News Factor / Yahoo News – Jan 30, 2006:
Today, for 15 million Japanese, paper money is a thing of the past, according to the Japan Research Institute. No longer solely used for online purchases, e-money, accessed via a smart card or mobile phone, has become a way of life for many consumers in Japan
Joe Levine, a senior analyst at Yankee Group, is skeptical that U.S. paper money or coins will fall by the wayside anytime soon. Creating a cashless society in the U.S. with either mobile phones or smart cards would require enormous effort by players in several industries, he said, including credit-card companies, mobile-phone service providers, manufacturers, and retailers.
Japan is so far along because companies like DoCoMo are the heavy hitters in their industries, Levine said, and have made significant investments to develop e-cash technologies. DoCoMo, for instance, invested some $900 million to acquire a 34 percent stake in Sumitomo Mitsui Cards, Japan’s second-largest credit-card company.
I have to admit I don’t have much use for cash. The main reason I carry it is for vending machines. If they took credit cards without charging me too much in fees, I’d probably never carry cash.
Congress has the power to coin money and set its value. So what if there was no physical money produced? Would Congress still have the authority to set the value of a unit of trade it does not produce? Maybe not.
I only carry a little cash for those few places that don’t take plastic, and for tipping.
When cash is gone for good what’s going to prevent the banks, credit card companies, cell phone purveyors, etc. from all dipping their greedy little hands into the e-money and snagging “service fees” as it passes through?
Japanese culture is also more trusting. They kicked out mighty Citibank from their country because that greedy corporation took advantage of that trust.
Trust is everything. That is why Japanese culture is more civilized than America’s. There is even no tipping in Japan but their AVERAGE level of service is ten times better than the best service you would receive in a five star establishment in the U.S. America’s sole purpose in this existance we are in is to WIN. That is it’s priority. You could sense that in President Bush’s speech last night. Americans put winning above everything– even itself. And that is why we will lose and our “civilization” will fall like Goliath tripping over his own shadow. Japanese put the group first. Americans put the individual first.
Seriously, what are smoking ‘David’?
Since tipping is a no-no, you get the service you’d expect from someone who has no incentive to serve you. As for banning cash, it might look good on paper for the people who live in the large cities, but in my (very brief) travels, there were fewer places that accepted credit cards in Japan than in the backwoods of the U.S.
That’s because you are listening through proxy, hearsay, comments, and, yes, me. Go to Japan.
EXPERIENCE.
Reality is only known through experience. Experience Japanese culture, Steve. Go there. Then speak.
Just for curiosity’s sake, David, have you been to Japan?
I’ve been all over the world, but unfortunately, not Japan. I personally don’t comment on countries/cultures I have had no direct interaction with, so I won’t say anything about Japan.
But, from a historical perspective, I can see that their culture has been just as concerned about “winning” as ours.
Steve, you let anyone off the street into your house? You protect your home, family and possesions by DISCRIMINATING who you allow in to it, don’t you? You are not discriminating because you’re a bad guy. You do so because there are people with low consciousness walking around who may raid your refrigerator, steal your belongings, corrupt your kids, and rape your wife when all you wagered was a warm welcome. Foreigners are hard to trust. It is primarily because the “ugly American” has invaded foreign lands including our own from the Native American that the world does not trust us.
garym, been there twice and got married there once. The West has left there mark there, no question. Where once kimonos were not just a tradition but the way of life in clothing, today the unglorious tie that chokes air from out necks has ruled the planet. Thank God, you would never see the last remaining defender of TRUTH on this planet donning Western wear. He wears humility. He is the Dalai Lama.
I assumed david was trolling in the other thread, but now he’s made multiple posts here.
You really do “hate America”, don’t you? I thought that phrase was an exaggeration or a joke, but I guess such people exist. Bizarre.
I like only cashless only, because it will hamper criminals. Everything is traceable.
Now I’m going to hear it from the Privacy Paranoid Patrol. (see reponses)
I hate to troll, but…
David, if it’s so great, why don’t you move there?
I’m in the same boat as others: I only have cash and change for vending machines.
Now, eliminate all banks and only allow credit unions and we’ll be all set.
T.C. Moore, what if you parents raised you well, providing you with everything you ever hoped for. But, what if you later found out that your father killed innocent people so that he could provide you with security and prosperity? This is what America does. 50,000 people, including innocent children, die A DAY so that you can live comfortably numb in your American dream. The last time America was great was when Rooselvelt was president. I hate America’s ACTIONS AS DETERMINED BY THE FEW ILLUMINATI who rule the world, this country and YOU. If you knew what your father was really up to, would you not be sickened? You don’t know what is really going on. You live for yourself, your small cirlce of friends and family but you can’t see beyond that. I don’t blame you for your short vision. Your mind has been robbed. You believe in “America”. You believe in a “Nation”. Your belief benefits the one’s leading the nation. You can’t hate because YOU HAVE BEEN PROGRAMMED to go with the brain-washing.
