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More people are using debit cards to buy a pack of gum

Scorpio

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More people are using debit cards to buy a pack of gum

By Maria LaMagna
Published: Mar 23, 2016 8:17 a.m. ET


It’s becoming more common to pay for small purchases with plastic


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What ever happened to good old cash?
When is the last time you used plastic to make a purchase less than $5? For many Americans, it’s becoming more common.

The percentage of cardholders who use debit cards for small purchases hit 27% in 2016, an increase of five percentage points since 2014, according to a new survey of about 600 people with major credit cards from CreditCards.com. Just 11% of cardholders say they use credit cards for those small purchases of less than $5, about the same number who said they did in 2014.


Several experts said the shift is an indication that debit and credit cards are becoming more popular, and cash is a slightly less popular choice for purchases than in the past.

Consumers have begun to think of the payment process not only as a transaction, but as an opportunity to get something back in return, said Swee-may Ngeow, a managing director at Accenture’s Payment Services. That might come in the form of loyalty points or discounts that consumers can’t get with cash. The mentality is, “What’s in it for me?” Ngeow said.

As consumers have shown this preference, retailers have also installed more card readers, including on vending machines, said Kendrick Sands, a consumer finance senior analyst at market-research firm Euromonitor. There are about 8.4 million card terminals in the U.S. in 2016, up from about 7 million five years ago.


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“It’s part of a long-term strategy by the card networks to capture these ‘micro payments,’” he said. “That strategy is centered around increasing access and making (card payments) available.”

And as more locations accept credit and debit cards, more consumers are viewing plastic as a more convenient option than refilling their wallets with cash from an ATM, said Matt Schulz, a senior industry analyst for CreditCards.com.

The preference for credit and debit cards is especially prevalent among millennials CreditCards.com surveyed; 46% said they typically use debit cards for small purchases and 18% said they use credit cards. This is even as news credit of breaches at retailers becomes more common. Security experts usually say credit cards offer more fraud protection than debit cards.

Still, cash isn’t going away any time soon. Almost three quarters of consumers 50 and older in the survey said they still typically use cash for small purchases. What’s more, 60% of credit cardholders still use cash for purchases less than $5, down seven percentage points from the amount of cardholders who used cash in 2014, the CreditCards.com survey also found.

Even though debit and credit cards remain popular, and mobile payments are starting to gain ground (a payment method CreditCards.com left out of its survey), many Americans still like to rely on cash. “A large percentage of the population grew up using cash, and it’s just a habit and gives them a sense of security,” Ngeow said. “It’s what they know, and they know cash works.”

Consumers only expect their use of cash to dip slightly by the end of the decade, according to Accenture’s 2015 survey of 4,000 consumers in North America; they said they used cash for 67% of purchases in 2015, and they still will 58% of the time in 2020.

That may be good news for retailers. Banks charge retailers about 2% for each credit-card transaction and a flat fee of up to 21 cents for debit-card transactions, according to the National Retail Federation.

http://www.marketwatch.com/story/more-people-are-using-debit-cards-to-buy-a-pack-of-gum-2016-03-23
 

the_shootist

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Yep, the march to a cashless society....just like the government wants
 

Ensoniq

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Visa and MasterCard understand consumer behavior, it's their business to know.

It's no secret plastic is far easier to spend than having to peal off and count out actual paper. Psychologically, people spend freer with plastic.
 

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Visa and MasterCard understand consumer behavior, it's their business to know.

It's no secret plastic is far easier to spend than having to peal off and count out actual paper. Psychologically, people spend freer with plastic.

