Cash money vs. digital/electronic money - thoughts?!

[OxygeN]

Hi all.
This year I started getting back using cash money in my everyday life. At least when paying for meals at restaurants, but not only... the only thing that really is still digital/electronic is when buying groceries: I'm mainly a Migros customer, so with their app on my mobile or with their "scan guns", either way it's way faster to accomplish the task of groceries shopping when paying with TWINT or credit/debit card.

Now my thoughts related to using more cash money are related to traceability of my transactions but I can't figure out anything more. On the "cons" side against using electronic/digital payment methods, I see the fees topic which apparently makes things cost a bit more (because the shop has to pay a transaction fee, which apparently can be quite high).

What are your thoughts about "cash money vs. digital money" regarding its application in everyday life?
Thanks!

 

[Baptiste Wicht]

I am using cash less and less on my end. I used to always have cash on me, but these days, I rarely go out with cash. The only time I prepare some cash is when go in the mountains or in small village parties.

Now my thoughts related to using more cash money are related to traceability of my transactions

I don't get that one. For me, anything using a card is much more traceable, because I can't lose trace of it and I can't lose the cash.

On the "cons" side against using electronic/digital payment methods, I see the fees topic which apparently makes things cost a bit more (because the shop has to pay a transaction fee, which apparently can be quite high).

Yes, this fee can be quite high and some businesses and giving up on credit cards for this reason. I hope this will change in the future with more reasonable fees, but this is not a given.

 

[Michael]

For me, anything using a card is much more traceable

I guess that was his point. That card is more traceable *for others* to spy on you.

Personally I keep 50.- cash in my wallet but havent touched that since >1 year. For budgeting overview I use my card statements & couldnt bother to manually enter my expenses in app everytime I pay sth...

 

[Baptiste Wicht]

I guess that was his point. That card is more traceable *for others* to spy on you.

Oh, it makes sense then. I do not personally care about that, but I know many people do.

Personally I keep 50.- cash in my wallet but havent touched that since >1 year. For budgeting overview I use my card statements & couldnt bother to manually enter my expenses in app everytime I pay sth...

Same. It's too easy to forget to track cash expenses.

 

[OxygeN]

Hi guys.
Yes, I was pointing out "not being traceable" for others (primarily the bank, but also Google Pay if using it with your credit cards and NFC). I'm not thinking about "spying", but instead more about "profiling" and collecting behavioural data about one's financial activities. You know, today "big data" is what makes the world go 'round - and information is valuable to target individuals (or groups of them) with specific and tailored information (so-called "advertisements").

I also thought about some dystopian future where a government could force the banks on his territory to freeze all accounts of their clients - we wouldn't have any money anymore. But then, circling back on this, I realise that this is already a fact nowadays: nobody physically owns the money he or she has got on their bank account! It's just a number, which simply corresponds to the power of doing financial transactions (by credit card or other means, and partially withdrawing cash money).

Yes, forgetting to track expenses is true - already happened more than once