interestrateripoff Posted December 12, 2016 Share Posted December 12, 2016 http://www.dailymail.co.uk/news/article-4023468/Guilt-free-tap-pay-cards-fuel-debt-crisis.html Quote Tap and pay plastic cards removing pain and guilt from spending on Christmas Process of taking real notes out of a purse or wallet acts as brake on spending Experts at London Business School warn it's threatening ‘dangerous’ debt storm You can see why they want to move to a cashless society as people clearly lose all concept of money! Quote Link to comment Share on other sites More sharing options...
One-percent Posted December 12, 2016 Share Posted December 12, 2016 Ironically, it isn't real, just like the folding stuff in you purse Quote Link to comment Share on other sites More sharing options...
billybong Posted December 12, 2016 Share Posted December 12, 2016 Compo in the pipeline. They weren't told it was real money. Quote Link to comment Share on other sites More sharing options...
billybong Posted December 12, 2016 Share Posted December 12, 2016 Quote Experts at London Business School warn it's threatening ‘dangerous’ debt storm Isn't that what TPTB want. Quote Link to comment Share on other sites More sharing options...
blackhole Posted December 12, 2016 Share Posted December 12, 2016 (edited) Nothing to do with the oodles of 20+ months (or occasionally 30+ months) one off small fee % balance transfer credit cards, no? Edited December 12, 2016 by blackhole Quote Link to comment Share on other sites More sharing options...
doomed Posted December 12, 2016 Share Posted December 12, 2016 Surely anybody that can not figure out that tapping their card at a till and getting something in return is spending money shouldn't be allowed any in the first place. Quote Link to comment Share on other sites More sharing options...
Wayward Posted December 12, 2016 Share Posted December 12, 2016 when I go overseas I spend foreign currency more readily...doesn't seem like real money. Well that and you get value...which is a novelty... Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted December 12, 2016 Share Posted December 12, 2016 How are they any different to credit cards, which divorced people from the reality of paying for things years ago. Quote Link to comment Share on other sites More sharing options...
maverick73 Posted December 12, 2016 Share Posted December 12, 2016 We're more conscious of spending money, when we physically hold it; feel it, against the value of the purchase. The notion of cards creates a non-connection between affordability and desires. Quote Link to comment Share on other sites More sharing options...
bear.getting.old Posted December 12, 2016 Share Posted December 12, 2016 Governments like it as they can track money movements for tax purposes, thats what its really about. Cash payments they cannot control, black markets etc. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted December 13, 2016 Share Posted December 13, 2016 Whilst I agree that contactless makes spending somewhat easier, I don't see a huge difference between having a normal and a contactless card. And do you really believe every DM ******** statistic? Some £2billion was spent on contactless cards on Black Friday – half in the High Street and half online. This was up by 13per cent on last year While this may be true, what exactly is the relevance of contactless for the online shopping? Contactless feature isn't even used when shopping online! Also, contactless transactions are limited to £30. Surely, the majority of the £1billion spent on high street was in larger (above £30 and therefore non-contactless) transactions?!! Do not believe everything DM prints! Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted December 13, 2016 Share Posted December 13, 2016 I guess the point is that we are not very rational beings. On one level, if the magic card keeps allowing us fill up on goodies then our monkey brain is very happy. Retailers know this and this is why they want to reduce the friction and pain of payment as much as possible. Amazon do it through one click, offline retailers like contactless. Their ideal is no doubt Amazon's new store where you simply turn up, grab stuff off the shelf and are charged as you leave. Apply that to all kinds of experiences e.g. automatic charging when you enter a nightclub, cinema etc - and you can see the potential. A whole new bunch of stuff can be charged for too. Tap the sales assistant in your local hifi shop for their expertise before buying from Amazon more cheaply? You'll be charged for each minute you spend with the sales assistant (discounted if you actually buy). We'll simply walk around being charged for stuff all of the time - and likely semi-unknowingly. It's a retailer's wet dream - the weaponisation of payment. Personally, I'm very frugal and appreciate contactless - but I can envisage the potential for trouble with my younger self. Imagine making the transition from teenager to adult nowadays. You've never known anything different, and if you are financially illiterate as most of the population are, you are completely and utterly fooked! Quote Link to comment Share on other sites More sharing options...
