Cash or not to cash - Thailand moving toward "cashless society"

[Jun]

That never really crossed my mind, but I guess the same thing could happen to me one day only the opposite. Where I enjoy a meal at a restaurant thinking they accept cash - only to be told they don't. What in the hell would one do in that type of circumstance...volunteer to wash dishes?

If they don't have really clear warnings that they do not accept cash, that's a problem for them to solve, not the customer.
At least today. In the future, when cashless is standard, of course it would be different.

Today, I wouldn't dream of going anywhere in Thailand without more cash than necessary.

[Gaybutton]

What in the hell would one do in that type of circumstance...volunteer to wash dishes?

Even though you are resistant to it, it wouldn't kill you to use scanner pay that one time and then simply not return to that restaurant, would it? I really find it difficult to understand why you are so paranoid about it.

Perhaps you should simply ask before ordering anything. If you don't like the answer, go elsewhere. If you are that opposed to using scanner pay, even once, then asking before ordering makes the most sense.

And if I were you I would ask every time you go to that restaurant again, or every restaurant you patronize, to make sure there won't be any surprises. Either that or eat at home . . .

[Dodger]

You may not like what you're hearing in Benjamin Hart's video on the topic of "Cashless Thailand" but he makes some very valid points. It's worth listening to:

https://www.google.com/search?q=can+tha ... px5jY,st:0

[Gaybutton]

You may not like what you're hearing in Benjamin Hart's video on the topic of "Cashless Thailand" but he makes some very valid points.

If you want to go by that video, that's your choice. I'll be sticking with scanner pay, like most people are doing. That's my choice.

I hope more board members weigh in on this.

[Jun]

I hope more board members weigh in on this.

Well, I can't stand the idea of watching a 10 minute video when the key points of his argument could probably be summarised in about half a dozen bullet points. A couple of key points would be appreciated.
And given my low frequency of using QR payment, I'm unlikely to be the first to be affected by any new scams. Maybe.

The one clear disadvantage of cashless is that money boys know cash can be sent to any bank account. But there is another thread for that.


Here is the Chat GPT result (link).
I think customers ought to be aware of the first 2 scams, but not much worries me.
The advantages they list are very weak, which is one reason why I still use cash.
They forgot to mention no fees paid to Mastercard/Visa, which is just about the only advantage over the contactless card payment that we use widely in Europe.

https://chatgpt.com/c/68e51bad-8574-833 ... fa18fe1637

[Dodger]

If you want to go by that video, that's your choice. I'll be sticking with scanner pay, like most people are doing. That's my choice.

Actually my opinions about Thailand going completely cashless were well-formed long before even seeing benjamin's video.

There will always be scanners - there will always be cash. It's simply a preference. Neither preference is right or wrong. We will always have the choice - and that choice is ours to make and no one else's.

[Gaybutton]

There will always be scanners - there will always be cash. It's simply a preference.

For now. We'll see how much longer that remains true, especially if more and more places stop accepting cash.

[Dodger]

Pro's & Con's of Cashless Societies - curtesy of ChatGPT:

Pros of a Cashless Society

Convenience & Speed

Digital payments are faster than handling coins or bills.

Reduces time spent in lines or at checkout counters.

Reduced Crime

Less physical cash means fewer robberies and less street crime.

Harder for criminals to hide or launder money.

Improved Tax Compliance

Digital transactions are traceable, reducing tax evasion and black-market activities.

Efficiency in Transactions

Easier for governments to distribute aid, subsidies, or benefits digitally.

Businesses save time and costs on cash handling and banking.

Better Financial Data

Digital records help consumers budget and track spending.

Governments and companies can better analyze economic trends.

Public Health

Reduces the handling of potentially dirty cash—important during pandemics like COVID-19.

Cons of a Cashless Society

Exclusion of Vulnerable Groups

Elderly, low-income, or rural populations may lack access to digital tools or bank accounts.

Can worsen financial inequality.

Privacy Concerns

All transactions are traceable, raising fears of surveillance or misuse of personal data.

Cybersecurity Risks

Increased risk of hacking, identity theft, and financial fraud.

System outages can disrupt access to funds.

Dependence on Technology

Requires internet, electricity, and devices—disruptions can freeze the economy.

Natural disasters or blackouts can halt transactions.

Fees & Control by Financial Institutions

Payment processors or banks may charge transaction fees or impose limits.

Shifts financial control from individuals to institutions.

Loss of Anonymity

Cash offers privacy; digital payments don’t.

Sensitive purchases could be tracked or judged
_________________________________________________________________________________
End of ChatGPT

Personally, none of the "pro's" would provide me with any notable advantage, although there are several "con's" which concern me. The fact that low-income rural families could be in trouble if Thailand were to ever become totally cashless is of course a concern, and should of concern of everyone's. Security against identity theft, hacking, fraud, etc., would be another significant concern.

Not to fret...as mentioned before, cash and cashless options will be available to everyone here for at least our lifetimes.

[Gaybutton]

Improved Tax Compliance

That's a pro ?!?!?

[Jun]

That's a pro ?!?!?

Not in my book.
Where taxation is excessive, why would people choose to comply ?

Abolishing paper currency would also allow governments to introduce transaction taxes.

Traceability is both a positive and a negative.
If cash were abolished:
Payment of bribes becomes traceable, which is a good thing. Well it would be if they were even trying to stop the practice.
On the other hand, any money paid to money boys is also traceable.