Visa Chief: Cashless Society by 2012
March 12th, 2007Sure.
Via: Independent Online:
Paying for goods with notes and coins could be consigned to history within five years, according to the chief executive of Visa Europe.
Peter Ayliffe said that, by 2012, using credit and debit cards should be cheaper and more convenient than cash.
Some retailers could soon start surcharging customers if they choose to buy products with cash, because of the greater cost of processing these payments, he warned.
Visa Europe briefed the British Retail Consortium last month on new “contactless” cards that can be waved in front of a scanner to make small payments.
Mark of the beast, end of the world, police state, 9/11, 1984, etc, etc.
So, the future will be rather like that much-discussed Visa assembly line commercial (broadcast in North America) where an anonymous consumer unit attempts to purchase his falafel and hummus take-away lunch with cash, thereby causing consternation for all. What the 1 minute advert does not show, is what became of the hapless consumer when he exited the establishment. But, we can imagine.
Not so fast. consider the source. Visa would love to be the arbiter of all purchases. They wish.
perhaps he means that we’ll be using less money in general by that time. Looking at my garden, I couldnt agree more. 🙂
But how will the government sell drugs?
“Should be cheaper and more convenient”?
Here in South Africa credit/debit cards are already much cheaper to use than cash, considering the hefty cash deposit and withdrawal fees charged by all the banks.
Retailers charging for using cash? I don’t see it here anytime soon — far too many poor people still “stuck” in the cash economy.
Here in the US, businesses are presently charged fees for each debit/charge transaction, to the point that these fees now exceed profits for convenient stores and gas stations. In fact, some local petrol stations are offering 3% discounts for cash purchases, to avoid these charges.
“Credit Cards Punching Profits of Convenience Store Retailers’ in the United States”
http://www.newswiretoday.com/news/14704/
It is the same at any other business. Small transactions, especially, are no longer profitable for businesses when paid for via cashless methods. These additional costs must be passed along to the consumer eventually, in the form of higher prices for all (cash and cashless alike).