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Thread: National coin shortage, rise in contactless payment

  1. #1

    National coin shortage, rise in contactless payment

    MILWAUKEE -- Like a penny into a wishing well, the COVID-19 pandemic has had a ripple effect on the number of coins available across the country -- a national coin shortage. You might have seen signs at the gas station or grocery store asking that you pay in exact change or go cashless.

    Meijer stores are still offering customers the ability to pay with their still-good greenbacks, just not in the self-checkout lanes.

    Stay-at-home orders shuttered stores, interrupting cash and coin flow. In light of the shortage, North Shore Bank is opening its branches to anyone -- regardless of if they are an account holder -- to use the coin-counting machines for free. Extra coins that may be lying around get back into circulation and you get cold hard cash.

    "We'll help get some coin back into circulation and therefore, in the end, we're really helping our fellow businesses so they can operate under normal conditions and not have to worry about exchanging coin in servicing their customers," said Doyle.

    The pandemic has shown an uptick in contactless payments, too.

    On the other side of the coin, some express worry that if retailers make more moves to cashless-only payments -- especially for those who don't use banks. For some, going cashless can put them in a deeper financial hole.

    "When you say I can't use cash, what's my alternative? Is my alternative to get a prepaid card, put money on that card, and then continue to pay every single time I use that card?" said Constance Alberts, program manager at Bank of Greater Milwaukee. "In most cases, that is going to be a lot more expensive than if I was able to use cash...

    Economic disruption of COVID-19 pandemic leads to national coin shortage, rise in contactless payment | FOX6Now.com

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    Ezekiel 33 (07-10-2020)

  3. #2
    Economist Milton Friedman wrote of the possibility of "dropping money out of helicopter" as a means of stimulating the economy.

    Perhaps we should take him literally?

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    Ezekiel 33 (07-10-2020)

  5. #3
    A couple of weeks ago McDonald's had a sign up asking for exact change or a cashless option. They have since removed the sign. I read the amount of coins delivered to businesses by the banks had been reduced 60 to 70 percent.

  6. #4
    Somebody is socking it away.

  7. #5
    Administrator fuego's Avatar
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    Quote Originally Posted by FireBrand View Post
    Somebody is socking it away.
    I see what you did there.

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    Quote Originally Posted by FireBrand View Post
    Somebody is socking it away.

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    Administrator fuego's Avatar
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    Quote Originally Posted by FireBrand View Post
    Somebody is socking it away.
    Quote Originally Posted by FireBrand View Post
    I see what you did there too. But it wasn't intentional.

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    FireBrand (07-10-2020)

  11. #8
    Quote Originally Posted by fuego View Post
    I see what you did there too. But it wasn't intentional.
    I believe that term came out of the Great Depression and great mistrust for banks and loaning institutions.

  12. #9
    Administrator fuego's Avatar
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    Quote Originally Posted by FireBrand View Post
    I believe that term came out of the Great Depression and great mistrust for banks and loaning institutions.
    The part I meant as not intentional was you quoting your own post instead of mine. lol.

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    FireBrand (07-10-2020)

  14. #10
    Quote Originally Posted by fuego View Post
    The part I meant as not intentional was you quoting your own post instead of mine. lol.
    I'm glad someone is paying attention around here.

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