Cash payments hinder economic growth

[Jangle]

By using cash to pay for goods and services, Jamaicans are hindering the economy's potential to grow, according to leading global payments and technology company, Mastercard.

Almost 80 per cent of all transactions conducted in Jamaica are done using cash. In a study done by Mastercard, the data revealed that the use of cash slows the country's economic growth by stimulating informality, increasing corruption, and limiting financial inclusion.

http://jamaica-gleaner.com/article/l...stercard-study

[Lazie]

I started reading this last night and the word that came to mind was ......"Really?!!!"

[Assasin]

I have a different theory. Use cash and you save the bank fees for those card and interest payment. Give you more money to spend. I wonder how much you would save by not using cards in Jamaica?

Bright people sometimes can justify what they want.

[Jangle]

A cash based economy is primitive and prohibitive to growth.

[Assasin]

I don't believe that. I believe in using internet and phone base system but not credit card. It is too expensive to keep. Neither do I believe in Western Union. They cost too much. If you spend 100 dollar on credit card with a 25 percent interest rate you lose 25 dollars you could user for something else, and not paying the fat banker.

[Jangle]

cashless doesn't only means credit.

[Assasin]

If you read what I say, I will use the internet related and the ones without fees.

In Jamaica banking is all about FEES which is not good for economic growth. credit cards, and most services have fees. I love Zelle and others that doesn't cost me anything. Western Union, paypal and most in Jamaica are all fee related. People lodge their pay directly in banks and back take out fee for that activity. Most of it is fee for Jamaican bank profit in my opinion.

[Lazie]

A cash based economy is primitive and prohibitive to growth.

" prohibitive to growth"
What you talkin' bout Willis? MAstercard is complaining because it is affecting their bottom line .... but " prohibitive to growth" ....

[Jangle]

Banking is a service industry and like any forms of services, there are fees. The banks have to make their profits like everybody else. Credit allows people to buy things now and pay for it later. There's a cost for that - short term loan. It goes for both sides, the merchant and the consumer. Credit stimulates economic growth. Imagine a shopkeeper or a supermarket owner being unable to stock their shelves because they don't have the cash to immediately pay for their goods. Imagine paying the supplier thousands in cash for said goods. Imagine the costs of transporting and storing the cash. A cashless economy is just the natural evolution and the sooner Jamaica adapts the better.

[Lazie]

Banking is a service industry and like any forms of services, there are fees. The banks have to make their profits like everybody else. Credit allows people to buy things now and pay for it later. There's a cost for that - short term loan. It goes for both sides, the merchant and the consumer. Credit stimulates economic growth. Imagine a shopkeeper or a supermarket owner being unable to stock their shelves because they don't have the cash to immediately pay for their goods. Imagine paying the supplier thousands in cash for said goods. Imagine the costs of transporting and storing the cash. A cashless economy is just the natural evolution and the sooner Jamaica adapts the better.

No bredren, read the entire article. I doubt he was talking about a shopkeeper or a supermarket owner. He was talking about the private consumer here. Again, he is trying to get more money for MC. If I have the cash to make a purchase ... why take it on credit to pay an additional fee for the same item?

[Jangle]

On the merchant side, it's becoming more convenient and profitable to go cashless. The evolution to cashless is inevitable.

[Jangle]

Mastercard Uses Jamaica As Pilot For ‘I Accept’

With approximately 11,000 merchant locations accepting Mastercard on the island, the leading technology company in the global payments industry said the decision to use Jamaica as the first Caribbean island to launch its 'I Accept' campaign was an excellent idea.

For the first time in Mastercard's history for the region (Caribbean and Latin America), the new campaign, which started advertising locally and on social media in April this year, had all the content for the commercial shot on the island using local talent.

http://jamaica-gleaner.com/article/l...pilot-i-accept

[Assasin]

one the consumer side it become one less beer or a stick a weed. your choice.

It might be affecting the big bank bottom line but not the small business.

[Gamma]

At the moment the legal cannabis industry is forced to be a cash industry’s, THAT...... is backward

[Gamma]

On the real