QWAK,If people had to use ounces of SILVER or GOLD most purchases would not happen!:2 thumbs up:

As long as it is SOoooooooooooooooo eazy to spend people spend more than they intend or should!:thumbs down:

the DUCK :winks2:
 

GOLD DUCK

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QWAK,If people had to use ounces of SILVER or GOLD most purchases would not happen!:2 thumbs up:

As long as it is SOoooooooooooooooo eazy to spend people spend more than they intend or should!:thumbs down:

the DUCK :winks2:

QWAK,A free will choice is one thing but manipulation is another!:thumbs down:

Selling ones self in to debt slavery is always a BAD thing!:thumbs down:

the DUCK :winks2:
 

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I saw a teen buy a bottle of water with a debit card. When I mentioned it to the cashier, he said it's pretty common now. The kids get a debit card from mommy and daddy instead of pocket money. The parents put money in the account and can follow what the kids buy and where .. and student accounts don't have any fees. Brilliant marketing ... it trains the kids to never use cash, and they'll never think twice about the bank balance.
 

edsl48

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My checking account will give the equivalent of 2% per annum on my checking account balance up to 25,000 if I make at least 15 debit transactions per month so yes, I sometimes do buy gum on my debit card. 2% is better than I get on a cd there
 

mtnman

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I don't accept plastic in my store. Cash only. Once in a while a person wants to use plastic, I send them down the street to the BP gas station, they have an atm machine. They come back with cash. It does seem like this is happening more, it doesn't phase me though, I still want cash.
 

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Do understand there is a difference between a debit card and a credit card. The transaction costs to the retailer are the same though.
Agreed, and want to add there is a difference whether you have the card to swipe or if they are reading the card over the phone.

It's 3.5% plus 0.15 to run a card without having it in your hand vs, 2.75% if you have the card to run
 

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#12
Cashless World: 1 out of 3 People Never Use Cash


-- Published: Thursday, 1 December 2016

By The Daily Coin
We recently learned how serious these criminals are about stealing the sovereignty of every person on planet earth. Actually, most people are willingly handing over their sovereignty to the banks/government and have no idea what they are actually doing.

When India ban, made illegal, the 500 and 1000 rupee banknote this move effected every 1 out of 7 people on planet earth. That means that every 7th person, anywhere and everywhere, you come in contact with may have been effected by this cash ban.

Our individual sovereignty is tied directly to our ability to move freely about. When every step we make is tracked by the bank/government our soverneigty is gone forever. Freely trading commerce is one of the cornerstones of human sovereignty. Without the ability to conduct business with whom we wish, when we wish we are nothing more than cattle to the overlords of the land.

An expat living in Thailand sent me an email last week, at the height of India blowing apart because the idiotic decision by Prime Minister Modi to eliminate the two most used bank notes in India. The email was to inform me that Thailand would be implementing a new policy in the early part of 2017 to completely eliminate coins from circulation. South Korea has already taken measures to eliminate coins from circulation.

Here is a google translation from the Korean website wikitree.co.kr (once you arrive you will need to translate from Korean language)

From next year, you can get the change of cash that you bought and paid at a convenience store on your transportation card.

In the mid to long term, not only transportation cards but also remittance to credit cards and accounts will be promoted, and the industry will be expanded to retail sector such as marts and pharmacies.

The Bank of Korea announced on the 21st [November] that it will provide a service to charge prepaid transportation cards at convenient stores from the first half of next year (2017) as the first stage of the demonstration project to realize “a society without coins”.

What’s happening in Thailand? Well, the government doesn’t even bother with trying to cover up the “scheme” to move people onto the tax farm – currency enslavement awaits for all that enter the great Bangkok Baht giveaway!!!

According to Bangkok.Coconuts.co (published in July 2016):

“Want to win a million baht? Go for e-payment,” says Thailand’s junta, offering a lucky draw as an incentive to use the new online payment scheme “PromptPay.” The government wants to encourage citizens to use the service for business, in an effort to bring some of the massive informal Thai economy onto the books and boost tax revenues.

As Southeast Asian economies struggle and tax income misses budget targets, Thailand’s finance minister is hopeful that a nationwide e-payment scheme can add tax revenue of THB100 billion a year to the coffers.

