Irish Banks pushing for Cashless Banking?

[Renting_And_Proud]

go to page 20 of this. Claims our ‘addiction’ ro cash transactions costs the state €1bn a year

Off topic, some of this presentation is interesting. The figures for impaired SME loans (page 12) are pretty frightening!

[Honest_Barrister]

@exiled

@LynchNeary

Bill Gates predicted in 1995 that cash would no longer exist in 20 years. I was trying to picture homeless people on the street asking you to transfer some money to their electronic wallet.

+1

[pa1]

There is a demand for cash for private transactions, so I can only see its use being minimised. Or an alternative implemented (for example: e-gold/e-euros/liberty reserve or pecunix dollars, ie. proprietary currencies).

Also, a certain amount of people simply wouldn’t be able to get their head around the technology involved, so a certain amount of cash would be required. I can’t see retailers surcharging for cash because this would just drive business to their competitors.

[nolai90]

Visa Reigns With Silent Tax
The growing use of debit cards has meant big profits for Visa, and there are concerns that the company’s market power has led to unnecessarily high fees to merchants

video.nytimes.com/video/2010/01/ … t-tax.html

[BoyRacer]

Sweden discusses ‘cash ban’ → acting-man.com/?p=2710#more-2710

Eliminating cash would remove people’s right to take physical possession of their property – the savings or cash holdings that the banks are supposed to warehouse for them. Fear not though – no government can really eliminate cash anyway, even though many would probably like to do so. The reason is that the shadow economy would then simply move toward using the cash issued by a foreign nation, or would move to a gold payment system.

Of course all these avenues could, and likely would, be declared illegal as well, but e.g. not even the death penalty was enough to enforce Diocletian’s price control edicts in the third century, so we can already state that this won’t work either. The main point remains though that statists everywhere are always eager to attempt to misuse a perceived threat to safety to further roll back individual liberty.

there is more

[DeflationIsGood]

The Laser payment system will be dead within 18 months. AIB and BOI will sell it to Mastercard.
PTSB have already started cancelling their Laser cards, and replacing them with VISA debit.

[23rdbuchan]

Dermot Ahern speaking this afternoon said the Government may have to consider making banks charge for money dispensed from ATMs, in order to encourage people to use cards rather than cash.

rte.ie/news/2010/0902/templeogue.html

[nalah]

A lot of the lobby ATMs in the US accept cash - i.e. loose bills - they scan and credit to your account immediately; they also scan cheques (checks!) and can credit (pending clearing) though I don’t know the specifics of that .

I’m sure NIB are installing similar hight tech ATMS for the convenience of their valued customers…

To be fair you get charged if you use another bank’s ATM though unlike in Ireland

[DeflationIsGood]

@Spinnaker

So potentially significant increase in DIRT and ATM charges may be on the cards in the next budget, courtesy of FF?

An increase in DIRT seems likely. That would explain PTSBs new fixed term savings account which pays you your full years interest, at the start of the term, rather than the end.

[dolanbaker]

@23rdbuchan

Dermot Ahern speaking this afternoon said the Government may have to consider making banks charge for money dispensed from ATMs, in order to encourage people to use cards rather than cash.

rte.ie/news/2010/0902/templeogue.html

In which case (assuming a fixed transaction charge) all withdrawals will be at the maximum allowed!

[SiegeMentality]

Visa is going to replace their Visa debit cards with contactless cards that you wave in front of a reader. (ie RFID).

BANKING cards that will allow consumers to make small purchases by simply waving them in front of a terminal will be introduced later this year.

They will allow people to buy coffee and pay for a newspaper or a taxi without having to enter a PIN number.

The new contactless debit cards will effectively be an electronic purse and should significantly reduce the use of cash.

Irish people are the most intensive users of cash in Europe, and are jointly, with the French, biggest issuers of currency notes.

Visa Europe says it expects to have the technology up and running by summer.

independent.ie/business/iris … 03536.html

[SiegeMentality]

The same article also mentions that AIB will be the only remaining bank using Laser, as BOI switches to Visa Debit soon.

Bank of Ireland said in November that, from summer, it would drop the Laser card and replace it with a Visa debit card for its more than one million personal banking customers. Permanent TSB and Ulster Bank already use Visa debit cards but AIB still uses a Laser debit card.

