cross-posted from: https://feddit.org/post/4262252
A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.
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But Russia’s invasion of Ukraine in 2022 and a subsequent rise in cross-border hybrid warfare and cyber-attacks blamed on pro-Russia groups have prompted a rethink.
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The Swedish government has since completely overhauled its defence and preparedness strategy, joining Nato, starting a new form of national service and reactivating its psychological defence agency to combat disinformation from Russia and other adversaries. Norway has tightened controls on its previously porous border with Russia.
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[Norway’s] justice and public security ministry said it “recommends everyone keep some cash on hand due to the vulnerabilities of digital payment solutions to cyber-attacks”. It said the government took preparedness seriously “given the increasing global instability with war, digital threats, and climate change. As a result, they’ve ensured that the right to pay with cash is strengthened”.
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As much as I hate using cash, I understand that the credit card companies charge ridiculous fees to businesses and also that people with very low income don’t always have access to digital forms of payment. Maybe Sweden does better with equipping their entire society with digital tools, but in the US I don’t think we are ready for a fully digital payment society.
In the EU and UK, heavy regulation, especially of Visa and MasterCard, means the fees are actually lower than the costs of handling cash. Lots of businesses want only card transactions because it works out better for them and most people don’t carry any cash so that need to offer card payments, and so it makes even less sense to offer both methods. The only industries who like cash are likely trying some form of tax evasion.
Cleverly, they banned businesses from charging any payment fees and suddenly, businesses negotiated and found suppliers offering low payment fees. We don’t have anything like these convenience fees for paying with cards over cheque that I hear about.
Amex still charges higher fees so many places still don’t take those cards. The value of benefits (air miles, cashback) have gone down significantly but in reality, it was essentially transferring wealth from the poor (who could never get these cards) to the rich, through these fees, so works out better overall.
The banks here advertise that they help everyone get bank accounts and social benefits are paid into bank accounts so I assume everyone is able to get an account. However, I do wonder if some people, especially the homeless, slip through the cracks.
Since taxation is theft, the proper thing to do is evade taxes.
I like my free healthcare, ambulances, fire fighters, roads, drivers requiring licences, drivers requiring insurance, police, trains, buses, general security, employee regulation, safety regulation, building codes, industry regulation, help overseas from consulates, so would prefer to pay a bit in taxes to get a lot back. It might not all be “perfect” but the idea of aiming for a happy and equal society is good.
Ok. The fact that you prefer it (probably because the thieve is mostly kind and generous to you) does not change the reality that it very much is theft from all those who might not agree with your societal preferences, and who did never consent to this.
Since you (or any majority in society) naturally don’t have the right to forcefully take other people’s money (or property) without their consent, it’s impossible to forward that right to the state (or any person) acting on your behalf. It does not matter how good of a deal it is to you or anyone else. That’s why it can logically be described as theft when a state collects taxes using violent force as a threat to anyone who won’t pay.
Here, many stores don’t accept cash so I assume accepting credit cards is cheaper and easier than handing cash.
At least in the US, it’s something like 3% for a business to accept cards, so they bake that into the price for everyone. So with cash, they technically make 3% more for each transaction, but they also have to manage the cash (deposit in bank, withdraw small denominations when running low, etc). Since most people are willing to use credit, it’s simpler, though not necessarily cheaper to just accept digital payments, especially when you just need a small dongle for your phone to accept payments.
So in the US, it’s more of a liability/convenience thing than a cost thing.
It’s extremely disappointing to me (admittedly in the US) that Covid seems to have obliterated any chance for a large-scale investigation on payment processors’ stranglehold on our financial systems. The fees that Visa/Mastercard/etc. charge, especially for tiny merchants with insanely low transaction numbers, are criminal.
In Norway and Sweden many places just doesn’t take cash. Probably been around 2 years since I last used cash
Anything from kids bakesales takes digital payment
there haven’t been card fees for end users in Sweden for many years. handling cash is a lot more expensive since you need somewhere secure to keep change, you loose time at the till handling the money, and you need to pay for someone to come pick it up. the time gained from just having the customers pay with card means businesses gladly swallow the fees.
and yes, i’m always surprised when going abroad how much more analog everything is. the nordics and Baltic’s are generally at about the same level (with Estonia way ahead), but the rest of the continent feels like it’s 10 years behind. I was once asked if I really wanted to pay with card in a corner shop in Leipzig, since the card fee was €10.
not that i’m a fan of the digitalisation, it makes marginalised groups even more marginalised. i see my elderly relatives struggling with it often.
The end user didn’t pay directly, but the companies very much pay for this privilege
Which is why Swish, and in Norway, Vipps has been a big thing. So the banks can get that revenue for themselves instead of sharing with visa / Mastercard
I don’t like using cashless anything because I know part of the cost is my privacy. Having said that, convenience is a powerful draw and cash can be a pain, especially when you have to find a spot for small coins.
Look into Monero. You get the benefits of digital payments, but you get the privacy of cash.
I use monero online and cash offline, because no one accepts monero offline.
With the XMRBazaar map this may change
nobody should be including apple or google spy apps in their payment processing
apple and google is just a small part of the problem. using a debit card is not much better either
If you are using Mastercard in the US, Google will be getting transaction data all the same: https://www.bbc.com/news/technology-45368040
Thanks, now I have to switch my primary credit card. Any concerns w/ Visa?