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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Wed May 17, 2017 3:31 am 
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Is Australia on the brink of becoming a completely cashless society?


Later this year the bank will roll out a new system called the New Payment Platform (NPP).

The NPP will mean money can be transferred almost instantaneously, even when the payer and payee are members of different banks.

The technology will also support "overlay" services, meaning banks will be able to create their own payment services to entice customers.

http://www.abc.net.au/news/2017-03-27/i ... ty/8377288

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Wed May 17, 2017 1:38 pm 
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conork wrote:
Is Australia on the brink of becoming a completely cashless society?


Later this year the bank will roll out a new system called the New Payment Platform (NPP).

The NPP will mean money can be transferred almost instantaneously, even when the payer and payee are members of different banks.

The technology will also support "overlay" services, meaning banks will be able to create their own payment services to entice customers.

http://www.abc.net.au/news/2017-03-27/i ... ty/8377288


I think we are probably getting there faster in Europe. In the UK the Faster Payments scheme already facilitates immediate payments between the major retail banks and half a dozen others. The PSD2 roll out and the UK CMAs focus on current accounts will really speed up the move to open / api banking.

Across Europe a few on the new players, such as www.paywithfusion.com and www.mondo.com are already making headway in this area.


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Fri May 19, 2017 9:16 am 
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Oops on the voice recognition:

http://www.bbc.com/news/technology-39965545

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Mon May 22, 2017 10:45 am 
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conork wrote:
Is Australia on the brink of becoming a completely cashless society?

Good chance they'll become a bankless society first.


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Wed Aug 30, 2017 9:04 pm 
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Coles2 wrote:
A very clever move in India to force people out of the cash economy. The political backlash might yet be a problem.

Quote:
India’s prime minister is under fire after a move to cancel large-denomination rupee notes amounting to 86 percent of the total outstanding by value. The bold step to fight corruption has left Indians queuing outside bank branches since Wednesday to swap old notes for legal tender, bringing parts of the nation’s economy to a standstill.

The pain is most palpable for the informal sector, which accounts for almost half of GDP and the vast majority of employment. Tendering old notes above a minimal value for new ones requires a bank account, but 40 percent of the population is outside of the formal banking system. No wonder tensions are running high.


http://www.breakingviews.com/considered ... reak-modi/


one year on!
Quote:
http://www.bbc.com/news/world-asia-india-41100613
Indians returned almost all of the high-currency notes banned in last year's shock government crackdown on illegal cash, the central bank says.

It said 15.28tn rupees ($242bn) - or 99% - of the money had made its way back into the banking system.

Ministers had hoped the move would make it difficult for hoarders of undeclared wealth to exchange it for legal tender.

The news that it did not will raise questions about the policy, which brought chaotic scenes across India.

Banks ran out of cash after the ban on 500 ($7) and 1,000 rupee notes, which accounted for about 85% of the money in circulation.

At others, police were called in to manage long queues of anxious customers hoping to change their savings.

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sat Dec 02, 2017 2:39 pm 
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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.


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sat Dec 02, 2017 2:55 pm 
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temene wrote:
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.

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.

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 9:14 am 
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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


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 11:01 am 
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dolanbaker wrote:
temene wrote:
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.

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.



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.


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 11:58 am 
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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?


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 2:46 pm 
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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.


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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 11:21 pm 
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BoyRacer wrote:
Other questions what happens though when the electricity goes out for an extended period?

If the power is out most shops already won't process transactions. Their tills won't work and their cash drawers won't open.

BoyRacer wrote:
What will the cost be of network disruption when the terminals are not able to validate transactions?

Now this is a more important issue. Already we see network failures by payment systems during sales etc having serious financial implications. There are already providers who offer multi-network processing to try and increase the uptime of the payment platform. Increasingly the future of network connectivity in general is reliability rather than speed.

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Sun Dec 03, 2017 11:35 pm 
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Mantissa wrote:
If the power is out most shops already won't process transactions. Their tills won't work and their cash drawers won't open.


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

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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Mon Dec 04, 2017 8:44 am 
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the dude wrote:
Mantissa wrote:
If the power is out most shops already won't process transactions. Their tills won't work and their cash drawers won't open.


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

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

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Ronald Coase, Nobel Economic Sciences, said in 1991 “If we torture the data long enough, it will confess.”
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
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 Post subject: Re: Irish Banks pushing for Cashless Banking?
PostPosted: Mon Dec 04, 2017 9:49 am 
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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.

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