How can you hate? Leave America and see it from an outside point of view. THen you might understand.
Just in time for the apocolypse!
“And that no man might buy or sell, save he that has the mark, or the name of the beast, or the number of his name.
Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.”
Sorry in advance to you athiests out there.
About 10 yrs ago, a small city near where I lived tried this cashless thing. It died a very quick death. People had to pay a fee to put money onto a card. If the machine overcharged them, there was no way to get the money back without a headache and big fight. If they lost their card then they were out the money as whoever found it could use it. Not every place accepted the cards.
Most people are happy using checks for major transactions, their debit cards for medium purchases, and cash for minor things. I pay the mortgage by check, buy gas with my debit card, and buy coffee at work with cash. I have a good records of all major transactions, I can verify the medium and can ignore the minor stuff. Why would I want it any other way.
I’ve never been to Japan, but people I know who have have remarked on several occasions that trying to pay by credit card isn’t always easy. I’m sure that at the 7-11s its no problem, but with the more independent shops my impression is that using a CC is harder in Japan that it is in the US.
We could start by phasing out pennies.
I have no coins other than those which are in my rubber coin purse (less than $1), and very small antique and foreign coin collections.
I use my debit card for just about everything over $10. All my recurring bills are on automatic payment. I write an average of 1 check a month, in the past 2 years.
I have no credit cards. I have a line of credit that I occasionally use for expenses over $1,000.
Works for me.
>interest people pay. If they can’t survive on that
You’re forgetting the cost of credit card theft, disputes, etc. For merchants it brings in a little more business, and it’s better than a check that might bounce.
I prefer cash. Considering that there are virtually NO security measures taken with our credit cards, I feel vulnerable everytime I pull it out. It’s more true overseas but the USA is not much better.
Everytime I hand over my card to the pierced and tatooed waiter, I wonder if he’s not writing down my # as the check disappears in that little leatherette folder.
And don’t call me paranoid. I’ve had my cards misued five different episodes… and only once was by the theft of a wallet. The other four times were by retail/restaurant employees who had seen the card at some point. (Never from the internet, BTW. Three times in the US and twice overseas).
Each time it was a TOTAL PAIN IN THE NECK.
So, untill they make credit cards more fraud-proof, cash is my preferred method of payment for anything under about $50.
This is such crap, I saw this some where else too. I live in Japan, in Osaka, and this is just all rubish. Japan is a cash based society. They don’t even have a checking system. Try using a credit card and you get strange looks. You can’t even use a credit card in some major hotel chains. You can’t book airline tickets with a credit card either (At least ANA and I’m only speaking about in Japan).
These “cashless” systems do exist, but they are very limited in scope. Most are in conjuntion with JR (Japan’s largest train line). For example, in Tokyo for blocks around most train stations you can use you train pass (which can be stored “on” your cell phone now) to pay for purchases at stores, but beyond this and outside of the major stations this just doesn’t fly yet.
I use cash for as many purchases as I can, including paying my rent and utilities bills. Call me paranoid, but I prefer to leave as little trace of my activities as I can. It is a losing battle, but I am not ready to capitulate. I don’t use those supermarket “loyalty” cards either. I appreciate the convenience of plastic, and do not avoid it in many cases.
Reminds me that every dollar bill in the US has the words “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE”. When I was paying my fees to Immigration and Naturalization a few years ago, they refused to accept cash or cards. They only took check or money orders. When you are trying to get your Green Card you don’t argue.
Yeah, I’m looking at the comments by David at number 4. Hey man, have you actually lived in Japan, or are your reading Japanese propaganda? I’ve been here for 10 years, and the Japanese certainly have some great services and innovations. But as far as trust, man you must be missing some of the huge stories about huge Japanese companies violating the safety and trust of their own citizens. Citibank leaving? I just read that news, and ironically I just opened an account yesterday. It doesn’t seem like they are leaving. The Japanese must take their opportunities to publically assail foreign businesses and even foreign residents to draw attention away from the real problems in this country. And yes, as great as some things are, there are some real problems here.
I’m gonna make my last point here. Service? Most of the time it’s polite, but often with a very tired, false veneer which is easy to detect. The young people, who will be serving you most of the time, are growing tired of the meaningless rules in this society. And since they don’t get tips, they may very well not merely lose the false polite veneer, but may actually be very rude and unhelpful as a result.