Look what big private companies did with our data, what will happen when they have all your purchase history and when your daily life depends on them approving your transactions? It's too much power. Look at the many horror stories of people getting their money locked out in Paypal.
If the majority of payements are done via mobile (like in China), getting locked out of it arbitrarly via some random fraud detection algorithm means becoming a second class citizen. Try getting around without it in China, it's a pain in the butt
The cash is not placed with the mobile payment provider. Your bank card(s) are linked. Making a mobile payment prompts you enter the password setup for bank-to-mobile payment.
You can pre-deposit money onto you mobile wallet. The same prompt pops-up, but with your mobile avatar instead of the bank logo. That's the UX done simply. Personally, I keep an air-gap of sorts, linking mobile payment to an account I know only has 2000 Yuan or less on it.
There are several methods of payment, most that I don't like, in terms of information being spread.
You can 'scan them'. There's a static QR code printed and laminated, that gets scanned. Funds a transferred.
There are a few plays on this where a static QR code from a 3rd party provider has a click-through app to gather identity information. You pay the same price, they learn a little about your payment size and time-of-day.
For larger companies, they scan you. This is far more worrying for me. You present your phone's wallet barcode/QR combo (dynamically generated for each time it's opened, one-use) and the store scan that to withdraw funds. Their transactions solutions provider is now matching one's purchases against one's identity. Same is true of Didi (China's Uber). A complete identity is build.
A similar option to the above is restaurants. Each table has an individual QR code to scan. Sit down, scan, read the menu, select what you want, the food is served to your table a few minutes later. That's not a restaurant experience for me, with waiting staff simply being a dish carrier.
So I pay with cash. Anywhere other than mass-information-harvesters are happy to take it still, and the prices are the same.
I feel the fake Uber v Didi taxi war where only mobile payment was acceptable was a big, and orchestrated [read: funded] play by mobile payment providers (fare discounts could reach 50%+ vs taxi) to ensure critical momentum.
But if the bank locks me out of my account I also can't get cash, even if I could buy stuff with it.
B. This source also states that the GDPR prevents data harvesting without consent, which it mentions continuously throughout this article.
A larger Internet outage is a concerning scenario though.
It will only work if it uses direct bank transfers, in which case an outage at your bank or in clearing houses (which is no less likely than an outage at a large payment provider) would take out both debit cards, Swish, and any other means of transfer.
(Note for outsiders: MasterCard Debit is the most common card in Sweden from what I recall)
If the payment networks all go down, I imagine you'd also have trouble withdrawing cash from an ATM too. What's the alternative? Cash under your mattress for a rainy day? Do you think the value of cash would be stable enough to be useful in this solar flare scenario? I think we'll have bigger issues...
It doesn't even have to be a total credit card blackout, like it has happened a few times in Denmark in recent years. It can be minor fuckups, like your bank accidentally cancelling your card, or shutting it down due to something they consider fradulent activity.
I have seen at least 2 total payment blackouts in the past few years here in Denmark (a virtually cashless society, with very strict laws limiting cash use), have 12 credit cards at home from back when my bank thought I wanted a new one every month (with each sent card cancelling my current one, without notice, before I got the replacement), and friends have had their card cancelled without notice due to undescribed "potentially fradulent activity". It of course takes weeks to get a new one, and during this period you cannot even use an ATM.
All of these are simple errors that will happen again, and again, and again. They shouldn't leave you unable to make trades from your own wealth. You shouldn't rely on others to be able to manage what you own.
Cash isn't inconvenient with electronic cash counting registers. It's fast, simple, and it works regardless of external factors. Oh, and fewer people tracing your every step in this world is nice.
Withdrawing it from a bank branch.
If you need to withdraw or deposit cash, that's done in ATMs, the branch generally has one, but if the card services are down then the ATM will be as well.
This is extra amusing because there was a major outage this year in the card payment infrastructure of the Netherlands. It's possible you missed it, but only if you didn't try to pay anywhere.
It is also a bit similar for expats who, under certain conditions, can't apply for a Swedish person number (think SSN) and thus get a fully activated bank account. No bank account? Good luck doing anything!
I’ve paid with cash in many smaller shops and received handwritten receipts, one time after the receipt printer malfunctioned.
In addition, handling cash in foreign countries is a huge hassle bebause you oftwn spend quite a lot so then you feel like a moving target for robbers. I never felt more unsafe than when I was with Colombia with 1000$ in cash to pay a big transaction. I had cash in sweden only once in my life and it got stolen in a commuter train. Never again!
The problem with Sweden and SSN is not really cash but everything else (privacy, accessibility, discrimination, administrative hassle, online accounts...).
For tourists and Visa/MasterCard paying with a card is usually cheaper than withdrawing foreign cash at ATM.
With ATM you are slapped with a foreign withdrawal fee and you usually get worse exchange rate.
In general, the hierarchy of fees is no-fee CC < regular CC < ATM withdrawal < exchange cash at destination < exchange cash somewhere else.
She will come back with her 5 francs still tucked in her pocket, because it's Sweden. So you will be all set to send her again to the baker whenever you feel like.
That's how we pay for veggies from farmers. I just fetch 'em at the end of my commute
... which is kind of odd...
What happened in Puerto Rico and in New Orleans?
No electricity = no money.
First thing that popped up: https://www.businessinsider.com/credit-cards-sell-purchase-d...
So, we know they sell anonymized data. We don't know if its easily de-anonymizable because that takes some studying, and we don't know what else they are selling they don't tell you about.
It's not that I prefer cash, it's that I don't see involving 100s or even 1000s of third parties in all of my transactions as an 'improvement'.
Myself, I last used a banknote... at least over a year ago. I think I did use some coins (which luckily I still had in the glovebox of my car) in an old-fashioned parking machine recently.
I use cash nearly every day and I see plenty of transactions in cash around me. It's still alive and well.
Do you live in a city?
Where I am, a town is pretty much anything over 5K people. We jokingly call the nearest large village with 2K people a 'town' too.
And I live in the proper countryside. I don't think that a is relevant factor.
I increasingly use swish in shops too. Just recently Swish QR codes have been plastered to tills everywhere. Its already ubiquitous.
Cash is a major innovation in evolution of societies and not for some weak-minded progress-cosplaying idiots to abolish it in order to be popular an re-elected.
Let them visit some overpopulated asian country to see why cash is absolutely essential.
Also look no farther than bitcoin - anything which disrupts or even increase transaction time will be a disaster.
In all kinds of countries the chance of demonetization is something like 5% per year i.e. on average every couple decades you have some sort of currency reform where everyone will have some issues with cash, I've lived through three such occurrences myself; and if you don't live in a place with really shitty infrastructure then the risk of your area (as opposed to some rural place where breakdowns affect a tiny number of people) having a total internet breakdown that's not resolved quickly is much lower than 5% per year.
I have many relatives in India. They all complained about this:
Provide some links or describe what happened and then we can have a discussion.