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Switzerland released a brand new 1000 France note (worth CAD$1,468) and are proudly printing tens of thousands of them.
Canada has not printed the CAD$1000 in about two decades, but they are seeking a law change to permit the government to declare the old notes invalid (or no longer legal tender). They will probably also declare as invalid the oddball denominations that have not been used in many years (including the $1 and $2 notes that people save as collectibles). At some point in the future they may declare any banknote that is not polymer as invalid.
The US has never declared a banknote "invalid" and they are all worth their face value as legal tender. Up until now, Canada has been doing the same thing.
Do you have any feelings about Canada changing its law?
Switzerland released a brand new 1000 France note (worth CAD$1,468) and are proudly printing tens of thousands of them.
Canada has not printed the CAD$1000 in about two decades, but they are seeking a law change to permit the government to declare the old notes invalid (or no longer legal tender). They will probably also declare as invalid the oddball denominations that have not been used in many years (including the $1 and $2 notes that people save as collectibles). At some point in the future they may declare any banknote that is not polymer as invalid.
The US has never declared a banknote "invalid" and they are all worth their face value as legal tender. Up until now, Canada has been doing the same thing.
Do you have any feelings about Canada changing its law?
At first glance I am not fond of this idea.
We're talking about 1000 dollars per banknote - that's a lot of money for many (most?) people.
Many are no doubt in possession of these via perfectly honest means so why should they be unfairly penalized and deprived of their own money?
The only way I would see this as acceptable is if it was preceded by a long and highly visible publicity campaign that no one could miss, urging people to cash in their old 1000 dollar banknote.
What a silly statement! ^^^
Not sure if Americans "deeply" love their banknotes. The truth is that the US is years behind other developed countries with touchless payments. Shame the banking systems, not the people.
Contactless cards are just catching on in the US - years after the rest of the world. They aren't widely available even in big cities. The majority of U.S. retailers don't accept contactless payments, so, the majority of U.S. consumers don't use the technology.
This American loves banknotes. I pay for almost everything in cash, excepting of course online payments and orders. Touchless payment doesn't appeal to me in any way, including being forced to use it.
I do see contactless payment options in many locations here in the US. I choose not to use them, and I don't feel shamed just because people in some other country consider me backwards.
I am against declaring older forms of payment, especially ones as simple as $1 and $2 bills, invalid. After all, unused 1 cent stamps issued in the 1800s are still valid for postage and still worth 1 cent.
To folks arguing that US is slow in adopting new payment technologies: they are actually smart! They use Asia, Canada and Europe, as alpha and beta testers...Only when the security weaknesses and the "bleeding edge" factor are ironed out, then they start adopting. That's smart by my books...Not all the pigs that fly are good from start :-)
Does that make a difference for a vending machine?
.
They had to reprogram vending machines before, when the polymer notes first came out. There was also issues in the past with new loonies and twonies, being lighter than the old ones. I think just a couple of years ago, since I remember a parking payment ticket machine having a sign that it didn't accept the new loonie or twonie. I can see why the the vertical note would cause trouble, since sometimes if you insert the any note backwards, it will spit it out.
There was a belief, wrongly as it turned out, that success in contactless required all merchants to upgrade to NFC all at the same time. In actual fact consumers were quite happy to use contactless at some locations and not at others.
This virus fear may be the missing bit of the emotional puzzle to compel some big changes.
There was a belief, wrongly as it turned out, that success in contactless required all merchants to upgrade to NFC all at the same time. In actual fact consumers were quite happy to use contactless at some locations and not at others.
This virus fear may be the missing bit of the emotional puzzle to compel some big changes.
The odd thing is, why did it take 15 years for the US to see this. All they had to do was see how it rolled out in the rest of the world. My guess is that money was involved. The banks just didn't want to spend the money.
I was in California in September and started to see more merchants accept chip. No one had tap that I tried, they weren't sure what I was talking about. Occasionally in a restaurant you would see a server with a tablet, with a card reader plugged into the USB port. Still had to scratch your signature on the screen with your fingernail. Weird.
I have seen some Americans, very few but still, complain that the server here in Canada was asking them to do their job, by bringing a wireless POS device to the table. Apparently they don't even have these in the US? They were expecting it to be the 1990's where the server takes your card, and comes back and asks for a signature.
I only laugh at this, because as a Canadian travelling in the US, I can't tell you how many times some American treats me as if I'm a country bumpkin, who comes from the frozen north, and is missing his daily supply of whale blubber.
Great observation ^^^
Like I said, most Americans think their technology is so advanced, but because most don't travel much, they have no clue how advanced other countries are. Years and years, in some instances - decades ahead....
To folks arguing that US is slow in adopting new payment technologies: they are actually smart! They use Asia, Canada and Europe, as alpha and beta testers...Only when the security weaknesses and the "bleeding edge" factor are ironed out, then they start adopting. That's smart by my books...Not all the pigs that fly are good from start :-)
Except contactless payment is hardly "bleeding edge"... it's been around for more than 22 years and was actually first introduced by Bank of America and Exxon gas stations back in 1997... so yea very "bleeding edge" if you think 20+ years is a good pace to adopt a common place technology.
I understand that there's still a place for cash and hard currency, but there is a sense of freedom to go out and not having to worry about carrying a wallet full of cash and coins. For the past 10 years, I've worked between Canada and the U.S. carrying 3 cards: driver license, Global Entry card (proxy for passport), and a contactless NFC-enabled credit card.
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Switzerland released a brand new 1000 France note (worth CAD$1,468) and are proudly printing tens of thousands of them.
