I do not like the "going cashless movement"
By scheng1
@scheng1 (24650)
Singapore
April 16, 2017 10:15pm CST
There are banks and companies encouraging us to go cashless.
The government is also promoting payment via smartphone or Visa Paywave or any other cashless methods.
Personally I think that is going too far.
Before they teach the people to adopt cashless payments, they should have taught more about saving and compounding, and make sure that the people are responsible for their personal finance.
The problem is that the cashless movement will encourage out-of-control spending.
When you pay via smartphone through various apps, and through credit card and direct debiting for regular bill payment, it is so easy to lose track of spending.
12 people like this
16 responses
@definitelynotaziz (262)
• Nanjing, China
17 Apr 17
I like to keep some cash in my wallet, but I think that paying through my mobile phones is really convenient. It's true that I do tend to spend a lot more through online payment, but I think it has a lot more positives than negatives. Like the fact that I don't have to deal with coin change when paying through my phone. 
4 people like this
@scheng1 (24650)
• Singapore
17 Apr 17
I think if you have to pay for 3 meals every day with phone, sooner or later you will lose track of your expenses.
It is in the small spending that government wants to curb the usage of cash.
Imagine going to McDonald's, get a sundae and pay with phone.
After that, go to have a prata and pay with phone.
Hard to keep a budget in this way.
@Porcospino (31366)
• Denmark
17 Apr 17
When you use cash is is easier to keep track of the money that you spend, and many people spend too much they use credit cards or apps. I have credit cards, but I don't support the people from my country who want to abolish cash completely. The way it is now they haven't abolished cash, but in some situations you have to pay a large fee if you use cash instead of apps/online banking.
3 people like this
@scheng1 (24650)
• Singapore
17 Apr 17
I think my country is not likely to end up completely cashless.
We have too many transit tourists. Transit tourists are not likely to use credit card or app to pay for all of their expenses.
They are likely to change enough cash to last them for 24 hours or 36 hours in the country.
Over here, there are always long queue at ATM machines.
I tend to withdraw cash every week for food, transport and beverages, and then use credit card for grocery shopping.
All my bills are on direct debiting.
1 person likes this
@Porcospino (31366)
• Denmark
17 Apr 17
@scheng1 I wonder what the tourists in my country would do if they abolish cash. Some of them have credit cards, but not all of them and they don't use the apps. Like you I withdraw cash, but I also use my credit cards in some situations.I think it is much easier to keep track of the money that I spend when I use cash.
1 person likes this
@scheng1 (24650)
• Singapore
18 Apr 17
@Porcospino I wonder about the same thing.
When we go to another country, we are more likely to use cash than credit card for security reason.
I definitely do not want to use credit card for payment of a can drink if I just transit there for 10 hours. I rather change a small amount of money, use for meals, and some little souvenir
@minx267 (15527)
• Hartford, Connecticut
17 Apr 17
I have been using this method mostly for years now. I Kinda like it. I actually think I spend less..
Because when I carried cash it seemed to go faster. I would break a big bill and then the rest would disappear fast on item.
Now I just buy what I need. And I don't have money disappearing out of my wallet.
I think I spend less.
I see where someone who spends crazy money might get out of hand - but you have to always be aware of what you have in your account.
I like not having to carry around all that change too. And when people ask me to borrow money... OOPS sorry, I don't carry money around with me!
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
@minx267 Sometimes when I want to buy a single item, I will just take the exact amount so that there is no temptation to buy more items.
There is a convenience store just below my apartment. It is literally just a ride down the elevator, and then just 20 steps into the shop.
I normally just buy bread.
1 person likes this
@allknowing (130067)
• India
18 Apr 17
India is also trying to go cashless which as you say may not work specially with seniors who have to get their purchasing done through others and there one needs to use their personal information.
1 person likes this
@scheng1 (24650)
• Singapore
18 Apr 17
Yes, I read about the cashless initiative.
I think that is really stupid. They spend so much on the infrastructure and technology when the people are not ready for it.
Much better to have cash to everyone or use the money to set up kitchens to cook for the homeless and the poor.
1 person likes this
@allknowing (130067)
• India
18 Apr 17
@scheng1 All this will settle down when they realise it will not work.
1 person likes this
@scheng1 (24650)
• Singapore
18 Apr 17
@allknowing By then a lot of money would have spent on technology.
Such a waste,
1 person likes this
@ms1864 (6886)
• Bangalore, India
17 Apr 17
Personally, I always liked the physical cash forms ....so i can see the money go ...it does control the spending.
But I have been using cashless system more in the past few months....it is convenient...but i would still like the physical forms of money for the smaller transactions.
2 people like this
@scheng1 (24650)
• Singapore
17 Apr 17
Yes, I like to use cash for small transactions too.
If I were to buy a plate of prata and a cup of tea for lunch, I will be paying cash.