Note that cashback is not available with Visa Debit, unlike Laser. Plus your purchasing habits matched to your identity will be kept on a database in the USA for the rest of eternity.

[Puck_may_be_Famous]

@SiegeMentality

The same article also mentions that AIB will be the only remaining bank using Laser, as BOI switches to Visa Debit soon.

Bank of Ireland said in November that, from summer, it would drop the Laser card and replace it with a Visa debit card for its more than one million personal banking customers. Permanent TSB and Ulster Bank already use Visa debit cards but AIB still uses a Laser debit card.

Note that cashback is not available with Visa Debit, unlike Laser. Plus your purchasing habits matched to your identity will be kept on a database in the USA for the rest of eternity.

Cashback will be available on Visa Debit shortly as they change the fee structure to a fixed charge and away from a % of transaction fee.

[Vague]

@SiegeMentality

Note that cashback is not available with Visa Debit, unlike Laser.

@Puck may be Famous

Cashback will be available on Visa Debit shortly as they change the fee structure to a fixed charge and away from a % of transaction fee.

Why post this if it’s just not true?
ulsterbank.ie/roi/personal/daily-banking/current-accounts/card/visa-debit/benefits.ashx

Cashback - many shops, supermarkets and other retailers offer cashback when you pay by debit card.

permanenttsb.ie/aboutus/needhelp/productsupport/visa-debit-card-faqs/#d.en.3205Can I get

Cashback with my Visa Debit Card?
Yes, many Irish retailers offer the Cashback facility when you use your Visa Debit Card, giving you access to your money without having to queue at an ATM.

[SiegeMentality]

@Vague

Why post this if it’s just not true?

Because a retailer declined me cashback with Visa debit, but told me I could have cashback if paying by Laser.

However the main point is that no PIN authorisation will be required for Visa contactless cards. Wave your card over the sensor and any amount the retailer desires can be charged to your account. Spurious and unauthorised charges will occasionally happen to individuals pre-identified as unobservant like the elderly. The user will be required to prove that they didnt buy anything. And as we all know its impossible to prove a negative. Regular skimming theft will be brushed off as a “charging error” like with Eflow.

Its a good system for controlling whole populations, by taking control of their wallets. Uncompliant individuals will be locked out of the money system, as Julian Assange was recently when all his accounts were closed or frozen.

[Puck_may_be_Famous]

@SiegeMentality

@Vague

Why post this if it’s just not true?

Because a retailer declined me cashback with Visa debit, but told me I could have cashback if paying by Laser.

Retailers offered cahback on Visa debit as it was assumed it was a direct replacement for Laser with the same fee structure. When this proved not to be the case many retailers withdrew the cashback facility. This is likely to be restored now that a new fee has been put in place. Any retailers givig cashback on VD were probably ignorant of the fact that it was costing them €1.50 to give a customer €100 of cashback.

[SiegeMentality]

@Puck may be Famous

Retailers offered cahback on Visa debit as it was assumed it was a direct replacement for Laser with the same fee structure. When this proved not to be the case many retailers withdrew the cashback facility. This is likely to be restored now that a new fee has been put in place. Any retailers givig cashback on VD were probably ignorant of the fact that it was costing them €1.50 to give a customer €100 of cashback.

Thanks for clearing that up Puck.

[DSE3Br]

We’ve had PayPass here in Aus for a while but they’re only really becoming commonplace in shops now. McDonalds doesn’t use PayPass but no longer requires a pin or signature for transactions under $30, so essentially the same idea.

[Pyramid5]

The new cards will work the same way as the old ones – people will be able to use them to withdraw money from an ATM and to pay for goods and services by swiping the card.

With both a Visa debit card and a Laser card, you can only spend what you have in your current account.

However, the Irish Independent has learned that the fees being charged to retailers for using the new Visa debit cards are up to 5,000pc higher than for Laser.

When you buy something with a Laser card, there is a fixed charge of 15c.

But the new Visa cards have charges imposed on retailers of up to 1.55pc per transaction.
independent.ie/business/pers … 46487.html

Leeches

[Open_Window]

Aww ffs.