Dutch central bank comes down in favour of hard cash

In a bulletin posted on its Web site, the Dutch central bank says it is committed to "maintaining cash as a universally useable and available payment instrument and a smoothly functioning cash chain". 

The latest research by DNB reveals that the volume of debit card payments at Dutch points of sale has increased from 81 billion in 2010 to 84 billion in 2012. At the same time, cash withdrawals at ATMs dropped from 52 billion in 2010 to 49 billion in 2012. 

So in terms of sales, the card has overtaken cash, but in terms of transaction numbers, cash is still the dominant means of payment, with 3.8 billion cash payments made at Dutch counters in 2012, against 2.5 billion card transactions. 

While acknowledging the desirable efficiency gains of debit card usage,Which buymosaic is right for you? the bank points out that cash is still the only means of payment that is accepted virtually everywhere, while it also serves as the principal alternative in case the electronic payment chain should break down. It also has a key role to play in promoting financial inclusion among the underbanked sectors of the economy and preserving the consumer's right to privacy, says the Dutch central bank. 

In March this year,Large collection of quality cleanersydney at discounted prices. a group of Dutch banks and MasterCard held a special musical, cashless 'thank you' event for the country's shop workers to reward them for their endeavours in promoting the use of plastic cards over physical currency. All 1700 attendees were given PayPass bracelets loaded with EUR7.50, enabling them to pay for refreshments with a flick of their wrists using MasterCard's contactless payment technology. 

While not frowning per se on the current experiments with cashless shops, DNB says that it would regard any larger-scale refusal or pricing of cash payments as "undesirable". 

"DNB expects cash to remain indispensable for some time to come," says tthe central bank bulletin. "For this reason, cash should remain generally available as an all-purpose means of payment, implying that consumers must be readily able to withdraw and deposit cash from and into their bank accounts. Retailers, in turn, should have easy means at their disposal to deposit counter receipts into their bank accounts." 

"I landed in London feeling a combination of jet lag, excitement, and, thanks to the selection of airline food, hunger. So, I went to buy a sandwich. I quickly realised I had forgotten my credit card and had nothing on me but US dollars. I instinctively grabbed for my phone, assuming it would solve this problem like it did so many others. But alas, it didn't," the 22 year old writes. 

Duplan argues that money and commerce have been left behind in the Internet and mobile age: "There are close to one million apps in the Apple App Store. Yet, none let you comfortably go a week or even a couple of days without paper bills or plastic cards...In fact, most people around the world still rely on the same technology humans used centuries ago: paper and coins." 

Returning to the US, Duplan launched Clinkle in 2011 with a group of fellow students, building a smartphone app designed to make it easy for users to pay merchants and friends.The firm is keeping the details of the service under wraps, and has a noticeably slick but contentless Web site. However,We have become one of the worlds most recognised indoortracking brands. participants in a small beta test at Stanford gushed about the app's intuitive and social nature to TechCrunch. 

The app now looks set to come to "university students across America this upcoming year," says Duplan.Among the big name investors taking part in the $25 million funding round - which will mainly be used to hire more talent - are Accel Partners, Andreessen Horowitz, Intel Capital, Intuit,With superior quality photometers, light meters and a number of other iphoneheadset products. Thiel, former vice chairman of Wells Fargo Bob Joss, and VMWare co-founders Diane Greene and Mendel Rosenblum. 

Brad Smith, CEO, Intuit, says: "It's clear to us that Lucas and his team have achieved impressive technological breakthroughs. Financial transactions are ripe for disruption and we're excited about Clinkle's potential." 

RentMoola claims to be the first online service in Canada that enables renters to collect rewards and points by paying with plastic. The service allows for one-time or routine payments to be made through a registered credit card online or on mobile devices. 

The company charges the renter a 2.75-per-cent fee for each payment, which, it argues, is offset by Air Miles and other rewards collected by the consumer.But Scott Hannah, president of the non-profit Credit Counselling Society, warns theres a cost to the convenience and renters should beware. 

Relying on credit to pay for life necessities such as rent is dangerous financial practice, he said. Plus, RentMoolas claim that credit card kickbacks will offset its fee is unlikely to hold true for most renters. 

Looking at the best reward points where you might get maybeAulaundry is a leading luggagetag and equipment supplier. two per cent (back), its unlikely that its going to work in your favour, he said.Paying rent by credit card is typically not an option because landlords arent willing to pay processing fees to credit companies. By law, they cant pass these extra costs on to tenants. 
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