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posted by mrpg on Saturday July 21 2018, @08:25AM   Printer-friendly
from the be-evil dept.

Submitted via IRC for AndyTheAbsurd

All over the western world banks are shutting down cash machines and branches. They are trying to push you into using their digital payments and digital banking infrastructure. Just like Google wants everyone to access and navigate the broader internet via its privately controlled search portal, so financial institutions want everyone to access and navigate the broader economy through their systems.

Another aim is to cut costs in order to boost profits. Branches require staff. Replacing them with standardised self-service apps allows the senior managers of financial institutions to directly control and monitor interactions with customers.

Banks, of course, tell us a different story about why they do this. I recently got a letter from my bank telling me that they are shutting down local branches because "customers are turning to digital", and they are thus "responding to changing customer preferences". I am one of the customers they are referring to, but I never asked them to shut down the branches.

Source: The cashless society is a con – and big finance is behind it


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  • (Score: 0, Interesting) by Anonymous Coward on Saturday July 21 2018, @08:50AM (2 children)

    by Anonymous Coward on Saturday July 21 2018, @08:50AM (#710326)

    The state should give them free eMoney terminals to accept donations of 29cents through credit card.

    PS: aiming for a +1 Not Funny ...

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  • (Score: 3, Insightful) by qzm on Saturday July 21 2018, @09:50AM (1 child)

    by qzm (3260) on Saturday July 21 2018, @09:50AM (#710335)

    In London they are already proudly testing this (and as they often do, making a mess of it) .
    In China, beggars with wechat payment stickers have been common for a few years.
    Or to you mean in that tech backwater of America?

    • (Score: 1, Informative) by Anonymous Coward on Saturday July 21 2018, @12:34PM

      by Anonymous Coward on Saturday July 21 2018, @12:34PM (#710392)

      If more than 1/100,000 Americans would trust a bum with their credit card info, I'd be very surprised. It would have to be cards, because absolutely NOONE uses their phone as a payment device. We're not technologically backwards, we're just not down with the get down, unless we're the ones getting down. Everyone except hipsters loves cash anyway.