this post was submitted on 06 Jul 2023
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The article lost me at fees. I saw a friend from Ireland last summer. They looked at us apps like cash app & zelle like that's cool - but the app we use doesn't charge instant fees and is not traceable.
On the other hand, this could be the death of physical currency in the us?
from what i understand, australia is one of the furthest along this road:
most people i know never carry cash, refuse to go anywhere that’s cash only unless it’s the only option, etc
granted i’m in a younger, technically-competent group, however my experience is that whilst physical currency isn’t dead, tbh i get annoyed at people holding me up fumbling around with it trying to pay: it’s just so rare, it’s almost a novelty at this point
Australian banks are now rolling out PayTo (www.payto.com.au), which is the consumer to business instant payment platform. It will eliminate the need for debit debits and return control back to individuals with respect to recurring payments (e.g. gym memberships, subscriptions, utility bills, etc).
Importantly it will provide a instant payment system for businesses that can bypass credit card fees (perfect for flight bookings, etc).
I doubt it. Cash will still be used.
I met a 25 year old a few months back who used cash. They didn't trust banks and was mad their mom was forced to open a bank account to get paid at work. They were also stuck in an abusive household.
Apparently that's one subset of people who use cash.
And to clarify they had no clue how banks worked at all.