Could you live without cash? 189



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Could you live in a cash-less world and trust the use of technology, microchips, computers and cards to do everything for you? Because that’s the kind of world we’re heading for based on new data from the Reserve Bank of Australia.

In a report they indicate that ATM cash withdrawals have dropped to a 10 year low, less than 60 million a month.

Earlier RBA research found that people are making fewer cash top-ups each week, dropping from $182 to $138 in six years.

News Limited reports that People’s Choice Credit Union managing director, Peter Evers believes the smart phone is becoming the new king of payments and  pay wave and other contactless payments were being used for over one-third of transactions.

The concept of a cashless society comes back down to two things.

Firstly, would it make budgeting difficult? So many people still withdraw cash as having physical, tangible money makes budgeting easier for them as they feel the actual impact of parting with cash. So it could prove a difficult move for some.

Secondly, there’s the issue with trust. Many people are still skeptical about 21st century banking technologies and when you’ve grown up handling your own cash, it’s hard to fathom that it’s all in one bank and your control it simply using your phone or computer.

While ATMs won’t become a thing of the past too soon, as cash withdrawals using Eftpos still seem popular, it’s definitely something that will be considered down the line. For the mean time, ATMs are more likely to continue evolving.

Peter Evers said, “The ATMs of tomorrow are likely to use biometric technology to identify customers through their fingerprint, voice or retina, and connect with their smartphone apps so transactions can be made without cards.”

So let’s have a chat today… Do you feel safe with this idea? Could you live in a cashless society? How would it impact your saving and spending and more importantly, would you trust technology enough to do it? Share your thoughts in the comments below… 

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. I just about do. I only ever carry small amounts of cash. You can report your cards as lost/stolen and not lose any money. If you lose your cash, you have lost it for good.

    2 REPLY
    • Takes about 10 days for a replacement card be it lost, stolen or faulty chip. Just happened to me I am moving this week. Been10 days and still no card. Difficult tosay the least.

  2. Hahahahah…..what better way for terrorists to immobilise a country!

    3 REPLY
    • We had a scare like that during flooding when the main Telstra phone line up the Qld coast broke and only people paying cash could buy from companies who used Telstra EFTPOS. Woolworths and petrol stations had “cash only” signs out. Doctors chemists everybody on that line could only deal in cash. Some locals who hadn’t thrown out their old manual card recorder did use that. Some didn’t because it doesn’t tell if the buyer actually has money in the account. Those businesses with Optus EFTPOS were smiling. ATM’s didn;’t work either. How could they tell if you have the money in the bank?

  3. No I wouldn’t — seen too many times when ATMs etc were broken down and cashless people stuck somewhere without money — I only deal with cash — I have never had ATM card or any card for that matter — I can see where my money goes straight away with cash — if any business overcharges me all I have to do is count my cash return after purchase and fix this problem straight away — I also don’t get stuck in the credit card debacle xx

  4. Yes and no, can’t remember when I last paid a bill in person, but, with limited funds it’s far easier to manage my budget with a single withdrawal for the week/fortnight and make it last for groceries and the like.

    1 REPLY
  5. The concept of a cashless society comes back down to one thing. Government control. They already know every thing about your buying habits, when were what and how much. The only thing the government can’t trace is what you buy with cash. Big brother is watching your bank accounts. Amounts over a certain figure trigger a closer examination. Technology already has a noose around our necks. And now just recently lawful, the government can have a look at everything we say.right here on this page for years to come.

    3 REPLY
    • What you say is true Leone…….I certainly do not care whether they read of my poor opinion of them……..I’d happily tell them to their faces.

    • I think we still need cash, the small shop owners mostly deal with cash. Look at all the people that will gain employment, going through our fb accounts lol what a great thing we will be doing for society.

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