"South Korea took a big step away from using coins on April 20, when the Bank of Korea announced customers at selected stores can now receive their small change on prepaid cards rather than in cash. A recent BOK survey indicates two-thirds of those surveyed don’t carry coins, and half of those polled support a coinless society."
Maybe I'm an old has-been but I do not trust mobile phones for that kind of thing. I do not want my locks and money, or even my lights and TV, all tied to this one little device that's easy as pie to hack and/or steal, and so easy to use that babies play with them. Literally babies use them.
Belarus have only just started to issue circulation coins, so I do not see them stopping for a while. I realise that they make commemoratives, that is just to make money. Excuse the pun
I'm pretty much a card tap guy...probably 95% of my transactions are electronic. For me its just a very easy way to track my expenditure. Of course I dread if ever the day came my identity was hacked. However, as long as you have a bank account, you will always be in that danger. That said I can think of India where cash is still king and there are complaints of coin shortages even when there are billions in circulation. Often, people are given toffees or breath mints by shop keepers to make up for any shortfall in the change required.
The demonetization process last year in India was quite painful to many and the govt quickly learned that they had to start putting back everything they tried to remove. One of the reasons for that move was ostensibly to move people on to electronic money. However, I don't think a lot of people appreciated that shoved down their throat
Here in Canada, its still a diverse mix. I could be standing in line in Starbuck's and people are tapping their phones, their cards or sorting through their pockets for coins.
Quote: "ashlobo"I'm pretty much a card tap guy...probably 95% of my transactions are electronic. For me its just a very easy way to track my expenditure. Of course I dread if ever the day came my identity was hacked. However, as long as you have a bank account, you will always be in that danger. That said I can think of India where cash is still king and there are complaints of coin shortages even when there are billions in circulation. Often, people are given toffees or breath mints by shop keepers to make up for any shortfall in the change required.
The demonetization process last year in India was quite painful to many and the govt quickly learned that they had to start putting back everything they tried to remove. One of the reasons for that move was ostensibly to move people on to electronic money. However, I don't think a lot of people appreciated that shoved down their throat
Here in Canada, its still a diverse mix. I could be standing in line in Starbuck's and people are tapping their phones, their cards or sorting through their pockets for coins.
Meaning you tap your card on that little device? If you don't mind my asking, is that really what it looks like? Just slap a machine with your card and money comes off it? How do you then track your spending? Also does it work through pants?
Quote: "MonaSeaclaid"Meaning you tap your card on that little device? If you don't mind my asking, is that really what it looks like? Just slap a machine with your card and money comes off it? How do you then track your spending? Also does it work through pants?
Yep, you can tap on the card reader up to $100; after that you have to insert and enter the pin. RBC has a nifty expenditure dashboard for debit/credit transactions. I go through all my transactions once a week. Usually the system automatically puts the right tag to the item, but I check it nonetheless. Besides, it links to my other accounts and credit cards, so I have one comprehensive view
I've heard that in the clubs people were going around slyly holding a card reader and patting down against peoples front or back sides. When you're in crowded space like the dance floor of a disco, you expect to bump and grind with people lol. The amounts would usually be preset for something like 5-10 bucks. Small enough that you might think you bought a few drinks and not think twice I guess.
Quote: "Cerulean"South Korea runs almost entirely on banknotes. I think you would get very different public opinion if you polled other countries.
I prefer cash. Electronic payments are slow, complicated, hack-able, and enrich a middleman.
I do most of my shopping online, it's easier, faster and cheaper then using real money, so I really don't think we need coins anymore, the only time I carry around actually money is when I go to a pub. I'm sure my opinion is the unpopular one but I really do think coins are a thing of the past. I love collecting them but I collect them for the history behind them just as I collect old documents, swords, phonecards etc, but, with time, all of these became outdated as will coins.
As for concerns about safety electronic shopping, if used correctly, is actually safer then using paper money or coins. Most of the time when an account is compromised it's because of the user himself, not the system. Smartphones are also extremely hard to access if protected, just look at the FBI unsuccessfully trying to access phones taken off of suspects, breaking into your house and stealing your physical money is a lot easier then breaking into your protected smartphone.
In conclusion yes, I'm sure paper money and coins will disappear with time and, as much as I like this hobby, I have no problem with it.
I collect and deal in ancient Roman coin. In case you're looking for affordable ancient coins or need any help with the coins you already have send me a message.
I still enjoy sifting through my change, I'm not seeing a future where I own a smartphone, and I don't need my bank to know what I buy and where I go out, so as long as they'll mint them I'll use them. I'm not very hopeful it'll last long because there is a, to put it mildly, strong pressure from those who want a piece of every monetary transaction made every day.
I agree that commemoratives will outlive circulating coins by a long margin, though, because that brings money.
New Zealand has a mainly electronic pay system. People hardly even use banknotes, let alone coins. I usually get funny looks from the retailers if I try to pay with cash since most people pay with eft-pos or with their phones. The only thing that coins really get used for is to toss into the cans of charity collectors on the street or to pay for parking.
"The vast majority of USD, Euro, Yen and Yuan only exist online now, and the physical money & coins are something that both governments and the users want to do away with but has been technically impossible to do so until now."
Quote: "SteveV"You may find this interesting ....
https://www.quora.com/Will-paper-money-and-coins-ever-become-obsolete
excerpt:
"The vast majority of USD, Euro, Yen and Yuan only exist online now, and the physical money & coins are something that both governments and the users want to do away with but has been technically impossible to do so until now."
Also interesting is the fact that the guy who wrote that is CEO of a company that's involved with bitcoin. Also, on the same page other people replied the opposite.
