Irish Banks pushing for Cashless Banking?


#303

Good chance they’ll become a bankless society first.


#304

one year on!


#305

ATMs to disappear within a decade **
Cashpoints will be replaced with supermarket cashback within 5-10 years, under plans being drawn up by UK’s biggest ATM network.
The idea will see shops told to offer free cash services to members of the public with no requirement for them to buy items first.**

I expect it will be sooner and will be replicated here.


#306

Seems logical, far cheaper than replacing all the ATMs that have outdated operating systems that are no longer supported.
But does this mean that shops are going to have to get cash from the banks to be able to provide such a service, it could see a real shortage of physical cash otherwise.


#307

Hopefully they’ll also instruct the shops to be open 24hrs a day so one can get money for a taxi or nightclub etc. at 2am in the morning


#308

You will probably still be able to use cash but it will increasingly be exact change only (similar to Dublin Bus) but with an online refund mechanism for the balance if you don’t have exact change. In Sweden they use apps like swish (See also Swish stalking) so if you are travelling between countries in future you will probably use low cost travel cards rather than run up transaction costs on your existing credit card while abroad while drinking all those cups of espresso.


#309

Cash won’t go away since it’s the only way currently to carry out private transactions without big brother knowing what you are at and will eventually become the line of attack “cash is for criminals”. Another aspect that you have to think is human nature does not really change a lot specifically crime and tax avoidance more specifically narcotics and prostitution and black market activity such as nixers. On the surface from a governments point of view being cashless is great news as it potentially means more revenue for them and a reduction in crime. It also opens up new taxation opportunities as it becomes feasible to collect VAT from people selling their unwanted stuff and even gifts like first communion money. As if this is not already the case banks cannot be allowed to fail and they earn margin on transaction fees while reducing or eliminating the cost of handling cash. It also means that with the advancement in machine learning that banks will have a better idea about risk assessment and predict your life expectancy based on your consumption patterns, even your criminal behaviour will be detected and those don’t forget those frequent online poker transactions when taking into account your mortgage application.

Other questions what happens though when the electricity goes out for an extended period? How reliable will the grid be in a decades time? Will the transaction costs increase during peak demand for electricity? What will the cost be of network disruption when the terminals are not able to validate transactions?

If you really want to consider a dystopian nightmare then the idea of pre-crime becomes viable with all this surveillance of your economic activity (e.g. forget to pay your road tax meaning an automatic fine when you pass the toll booth). There is one serious drawback that means it won’t happen any time soon since the energy cost of the compute power required for real time surveillance on everyone is astronomical and the system would collapse on itself if ever taken to that level. I wonder will facebook succeed in its move into banking or will banks move on social media?


#310

Plus being cashless would make any possible future bail ins of depositors a lot easier to implement. No messy visuals of punters queing up outside a Northern Rock. Where and when, who knows.


#312

The till can be opened without electricity, when the power is gone they use a calculator to add up your bill

Well thats the way they do it round my way


#313

The point is how do you do the e-transaction without electricity.


#314

Yeah, and for that matter, how do you go anywhere without googlemaps? Heat your food without a microwave? Watch a match without the TV?

Did everyone just spontaneously combust in Puerto Rico?

Sure all a terrorist has to do now is knock out the power for a day or two and we’re fkd.


#315

And makes it easier to implement negative interest rates for depositors.


#316

cashless banking means that one is getting a haircut on their savings, and the only thing holding back negative interest rates is the physical cash in circulation.

if anything, I see more ATMs popping up all around the place in shops/bars , the use of outdated and unsupported operating systems mustn’t be a problem then.


#319

Oh, I’m fully on board here.
Let’s not forget all the fancy Dan new water pumps that won’t work without electricity.
During Ophelia, we had no options for heat (gas), electrical generation, cooking (electric hobs) or water in the modern house I rent. No mobile or wireless. Can become vulnerable very quick if not into prepping.


#320

People don’t prepare enough for low-probability, high-impact events.

The decision to nix the proposed LNG terminal at Foynes a few years ago was a huge mistake.


#321

How likely is an extended Island-wide electrical blackout? When we were putting in our kitchen my da told us to have an electric oven and a gas cooker that way you’ll always have something to heat water/cook on.

You can get camping gas stoves easy for a €10 from halfords and enough gas for a few days of cooking and tea for €10.


#322

Going further OT - but “local storage” is already required in the current infrastructure: pretty much every house has some water storage / buffer tank in the attic. Something I haven’t seen in any other (continental) European country. So apparently we accept that the water infrastructure is crap and very likely to fail, otherwise why do this?
You could argue that it is therefore only a small step to put in a local gas and electricity buffer. Arguably the engineering is more complicated.


#323

If you have oil you already have backup heating. I’d imagine there are safety concerns around storing gas and electricity onsite.


#324

Most oil burners are controlled electrically. I know mine won’t work when the power is off.


#325

Also you need electricity for the pump and controls.