Apple's Boss: The End Of Cash

[vt]

http://www.telegraph.co.uk/news/shop...-money-is.html

[Mega]

Re: Apple's Boss: The End Of Cash

Well he would say that, wouldn't he !!!!!!!!!!!!!!!!!
Mike

[shiny!]

Re: Apple's Boss: The End Of Cash

He might be right. Most people younger than 50 don't recognize silver coins or understand their value today. That's a fairly big loss of knowledge that happened within a generation.

I went to a drive-through restaurant not long ago. The young cashier gave me a silver dollar in change. I asked her if she had any more. She said she had given them out as change.

[Adeptus]

Re: Apple's Boss: The End Of Cash

The actual title on that article is pretty funny... "Apple boss: Next generation of children 'will not know what money is' "

I'm pretty sure today's generation already doesn't know what money is.

[dcarrigg]

Re: Apple's Boss: The End Of Cash

People aren't switching to cash because it's an inconvenient payment method.

Largely they're switching for 3 reasons:
1) They're dirt broke and debt-financing their existence on credit cards until the next paycheck.
2) They're churning, and they figured out that if they play their cards right (literally) they'll get 2% cash back on everything they buy on credit.
3) Price-protection, insurance, and other bundled product features with credit cards that make them the payment mode of choice for appliances/car rentals/etc.

It's really no more difficult to pull paper out of my pocket than a credit card, and either is still a bit easier than trying to use a smartphone for it...at least for me.

The dirt-broke issue is probably the primary driver. No way around that, except to have higher savings rates to shit incentives, even then maybe not...

The churning thing is financed off the backs of cash purchasers paying too much to cover the bank fees and kickbacks for card users. Gas stations already often offer 2 prices--a higher one for credit and a lower one for cash. So does my mechanic and the local university when they want tuition. More places might fight back and start doing that as cash sales dwindle. This population won't get away with it forever.

The price-protection, bundle issue is just another incentive. It's hard to lose.

But I fail to see how this would people from every having/carrying cash.

[jk]

Re: Apple's Boss: The End Of Cash

so let's see, phone call records, location records from smartphones, a record of every financial transaction. anything else?