Say goodbye to cash -

laughter189

Delighted to hear that we can soon pay everything by card and about time too . :

CONSUMERS will soon be able to make small purchases such as a coffee or a newspaper with a wave of a debit card.

Bank of Ireland announced yesterday that it will soon roll out a "contactless" Visa Debit payment system to allow shoppers make purchases of €15 or less in under a second by simply holding their card over a terminal without entering a PIN.

http://www.independent.ie/business/technology/wave-goodbye-to-cash-pay-bills-with-a-flick-of-the-wrist-2814973.html

bothyhead

It sounds fantastic alright, but I don't like the sound of this:

But though bank charges of up to 28c a time for using a debit card could make this an expensive habit, the bank also said they will waive all charges for using the system for the first 12 months to encourage people to try it.

It was too early to say what the charges after that time would be, but they would be competitive, and most customers already benefited from free banking, a spokesperson for the bank said.

Is this 28c related to any usage of the card, or just the contactless feature?

At present I have free banking, and am never charged for Laser transactions. Does this mean that I also won't be hit with this charge?

jor el

Personally, I'd have concerns about this type of payment system. I for one will be refusing a contactless card from BOI when it's introduced.

http://en.wikipedia.org/wiki/Contactless_payment

Under fraud guarantee standards US banks claim to be liable for any fraudulent transactions charged to the contactless cards. However, banks are not liable for the identity theft that the RFID card can encourage. Hence, this security issue remains to be the most important concern to the end user.

bothyhead

jor el wrote: »

I for one will be refusing a contactless card from BOI when it's introduced.

They have us over a barrel though; they're terminating their contract with Laser, so we'll all be automatically issued with Vista Debit cards.

Tabnabs

bank charges of up to 28c a time for using a debit card

Very prophetic thread title OP!

tallaghtmick

Im just happy they have done away with laser cards.

coffee_cake

banks are not liable for "identity theft"?
If the card you as a bank issue is not secure, it's your problem, not mine :rolleyes:
where's that mitchell & webb video?

Do not like the sound of this thing

jor el

bothyhead wrote: »

They have us over a barrel though; they're terminating their contract with Laser, so we'll all be automatically issued with Vista Debit cards.

I have no problem with Visa debit cards, but I will not be wanting a contactless one. I'll await it's introduction to see if it is optional.

stimpson

+1

Contactless tech is ripe for fraud.

I believe it's relatively easy to kill the rfid chip and just use it as a chip and pin.

dudara

Moved to Banking & Insurance & Pensions

dudara

Cabaal

Cashless transactions don't allow people with money problems to easily keep track of money, so they end up with more money problems,.

If we want people already in trouble to be in more trouble then great!

ScouseMouse

Nice idea, but what happens when someone buys a newspaper with it.

Profit of about 20c, bank charge of up to 28c

ER HELLLLLLOOOOOOOO ?!?!?

daigo75

Cabaal wrote: »

Cashless transactions don't allow people with money problems to easily keep track of money, so they end up with more money problems,.

If we want people already in trouble to be in more trouble then great!

I heard this a lot, and I disagree. Card transactions are logged and you can see on your statement what you spent and where. Cash is anonymous, so you won't remember what you spent it on. As for the explanation that with cash you can see what you have and stop spending when you don't have anymore in your wallet, that's load of cr... You just end up at the ATM and start spending again.

In short: if one can't manage his/her money, using cash or card won't make a difference, but card transactions, at least, are more traceable.

bothyhead

Cabaal wrote: »

Cashless transactions don't allow people with money problems to easily keep track of money, so they end up with more money problems

I can't say I agree. You'll still be issued with a till receipt like you would if you made a cash purchase.

laughter189

Its an encouragement to use the banks more often .

In my opinion , it is a very welcome incentive and hopefully the fee of 28c will be reviewed downwards .

I find that cash is 'easy come - easy go ' and from experience find that using cards saves money in the long run .

seamus

Security and identity theft concerns are unfounded unless you know the details behind the system.

I don't see any reason why these cards are more open to identity theft than the ATM & credit cards we've been using for 30 years.

People tend to freak out about these things and assume that it's easily forged or gamed, but don't know the details behind the system. They also forget that the systems currently in place are also easily forged and gamed.

Using signatures as ultimate proof of identity are a massive security hole and yet many people and institutions still maintain it as the gold standard. We happily sign away our names on random things all the time, and yet with just that one scribble, a clever person could take everything away from us. You can't say the same for a lost bank card or stolen PIN.

Remember when chip & pin came in, all the furore about how people would now be responsible for maintaining the secrecy of their PIN? Hasn't changed anything really has it? Except credit card transaction are now at least twice as fast as they used to be.

I need to know more about the system before I can decide whether or not I like it. Though at 28c per transaction, they get get fncked. The cost of changing systems is for the bank to shoulder, not their customers.

Bruthal

bothyhead wrote: »

It sounds fantastic alright, but I don't like the sound of this:

But though bank charges of up to 28c a time for using a debit card could make this an expensive habit, the bank also said they will waive all charges for using the system for the first 12 months to encourage people to try it.

Is this 28c related to any usage of the card, or just the contactless feature?

At present I have free banking, and am never charged for Laser transactions. Does this mean that I also won't be hit with this charge?

Sounds more like the bank will waive the 28c charge for the first 12 months to encourage as many as possible into using it, before lashing them with this charge.

chris85

There is already a charge of 24c on ATM transactions and laser transactions. I presume the transactions will be part of free banking if you meet the qualifying criteria. Otherwise a lot of people will leave and i would be one of them more than likely.

laughter189

robbie7730 wrote: »

Sounds more like the bank will waive the 28c charge for the first 12 months to encourage as many as possible into using it, before lashing them with this charge.

If there is a 28c charge for the consumer , I wonder what the charge will be for the retailer ?