Thread: Plastic money, should nations issue credit cards that are used as cash?

the cost of printing money and minting coins is astronomical. would it be a better idea for a nation to issue credit type cards that would be linked to banks and these would be used in place of handing out cash and getting change. they would work like a credit or debit card. there would be no more actual currency. it seems to make a lot of sense and be cast effective.

comments.

Originally Posted by AgentM

I wouldn't be against it. There would have to be tougher security measures put in place though, and federal laws to force companies to have a card machine (obviously). Cash could go obsolete eventually, but it's gonna take a while longer.

it would have to be cheaper to operate a system like that. just a card. no passing of money. nothing. there would have to be some sort of ID system of course and a way to validate the owner but it makes sense as things are today.

Originally Posted by AgentM

Yeah, modern debit card machines can put cash back into your account now as well as take it out. Everyone would have to have their own individual card readers too, for personal transactions, or they could use an online system I suppose.

There would certainly be a way to get that done. it would play hell with coin collectors though. they would be so pissed.

Originally Posted by AgentM

Yeah, muffins probably doesn't like this idea either. You can never please everyone though.

they could sell uncirculated credit cards at the end of the year to the collectors.

I assume you guys are referring to a card that is not linked to a personal bank account because a Cash Card is already available i.e. one that allows electronic access to your bank a/c.

Unless you think it's a matter of Civil Liberties - having to have a bank account. LOL Now I want to ask: what are you buying that you don't want to show on your bank statement? :O

Go to NZ. It's the closest I've ever seen to a cashless society. You can buy something for 50c with their stunning EFTPOS system (electronic funds transfer at point of sale.) Practically every business accepts this form of payment - I believe they have 1 terminal for every 50 people and they are the biggest users of this method of payment ... in the world.

Of course, if you're spending more than just a few dollars, use your credit card

Originally Posted by katiegrrl0

the cost of printing money and minting coins is astronomical. would it be a better idea for a nation to issue credit type cards that would be linked to banks and these would be used in place of handing out cash and getting change. they would work like a credit or debit card. there would be no more actual currency. it seems to make a lot of sense and be cast effective.

comments.

I like the idea. I rarely use cash anymore. I pretty much charge everything; all the way from milk to utilities to expensive electronics.

Originally Posted by Tuesday

I assume you guys are referring to a card that is not linked to a personal bank account because a Cash Card is already available i.e. one that allows electronic access to your bank a/c.

Unless you think it's a matter of Civil Liberties - having to have a bank account. LOL Now I want to ask: what are you buying that you don't want to show on your bank statement? :O

Go to NZ. It's the closest I've ever seen to a cashless society. You can buy something for 50c with their stunning EFTPOS system (electronic funds transfer at point of sale.) Practically every business accepts this form of payment - I believe they have 1 terminal for every 50 people and they are the biggest users of this method of payment ... in the world.

Of course, if you're spending more than just a few dollars, use your credit card

what we are discussing is a society without cash or currency of any kind. the government would no longer even mint or print any type of currency at all. it would save a lot of money in the long run for this type of system.