More players roll out mobile and e-mail payment systems
When it comes to paying and getting paid, cash is no longer king.
More and more Canadians are adopting a digital currency, using a computer or mobile phone to pay for tickets or parking as well as person-to-person transactions like splitting a restaurant bill or sharing costs, says PayPal, the leading online payment service.
And business is booming.
The majority of us (62 per cent) are regularly transferring money online using our computer – whether it’s through PayPal, newcomers like Popmoney and Venmo, or through our bank account using the Interac network.
According to PayPal’s research, 33 per cent of those who also put their mobile phone to use this way say their use has increased steadily in recent years, and 20 per cent say, if they could, they would use it to pay for everyday purchases like their morning coffee or lunch.
If you're planning on attending a Facebook event, for instance, and you need to collect money from guests or pay off the organizer, you can use the Square Up with PayPal app to settle accounts.
But, if Visa has its way, all this may change. Later this year, Visa customers will be able to send money to any other Visa cardholder, regardless of where they bank or live as long as you have the recipient's 16-digit account number, cell number, or e-mail address.
Either the cash just shows up in the account linked to the recipients' card or the recipient gets a notice to OK the transfer.
I don’t know though. That’s a lot of info to share with the gang at the office. Things might work better if I could give them a number that only works to accept money, not to charge it.
But we’ll see.
Are you a PayPal addict? Would you switch to a credit-card-based system if available? Or is it cash all the way for you?
By Gordon Powers, MSN Money
Posted by: Chip | Mar 24, 2021 11:06:58 AM
Here we go again with the convenience factor. Next thing you know... someone's financial security or personal information will become compromised and the whining and teeth-grinding will begin. And of course, someone will complain about some kiind of fee and how the government should regulate that. Aiiiii caramba.
Posted by: don | Mar 24, 2021 12:00:57 PM
Yup....fees fees and more fees. I know of some places who dont want to take cash anymore.
They did not want it but took it when I told them they could cancel my order if they did not want to take my payment.
Posted by: binder dundat | Mar 24, 2021 12:19:06 PM
if cash goes out we are doomed, this fiat/digital currency is already being maipulated to the hilt by these banks/governments, just wait till its 100% it..government and banks will have a field day with it.
Posted by: Lisa | Mar 25, 2021 12:54:34 AM
I've been making a point to pay in cash at each transaction because of all this sort of thing. My jaw dropped when I read the post about certain places NOT taking cash anymore - what?? Honestly, I just dread using any credit card now because they always ask me for ID, or I need to punch in some code that I cant remember or they're telling me to match my signature closer to the one on my credit card...such a hassle!!
Posted by: Troy | Mar 25, 2021 6:40:22 AM
When cash goes, so does freedom. Immagine having your hard earned money taxed even more? Auto taxed. Scary to think that we could all be shut off financialy by the push of a button.
Posted by: Rico | Mar 25, 2021 7:35:28 AM
Lisa: It's against cards' merchant policy for a merchant to force you to show ID to complete a transaction. Next time a merchant asks you, tell them this so you can laugh at how confused they are by your objection. Ok, so technically they can't do it, but I'll tell you that you'll also get no support from cards in enforcing their own rules.
Posted by: JS | Mar 25, 2021 7:38:17 AM
Is it a surprise that this study was conducted by payPal? Of course they're gonna say that what research says, because they're paying the reaserchers to manipulate the data in their favor. People need to tell their families and friends not to fall for this because like the other guy said, at the end you will lose you freedom and privacy.
I'm in my 20's but I pay almost everything in cash. Hopefully, other young people follow suit and don't get brainwashed into thinking like everyone else.
Posted by: BillyBoy | Mar 29, 2021 2:06:53 PM
Just more propaganda from the NWO to get people to accept digital money.
Cash is your last bastion of freedom. Take half of ALL OF YOUR MONEY out of the banking system and insisit on paying cash for EVERYTHING and always shop local.