Cashless Economy

Sweetgreen announced Thursday that it will reverse its cashless policy and will accept credit, debit, and cash by the end of 2019 at all its locations. The announcement comes while the New York City Council considers a bill that would ban cashless stores. This bill aims to protect the rights of the 360,000 unbanked New York households to shop at local stores. Read more

In a sign of the growing backlash against “cashless” stores around the country, the City of Philadelphia will require retailers to accept legal tender starting this summer. Retail outlets that have stopped accepting cash say it is faster and easier for their employees to process digital payments. But critics say the practice discriminates against people without bank accounts or credit cards, or who simply prefer to pay cash. Read more

Commissioned as a response to the rapid decline in cash use in the UK and funded by LINK, the UK’s largest cash network, the review concludes that the UK is not nearly ready to go fully cashless, with an estimated 17% of the population – over 8 million adults – projected to struggle to cope if it did. Read more

Cybercrime is one of the most crucial problems faced by the countries across the globe these days. It includes unauthorized access of information and break security like privacy, password, etc. of any person with the use of internet.  Cyber theft is a part of cybercrime which means theft carried out by means of computers or the Internet. Read more

Once hailed for the increased financial security it would provide, the digital revolution is now showing its dark side, with a new and potent form of digital threat. Across the world, increases in fraud are alarming consumers and leaving law-enforcement agencies faced with a task they are ill-equipped to tackle. To make matters worse, the cashless revolution aims to eliminate the fallback solution: currency. Read more

Financial fraud cost UK consumers £732m in 2017, with authorised push payments (APP) costing an additional £236m. UK Finance  figures report that 58% of fraud involves payment cards, opposed to 16% for online banking and 1% for cheques. “In 2018, over a third of the world’s consumers experienced debit or credit card fraud,” says Justin Hansen, security architect at Venafi. “This may have a serious impact on credit assessments, as organizations are forced into a hard choice of either excluding customers that appear risky – potentially through no fault of their own – or relaxing their...

When it comes to eco-friendly means of payment, paper money is accused of many things, from non-environmentally friendly materials of which it is made to waste from recycling. However, closer examination shows that banknotes do not harm the environment and replacing cash with other means of payment would be much costlier to it. Read more

As we embrace digital payments, the number of digital transactions is growing at an annual rate of almost 14%. Some countries, such as Sweden, are even on the verge of becoming cashless economies. This new trend has many environmental specialists wonder what the ecological impact of the disappearance of cash would be. Beyond the ethical questions posed by cashless payment solutions – liberty of choice, respect of privacy and exclusion of vulnerable people – digital economies also raise the issue of their impact on the environment. First believed to be eco-friendly, the death of cash could in...

Perhaps due to cinematographic renditions, cash smells of brimstone, and a large wad of cash will always raise questions as to where it's from and what it's for. For many years, paper currency was the preferred vector for all layers of the crime world, including the white collar one. But things have changed with the digital era, and cash is no longer a symbol of crime. Read more