MrPin Posted December 13, 2016 Share Posted December 13, 2016 Cash-only Pin here doesn't like contactless payments. You can't see the money go. Especially for trivial purchases, like cups of coffee. Quote Link to comment Share on other sites More sharing options...
spyguy Posted December 13, 2016 Share Posted December 13, 2016 I draw money out and then spend it. I nfact, I draw out 150/20 a week for my personal spending for a week or so. Thats way, when its gone, its gone, and I stop spending. Its adds an extra step or hurdle to the process. Keeps a bit of a connection. Quote Link to comment Share on other sites More sharing options...
winkie Posted December 13, 2016 Share Posted December 13, 2016 Withdraw in cash an amount for small incidentals each week, when it is gone it is gone.....will not be withdrawing extra now that inflation is extra, just buy less.......I think for me it is easier to see what has been spent and what is left when can visibly see a sum of money and can fit that sum into number of days left to spend it, anything left can be rolled over........I suppose bit like in days gone past when people used to put their cash into different jars to cover for different bills and outgoings......no intention in using swipe system as my maths is not good enough to keep a tag. Quote Link to comment Share on other sites More sharing options...
longtomsilver Posted December 13, 2016 Share Posted December 13, 2016 I always take cash out, especially on a night out... might be £20-30 and when it's gone, it's gone. I can see how easy it'd be to go 50% over without realising using the contactless method. A mate and myself at the NEC motorbike show, he was using contactless buying all sorts of silly non-essentials - leather nourisher from a DOSB (?deluded old...) £25 who demonstrated the effectiveness of the product and IMO did a no better job at it than water or soap/water. Soldering wire from a Swedish gentleman £40 for 2metre. I added up the cost of his visit in my head and asked him how much he thought he'd spent and it was £80-90 (excluding entry). Actually it was closer to £120. He was terrible with money in the past and racked up £20,000 on credit cards, stressed him out loads until I told him that it's not real, numbers on a screen or statement and just don't pay then in six years the problem would just go away. He did that not once but twice. Quote Link to comment Share on other sites More sharing options...
Riedquat Posted December 13, 2016 Share Posted December 13, 2016 Good for the economy innit Quote Link to comment Share on other sites More sharing options...
Errol Posted December 13, 2016 Share Posted December 13, 2016 (edited) The aim has been to progressively disassociate people from physical money. Our social engineers in chief understand that physical money acts as a natural bar on spending - people are far more considered and cautious about parting with it. Whereas with a card or electronic 'money', it often doesn't even feel real. It's like you've spent nothing at all. Edited December 13, 2016 by Errol Quote Link to comment Share on other sites More sharing options...
Errol Posted December 13, 2016 Share Posted December 13, 2016 13 hours ago, doomed said: Surely anybody that can not figure out that tapping their card at a till and getting something in return is spending money shouldn't be allowed any in the first place. Average I.Q is under 100. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted December 13, 2016 Share Posted December 13, 2016 13 hours ago, doomed said: Surely anybody that can not figure out that tapping their card at a till and getting something in return is spending money shouldn't be allowed any in the first place. Everyone can do stupid things, however clever they are - Issac Newton lost money in the South Sea bubble. Quote Link to comment Share on other sites More sharing options...
Riedquat Posted December 13, 2016 Share Posted December 13, 2016 39 minutes ago, Errol said: Average I.Q is under 100. Isn't the average IQ 100 by definition? Quote Link to comment Share on other sites More sharing options...
Errol Posted December 13, 2016 Share Posted December 13, 2016 Well I think between 90 and 110 is considered average. Quote Link to comment Share on other sites More sharing options...
Guest Posted December 13, 2016 Share Posted December 13, 2016 (edited) Banks and merchants accept your transaction without any human input and assume your consent. If something has gone wrong and you've been mischarged or double charged, you have to extend a lot of effort to fix it. You can't just click a button to report a problem and have it dealt with. You have to phone them and be put on hold. Edited December 13, 2016 by phantominvestor Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted December 13, 2016 Share Posted December 13, 2016 (edited) I'll bet if you looked into how IQs have changed over the last few decades, you'll find that like everything else they've suffered from inflation. A 100 IQ score today probably wouldn't get you as much actual intelligence as 100 points would have 10 or 20 years ago .... Edited December 13, 2016 by Sour Mash Quote Link to comment Share on other sites More sharing options...
regprentice Posted December 13, 2016 Share Posted December 13, 2016 Notice for the first time today that my bank don't include contactless payments in my cleared/uncleared balance on my online statement, they just suddenly come off 2/3/4 days later. No idea why. While i dont believe contactless payment isnt 'real money' i'm having an interesting experience piecing together my works christmas night out from the contactless payments randomly coming off my statement yesterday and today. No idea if there is more to come off tomorrow. Quote Link to comment Share on other sites More sharing options...
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