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It will be fantastic... up until it stops working. A cyberwar may completely clobber the world economy. Then what will you do?
Nothing would change for people who don't use cash anyway so I'm not sure why they would feel so great about getting rid of cash. It is certainly short term thinking.
There's one good thing that would come from it.
Those proliferating tip jars would disappear!
The jar might, but the tip request won’t, not that I have a problem with people offering the option to tip.
Most POS systems like Square and Toast give you the tip option before you sign. We have a small retail business and the employee tips went up when we started accepting credit cards. Pre pandemic, we were about 80% of transactions via card. Now it’s in the high 90s.
Yep, I've had fraudulent activity also. It's barely an inconvenience. The fraud departments at the credit card companies are quite good. They typically notify me before I see it myself, credit back the difference, and issue me a new card. The only inconvenience would be waiting for the card, but that would only be a problem if I didn't have another card.
The biggest inconvenience for me usually ends up being that you have to make sure all of your subscriptions and auto-pays are updated with the new card number.
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