The pandemic keeps sorting out winners from losers. And the humble debit card is now a huge winner. I got used to paying with a credit card and paying it off each month. The trend now is to cut out the middle man and pay straight from your bank account. Makes sense.
In the meantime, people are losing interest in cash and cheques are on their last legs. Reserve Bank chief Philip Lowe has said he hopes the cheque system will die off. “I think it’s in the national interest that we close the cheque system,” he told a parliamentary committee last week.
Debit Card: Absolutely! Absolute dependency upon an electronic payment system . . . leaves no room for ‘catastrophe’. Human or ‘Nature’. As well as daily irritation of daily scamming? We enter a new era chock full of challenge and uncertainties? Cash will buy a donkey, but a Card won’t propel a car . .
Never leave home without some cash. I’ve run into so many system failures and they are infuriating.
And where does Philip Lowe leave a lot of older people who do not use the modern electronic systems ? Lost obviously!!!!
Exactly. My mother, most of her friends, most of my aunts and uncles, in their late 70s, 80s, all still use cheques and cash.
They can use cash person.
It’s the young in particular who are using debit cards. Good on them. Having said that I’ve been using them for decades.