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A comment on Physical cash is dying–and you don't need to be a conspiracist to worry. Parent comment

Re:Physical cash is dying–and you don't need to be a conspir... by cubefox on Saturday February 03, 2024 @09:31AM (#39240628)
There are now systems that are far cheaper than credit cards or debit cards. In the US it's called: FedNow. The system enables direct bank transfers in real-time, almost for free.

https://en.wikipedia.org/wiki/FedNow

The support is still very limited, but in India a similar system (UPI) managed to become ubiquitous.

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Re:Physical cash is dying–and you don't need to be a conspir... by pasttense01 on Saturday February 03, 2024 @10:37PM (#39247308)
With Visa/Mastercard... debit and credit cards you get some purchase protection. With those direct bank transfer systems you don't.

Have you never done a chargeback on a credit card? With Fednow, UPI etc you can't.

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Re:Physical cash is dying–and you don't need to be a conspir... by cubefox on Sunday February 04, 2024 @05:54PM (#39255373)
Credit card companies are highly profitable, meaning that people spend significantly more money on credit card fees than they save through purchase protection. So it's not worth it. Especially not in cases where it replaces cash, which also has no chargeback.
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