The government is encouraging cashless for even small expenses, such as paying for food.
I think that is not a good idea.
Losing control of expenses is a sure way to get into financial problem.
1 person likes this
@diosabella (4789)
•
17 Apr 17
I use cashless payments but they were all planned. I don't like uncontrollable spending and the thought of zeroing my account is scary even in an accidental shopping. And also security reasons.
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
Same thought. I use credit card to pay for weekly grocery, but I use cash for all other small expenses.
I sure hate to see the small expenses running out of control.
If I have to use cashless payment for a cup of coffee or tea or a meal, I will soon lose track of my budget for food.
1 person likes this
@diosabella (4789)
•
17 Apr 17
@scheng1 I usually use cashless payment for paying bigger things because I don't want to carry too many cash in my wallet. I pay for food and smaller expenses using cash. Of course when I'm doing a lot of shopping I still want cash because if I see something not on my list and buy it, later on I will regret the purchase. 
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
@diosabella If I have to do a lot of shopping, i will definite have a list.
i will not overspend when I have to spend "big" money as opposed to "small" money.
It is more painful to spend "big" money because that will eat into my investment budget.
1 person likes this
@youless (112100)
• Guangzhou, China
18 Apr 17
We don't have such kind of movement here but it seems it has become a trend. As Wechat and Alipay and other smartphone payment are popular, it is alright to go out without cash. It is fine as long as you have your smartphone. Even a street vendor can accept Wechat payment. However, I still prefer to use credit card payment most of the time. As I think my bank will give me better promotion or rewards if I use its credit card.
1 person likes this
@scheng1 (24650)
• Singapore
18 Apr 17
@Nawsheen I bet all of you working in the credit control department have good money management skills.
Since you have known of many who are badly in debt, the last thing you want is to be in their situation.
Sometimes I do not know whether to pity them or to blame them.
Nobody forces them to spend, and yet they can spend money that they have not earned yet.
1 person likes this
@marguicha (215133)
• Chile
17 Apr 17
I use very little cash (I agree with you that Banks promote that), but I pay all my credit card debt each month.
1 person likes this
@marguicha (215133)
• Chile
17 Apr 17
@scheng1 Older people are getting in debt too. The credit card is very dangerous.
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
Even if the infrastructure is there, and there is no cyber security problem, going cashless is still not good.
It means that many people will overspend, because keeping to a budget is harder when you use your phone or a credit card.
imagine you buy a cup of tea and you pay with your phone. After that, you buy a bag of oranges, and pay with your phone.
how are you going to budget if everything is paid by phone?
If we use cash, we just stop buying when we run out of cash.
@scheng1 (24650)
• Singapore
17 Apr 17
My goodness, that must be a very painful experience for you.
A while ago, a newspaper reporter shared his experience with using smartphone to pay for this or that. He said that he like the experience until he lost his smartphone.
Then it was a hassle to call so many parties to report it, and to cancel the auto-deduction arrangement.
I think he had to change his credit card too, since it was linked to all those smartphone apps.
@ilocosboy (45157)
• Philippines
17 Apr 17
Sometimes it's convenient to be cashless though sometimes there is also disadvantages
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
if I were to go supermarket to buy household products, I will go cashless.
But when I buy lunch or coffee or bread, I still want to use cash.
It is too risky to go cashless since we will likely spend more, and lose control.
All the small expenses are the ones that can get us into trouble.
@ilocosboy (45157)
• Philippines
17 Apr 17
@scheng1 that's true which I also prefer to use in small transactions
1 person likes this
@atoz1to10 (6781)
• Australia
17 Apr 17
Is this why a lot of young people these days don't have any saving for their future/old days?
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
Probably. We can blame the government for it.
They cut away the old reliable 2G, and they encourage everyone to use smartphone, and download this app or that app.
I think sooner or later they will regret, and they will have to look into the budget to finance the retirement of those who are old and penniless.
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
@atoz1to10 If they start to see that the population does not save enough, they will think about raising tax to subsidy the retirees.
it always boils down to taxation.
1 person likes this
@atoz1to10 (6781)
• Australia
17 Apr 17
@scheng1 but every time they regret of their idea they start coming up with another new idea...
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 17
Yes, we often forget about the small expenses.
A meal that cost $4 is very different from a meal that cost $7 from the perspective of using cash.
But when we pay by smartphone app, we do not feel the difference.
At the end of the week, we will wonder why our expenses increase by 60%.
@scheng1 (24650)
• Singapore
17 Apr 17
Yes, I hate those calls too.
I get all kinds of calls for credit card, personal loan, insurance, and other services that I do not need.
The problem with this cashless movement is that it is a government initiative.
I really think it is too much to ask for.
If the whole nation goes on cashless payment method, there will be a lot more people going into debt.
