and spending pattern if you use cash, and they have absolutely no control over your earnings and spending if it’s in cash.
If we are not all very careful, then very soon Big Brother will be watching your money.
These comments apply to the banking and finance industry in England, which I know a bit about, but they also apply in equal measure to the USA.
Some say that Cash is King. And others, that Cash is Dead, card and electronic payments are the real future. All I know is I can get cash-back from my favourite store if I just make one tiny card purchase.
The Bank of England is just another arm of Big Government