Cake
  • Log In
  • Sign Up
    • Most people I think have two things in their wallets (also purses) - cash and cards. Cards can further be divided into bank cards, loyalty cards, and personal identification (also drivers license, insurance etc). A majority of the content in our wallets has been digitised and made accessible from our phones. Cash has been replaced by our phones. We can do banking on our phones and make retail transactions by using our phones (NFC or QR code payments).

      Loyalty cards/programmes have also been digitised and transferred to our smartphones in the form of apps.

      The only thing left now is to transfer our personal identification from our wallets to our smartphones, and hopefully that's going to happen sooner rather than later.

      Inevitably some people will question if this is "safe and secure", but if you ask me, storing information in your smartphone is much safer than your wallet. If you lose your wallet or if someone steals it, they instantly have access to all your cash, cards, and identification. But if someone gets a hold of your phone? They can't even access it if you've locked it, let alone sensitive information like banking apps, which are usually protected by another layer of security (like fingerprints or pincodes). Having everything in my wallet be digitised and stored/accessible on my phone is a future that I look forward to. No more having to replace faulty bank cards, no more needing to physically go to a government office (or post office) to renew my driving license. Everything can be done online on my smartphone.

      What about you? Would you rather keep your personal identification on your phone or in your wallet? What about cash and loyalty cards?

    • Apparently there is absolutely no possibility of the total loss of electrical service for days or weeks on end in your countries.

      I wish I felt so secure in the US, but just a few years ago, after a major storm, in west central Indiana - not a tropical hurricane on a coastal region either - we were totally without any electrical power for 4 to 7 days locally as miles of electrical poles and wires were blown down.

      I wonder how well your phone ID and payment system will work in that environment - better or worse than a plastic ID and currency ?

      I am not suggesting one or the other, a binary choice, but continuing with both because both offer some advantages. Kind of like a belt and suspenders arrangement 😀

    • Services that do not accept cash should be boycotted. Using cash is one of the few remaining options to avoid the total control of the Big Brother. I like the convenience of electronic payments, but want to have an option to pay cash when I feel like it.

      As for a phone, I prefer to have as little PII on my phone as possible.

    • States don’t really like cash. Too private...

      I saw several businesses in Dallas that did not accept any currency . I thought that was kind of wierd, but it does make it harder for staff to pilfer out of the cash register in small businesses.

    • I wish I felt so secure in the US, but just a few years ago, after a major storm, in west central Indiana - not a tropical hurricane on a coastal region either - we were totally without any electrical power for 4 to 7 days locally as miles of electrical poles and wires were blown down.

      Wow, that's rough. Don't think anything like that has ever happened in Malaysia. The worst we would experience is probably just a few hours without electricity in certain isolated areas, never nationwide, and even that happens on significantly rare occasions.

    • Services that do not accept cash should be boycotted.

      Do you only apply this to retail? Because when it comes to online shopping you can never pay with cash.

    • However, I do recognize we are heading towards a cashless world.

      We definitely are. I shared this article in another post, but thought I'd share it here as well since it's quite relevant.

      Not only has e-wallet usage increased in Malaysia, concurrently cash transactions have declined significantly too. 64% is a huge decline!