Will the hi-tech cashless future leave a dinosaur like me behind?

[Big Boy]

Maybe.

[STEVE G]

I use electronic payments 90% of the time now in Europe since Covid and one thing I don't miss is the piles of loose change that seemed to accumulate everywhere.
I don't think I've ever used a coin smaller than 50 cents, except in a vending machine, it's just wastage.

[Big Boy]

All of my coins go into my Piggy Bank. Piggy Bank manufacture/sellers could become another dying industry

Extinct like the dinosaur.

[STEVE G]

Dinosaur piggy bank?

[Big Boy]

Sorry, I'm a traditionalist. Money is for spending, and Pigs are for saving

pig.jpg (32.63 KiB) Viewed 2169 times

[Green Nomad]

I hope that's one of those piggy banks with a rubber stopper on the bottom BB, be a shame to smash that pretty thing with a hammer . Also we would need a bigger one than that with all our small change, we are also somewhat of traditionalists. I do, however use a card to pay for more shopping these days in Saudi, mainly just to speed things up in the supermarket.

[buksida]

Virtual banks tied to online payment platforms are going to be big in Thailand ... but it's another one of those "farang mai dai" things so hold on to your cash ...

https://www.bangkokpost.com/business/ge ... n-heats-up

[pharvey]

I always used to put spare change in an "empty bottle" When on "Work Sites", we generally stayed in crappy Site Huts or in "Secured Areas". Years ago working in Rayong however, we were put up in a budget hotel (far better than site), where I stayed for +/- 9 months - the odd change soon filled my 2Ltr Wine Bottle and when I left was gifted to the staff of the small Bar/Restaurant who had become great friends and had truly taken care of us. No idea how much it was worth - certainly not a fortune, but hell was it appreciated!

Do you remember going out on the weekend and waking up with a pocket full of change?

These days, you don't see cash or coins, let alone "Piggy Banks" in the UK - we don't need to carry a card, just make sure you have your "Smart Phone" when you pop into Tesco!!

[Big Boy]

My fear is that I'd lose control. I went cashless with Debit/Credit Cards many, many years ago (decent job, decent overdraft limit, high credit card limit), and it was a complete disaster. I was spending out until I had nothing left on my Debit Card - no problem I thought, use the Credit Card. End of the month - it was oh sh*t!

I cleared up that mess, and cash became king again. AFAIC cash remains king. Why do I need a £200 piece of kit in my pocket to walk into 7-eleven to buy a packet of crisps? Or to go into a café to buy a cup of coffee. The world has gone mad.

Believe me, spending out on Debit and Credit Card limits is not a joke, and not a 5 minute fix.

[Pagey]

I use QR code payments most of the time, especially useful for Lazada/Shopee deliveries so you aren't scrabbling around for the correct amount.

[404cameljockey]

I have never understood how people overspend on credit cards even if they are on a medium to high budget and feel confident about their spending capacity (unless it's reckless and deliberate). I know that it happens, giving in to the 'oh hell with it' attitude.

Yes I was earning very good money and could buy what I wanted, but was never tempted into overdraft, and my family lived not like royalty but very well. But I still kept a half an eye on my finances. It's obviously a personal choice - do or don't.

Now I'm retired I always know how much money is in my bank accounts (my phone can tell me in an instant ) and if I decide to splurge on a high ticket item or two I know how it will affect my money, and can mentally balance it in my head against what's coming in next month (no quarterly or yearly bonuses these days!). If it means dipping into savings I avoid it unless the temptation is too great (very rare). I have an overdraft limit in the UK but have never touched it. Maybe I'm a control freak but I don't think so, I love to spend and in the past never had to worry about the consequences while working, but for 10 years now I've been living on a pension and I'm aware of that.

I love cashless transactions. I always carry a few thousand baht as backup but prefer to scan a QR code with my phone or use my debit card (locking up money for a credit card in Thailand is just a dumb idea). At the very least it gives me easy access to my liquidity and my spending habits - on my very occasional nights out at a bar or three with friends it's always cash, at the end of the night I'm staggered to see how much we spent on booze, but have no record of where and when we spent it). I have operated a Microsoft Money app on my computer for many years, even while working. It was useful when I had eight or nine bank accounts in different countries, but is also useful now to balance my books here.

PS - I was not an accountant in my former life.

[Big Boy]

Believe me, it was easy (ask a huge proportion of the world's population). It happened because I tried to go cashless all of those years ago, and I ended up penniless for a short while.

[404cameljockey]

Believe me, it was easy (ask a huge proportion of the world's population). It happened because I tried to go cashless all of those years ago, and I ended up penniless for a short while.

I don't want to sound unkind, but that sort of thing doesn't only happen because a person decides to go cashless, although that may facilitate the underlying problem!

I've only ever known one person who recklessly overspent on multiple credit cards and was jailed until family found a way to pay it back, although I heard many stories of it happening in the UAE when I was there. It was usually low paid Indian professionals who, because banks decided to ignore any prudent restrictions and gave out cards and car loans to all and sundry, displayed their complete lack of financial prowess and also usually ended up in jail. It wasn't related to trying to go cashless, just happiness at a sudden freedom to spend money they didn't have. I'm not saying those were your circumstances, BB!

[STEVE G]

Overspending on credit cards is a fault of the banking system and not really much to do with electronic transactions.
I have a Luxembourg credit card and you can't accumulate debt on it, it gets paid off out of your account in full at the end of the month and if you haven't got the funds, you can't use it anymore. My other debit cards will only let you spend money that you have.
Incidentally, my Father used to go to the bank every Thursday lunchtime and cash a cheque for virtually his whole life but after he died, even my Mother started using a contactless card into her nineties.

[Dannie Boy]

For the majority of my day to day spending I prefer to use cash and only revert to cashless for a larger spend, if I’m getting short of cash, for online purchases, or where the outlet won’t accept cash.

I use card or Apple Pay for larger purchases and at times like this, I have to admit that it’s so easy compared with what we had to do in yonder years - last year I bought a new car and collected it, paying the balance of over £20k using my debit card and drove away less than 10 minutes later.

I prefer the flexibility of having both methods of payment and hope that this remains the case for as long as I need it.