Finance Minister Apisak Tantivorawong has estimated the move will save banks and businesses a combined THB75 billion a year, though other policymakers expect it could take some time for businesses to change their habits. Cash and checks now make up 80 percent of transactions.

A coup in May 2014 ended months of political unrest, but the generals have struggled to revive Southeast Asia’s second-largest economy as exports and consumption remain weak.

What about the most populace country on the planet: China? Well, they are, currently, in fourth place in use of digitized currency behind the U.S., Europe and Brazil. While none of these countries have eliminated cash from circulation, the banks/government make is sound “trendy”, convenient and oh so cool to never use cash. Why force a policy change when you can convince the people to hand over their freewill?

Although China still has some way to go before it catches up with countries such as the US and Sweden, the speed at which China has made the shift from cash towards cashless has surprised many. Non-cash payments have been growing by around 40 per cent a year and last year China moved into 4th place in the world for non-cash payments after the US, Europe and Brazil.

There are many reasons for China’s rapid transition away from cash. One is urbanisation, as non-cash payments are becoming both easy and popular. This is especially the case in top-tier cities such as Shanghai, Shenzhen and Beijing where it is both trendy and convenient to pay without using cash.

There is a huge variety of choices when it comes to making cashless payments and China UnionPay has definitely helped to encourage this, particularly in the case of debit cards, which outnumber credit cards in China by 10 to one. China has more than 4 billion cards on issue – almost enough for each adult to have about three each.

Mobile payments have also taken off in China – it has the largest proportion of people in the world using their mobile phones to make payments, online and physically. Source

The purpose of going cashless is not for our “convenience”, it is specifically for the purpose of “saving the banks” and tax collections. Governments and banks could care-less about what is convenient for us. They are only concerned with how much of our wealth they can extract from every person who has any currency.

The population of South Korea is 50.22 million people or said another way about 1/6th the size of the United States. India, on the other hand, is populated by 1.33 BILLION people while there are 7.4 BILLION populating the world. With Thailand making moves to remove cash/coins from the people we need to add their population to the mix as well. With more than 68.22 Million people this brings the number of people that are being forced by their government to use digital currency to a whopping 1.45 BILLION people.

If you add 40% of China’s population of 1.35 BILLION that equates to approximately 540 million people the number of people currently living within a cashless society breaches 2 Billion people or said another way 1 out of every 3.5 people we come into contact with everyday. Every 4th person you greet has nothing to do with cash. This does not take in account the top 3 nations using digitized currency for their transactions. If the U.S., Europe and Brazil were calculated we would be well below 1 out of 3 people never using cash for any transaction.

Some people that are reading this are telling themselves “so what?” those are distant far off lands that have nothing to do with the U.S. and this will never happen here. Well, not so fast.

Larry Summers, who is like an embedded tick at the Treasury Department of the United States, has called for the elimination of the $100 bill. With the elimination of the largest denominated bank note from circulation this would effectively kill the use of cash. Why? Because it would eliminate most of the total cash value from circulation in one-fell-swoop.

With $1.2 trillion in cash in circulation, as of July 2013 (now three year old information), not just in the United States but around the world, removing the $100 bill would deal a serious blow to the cash balance in circulation. Maybe not the amount of pieces of paper, but the cash value removed would be huge. Imagine going to a casino and hitting a blackjack table for $2,000 and the cashier hands you bundles of $50 bills (40) or worse, bundles of $20 bills (100)! $2,000 payout at a casino is not that a big deal. Having to handle the sheer volume of bank notes could potentially be a problem for the person receiving the windfall of paper.

If you have any misguided notion that a cashless society is not coming, just keep telling yourself that every time you use a debit card, credit card or your phone for your next purchase. With the elimination of cash we effectively hand over our individual human sovereignty to the banks and the government.

http://thedailycoin.org/

http://news.goldseek.com/GoldSeek/1480603118.php