A cashless society is a wet dream for some, a nirvana for others, and hell in a mall for retailers unable to collect payment for goods. The latter is what happened to ANZ and Westpac customers this boxing day where EFTPOS systems failed, leaving businesses to ask customers to pay in cash. For busy shops during boxing day being unable to process payments by card is a nightmare. This type of system wide failure puts a stake in the idea of a cashless society. In order to go fully cashless the credit systems backing payments for retailers must be robust enough to survive this kind of scenario. Which, with the state of today's technology, looks likely to happen any time soon.
(Score: 1) by anubi on Thursday December 27 2018, @05:00AM
We are just setting ourselves up for economic paralysis should we find ourselves in a disaster. To me, this makes about as much sense as surrendering my kidneys because some businessman offers me a lifetime* agreement# for dialysis.
* exclusions and other terms and conditions apply. Cost of transfer not included. Limit of three hand skakes with the suit-guy. You agree to arbitration when you discover what you gave up.
# We can change the terms and conditions at any time. We are a business. You are not. Your acceptance of this offer grants us the rights to screw you any way we see fit.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]