I hope they do it!

eCheck directly to their bank account, as easy as having their account and routing number. This can be done from a cell phone!

 

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Just for the record, I'm not a fan of a cashless system, I'm just playing devils advocate.

 

Or the devil

 

Think about all the jobs that disappear. Mint and bureau of engraving and printing workers, bank tellers, CoinStar machines, check cashing services… I’m not sure how you’ll pay your bookie, loan shark, arms dealer or drug dealer though if we went cashless...

 

+1

PayPal bump via iPhone, Andrioid... (others?)

ATM Debit Cards and Credit Cards are already outmoded payment systems. They will be gone quickly enough. No more will banks and credit issuers need to print, distribute cards, offers for them nor the consumer needing to carry one (or ten different ones) let alone keep them secure in their possession. Similar to 'blink' enabled credit cards many now carry, the cards you don't have to swipe to pay, just tap or flash at a reader and never hand over to a cashier, payments can already now and will continue moving more an more towards devices. Your smart phone / hand-held computing devices will be your electronic wallet.

Bank of America and Visa to Test Smartphone-as-Credit-Card System from Fast Company.com

 

Funny the author or anyone in this thread didnt mention the $2 bill. But I guess it would be eliminated too.

 

I guess that would be ok, just as long as it isn't a credit card set-up. I've lived quite nicely without credit cards and plan to do so until I die. I shouldn't have to pay credit companies a fee to use my own money, not to mention I hate owing anyone money.

 

+1

The notion of "credit" might be better eliminated before hard physical coin and paper currencies are.

 

+1 (not to mention when card readers go offline!)
Steve

 

And this whole system would have be required everywhere. You could not just do it in one country without creating a form of financial isolationism in a world market. This compounds the problem considerably. To get agreement on that level seems unlikely.

 

But then I miss out on the fun of getting change back and looking through it for wheaties and silver

 

I like coins, not "cash cards"

 

Way back when, race track cashiers had no trouble paying winners using only dimes and quarters. Got to pay 55c? 1 Quarter and 3 dimes. 80c? 2 quarters and 3 dimes. It can work both ways. Nickels and halves are not needed.

 

Well, I of course wonder how this would affect collecting -- will it cause interest to wane in Lincolns, IHC's or (gulp!) Buffalo nickels?

 

There goes the Saturday night poker game . Everyone would need a debit card reader . I guess they could do it but it would be a pain in the you know where .

 

Probably would heighten the interest in collecting . Every one would want souvenirs of how it used to be .
Rusty

 

The European Union didn't do that when they switched to Euros. They will probably give people a certain time period to cash in their change or they could continue to let it circulate.

 

Halves aren't needed, because you can always use two quarters. But nickels are needed to make change, as long as dimes and quarters both exist.

Sure, you can make 55c or 80c using just dimes and quarters. But you can't make 5c or 15c. So it's possible to have a scenario where there are two amounts you *can* make, but the *difference* between those amounts, you *can't* make. And in such a case, you can't give change for purchases.

If an item costs 85c, the customer *could* pay with three quarters and a dime, and everything would be okay. But *if* the customer paid with a dollar, there wouldn't be any way for the merchant to return the 15c change. The customer is in trouble unless he's got exactly 85c in coins handy.

When the nickel exists, as long as the merchant has a cash register full of coins, change can always be made. But without the nickel, the *customer* has to carry exact change for all transactions. Unless you don't mind potentially being shorted on every transaction, you've got to keep a good supply of dimes and quarters in your pocket at all times.

 

The way around that would be to pay $1.10, and get 25c back.
But yes, the customer cannot have various forms of change available at all times.

 

Fat chance it'll happen, and that thrills me!
I like what we got.