Blogs published on 08-12-2018

Cashless retailers penalise the poor

POS SOFTWARE

Although this issue has not hit Australia yet, overseas with so many retailers going cashless that politicians are concerned that very poor people with problems of electronic banking are having problems shopping.

Some shops now in the US will accept cash but do not give change.

What is happening is that overseas retailers are going cashless. This is partly as its faster as its just a swipe, its cheaper as the cost of cash as handling costs of cash is estimated at a few percent which is more than the fees for electronic cash and more secure as cash is always a security problem. 

China is now nearly all cashless, while the US is in retail about 70% electronic, and Australia is 63%.

At the current trend, cash will vanish in Australia in 2026. I expect long before that almost all our clients will stop accepting cash.

Comments

While they don't have a screen and they are not much more than a fit bit just now, smart rings are the new buzz. Watches can be annoying to wear, especially if you have to do  a lot of typing to do. It won't be long now before all you will need to do to pay for things is flash your pinkie like a wonder twin.  These rings without a screen being more a simple deice than a watch will be cheaper and probably will be an alternative for a cheaper option. 

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
CAPTCHA This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.