Cash still king for many, despite push for card-only payments ( www.rnz.co.nz )

In a world of Afterpay, tap and go and online shopping, cash is - surprisingly - still king.

Many said they still carry notes and coins in their wallets, and the amount of cash in circulation has almost doubled in the past 10 years.

One person spoken to by RNZ said they carried cash they received in tips from working in a restaurant, while another said her mum often gave her cash.

But a third said it felt "flippant" to carry cash: "I don't really like to keep it because then I tend to spend it and I'm trying to control my spending."

Some said carrying notes and coins was essential in a natural disaster.

"I do love to have cash because I kind of feel secure," one man told First Up.

Xcf456 ,

I don't use a lot of cash, but I like to keep some on me cause it comes in handy every so often.

I am switching back more and more to eftpos over my credit card though, as so many places are either not accepting credit cards and/or contactless, or adding the extra charge that irks me (yes, I do blame the banks/payment providers for that, not the businesses).

Dave OP Mod ,
@Dave@lemmy.nz avatar

Yes same here. I carry cash but not much. And I use EFTPOS anywhere that has a surchage.

Pet peve is that if my card isn't working and I have to swipe, some machines trigger paywave when the card is at the top of the swipe place because it's near the paywave spot.

Xcf456 ,

Oh that's a pain, yeah there's a bit of a mix of places where you have to confirm the surcharge on the machine and others that just have a sign and you get automatically charged for credit/contactless.

It's all a bit of a mess and I can see that could lead some to just go back to cash, although there'll be other reasons I'm sure

dgriffith ,
@dgriffith@aussie.zone avatar

Speaking as someone from the West Island, I've found that tap to pay has made it a lot harder to have a budget for all the little things.

In the Before Times, I'd have $20 or $50 in my wallet. You could see the cash on hand drop off as you bought bits and pieces, and when that ran out it would be a natural pause to think about it while I went and got some more.

Now it's just "Boop Boop Boop" and oh crap I've just spent $95 dollars on sandwiches and iced coffees this week.

Dave OP Mod ,
@Dave@lemmy.nz avatar

It's interesting that some people find that to be the case. Personally I download transactions from my back account at the end of each month and track what money was spent on. Cash is untraced and free to spend!

Also, after some bank greed we now have 2% surcharges at most places for tap to pay (we call it paywave), and credit card transactions in general. Knowing this goes straight to the bank, it's basically "would you like to make a donation to the bank?". No thanks, I'll insert my card and pay that way.

The_Che_Banana ,
@The_Che_Banana@beehaw.org avatar

In the US I was most exclusive debit card for gas and daily expenses, cash for anything else (esp. saving to buy gifts) but moving to EU changed that. Mostly cash, but there has been a change in our business where it used to be about 50/50 and skewed more to cash, after 2 years dealing with covid its about 75/25.

Also wanted to note my name is not Dave.

Dave OP Mod ,
@Dave@lemmy.nz avatar

I guess non-Dave's are acceptable. I'm actually curious that you moved from the US to the EU and are now using more cash. I always think of the EU as being more digital on the finance side, not sure why, I've never been there.

emmanuel_car ,

Depends largely on where you are, but in Germany it’s fairly common to carry and pay by cash, something I’m going to have to get used to since moving from AU.

The_Che_Banana ,
@The_Che_Banana@beehaw.org avatar

It's true we have more options digitally than in the US, but for day to day around town cash is best. Most services (repairs and such) offer the choice: cash, or with invoice and pay 20% tax. Unless you are using the service for your business and can deduct it, your best option is cash because.

Sincerely, Not Dave

Dave OP Mod ,
@Dave@lemmy.nz avatar

Haha oh it's a tax evasion thing, of course it is 😆

The_Che_Banana ,
@The_Che_Banana@beehaw.org avatar

Nonono
not tax evasion...thats illegal
This is pure and simple tax avoidance

It's literally expected and accounted for.

Dave OP Mod ,
@Dave@lemmy.nz avatar

Haha it's a weird structure to incentivise cash. Why tax those transactions at all if people can choose not to be taxed?

The_Che_Banana ,
@The_Che_Banana@beehaw.org avatar

It is strange, there are some operations that have 2 cash registers even. You get awaybwith it until you dont, and if you get caught its a heavy, heavy fine, penalties and interest.

Our accountant actually told us our first year we were reporting too much... but we have to play it as close to legit as possible because we are the ones who are still guests in this country.

Dave OP Mod ,
@Dave@lemmy.nz avatar

Yeah here people get caught because most people are legit and the tax department knows what is a normal amount of cash for specific types of businesses. They can access electronic records, and see the final amount declared, so if it's too different you get audited. Normally it's not enough cash declared, but too much cash might look like money laundering 😆

Dave OP Mod ,
@Dave@lemmy.nz avatar

I carried no cash for years, but more recently I have cash now so I can give some to the kids to go buy stuff.

I know in Wellington the Mojo coffee chain doesn't take cash anymore, which started with the pandemic.

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