Are you ready for Cashless Society?

As the world moves towards becoming a cashless society, not everyone can navigate the shift to digital payments. While the COVID-19 pandemic did force a quicker adoption for cashless transactions in many countries, the reality is, there are still some groups that are at risk of being left behind.

Today, a cashless society would be an ideal format for most governments around the world. Not only will it solve some cash flow and crime problems like counterfeit bills and such, but it will also enable businesses to transact with more visibility, avoiding the problems that many companies face when dealing with huge amounts of physical cash.

A cashless society is basically an economic state whereby all financial transactions are not conducted by physical banknotes or coins. The transactions happen online or through digital devices that enable the transaction between parties.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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