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Not all consumers are happy, while more and more retailers are refusing cash - 09/20/2018

On a recent summer day, as Steffen Kaplan strolled down a New York City street looking for lunch, he grew frustrated: The first three places he looked at were cashless, which meant his dollar bills were no good. Kaplan avoids using credit cards to prevent overspending. “It’s a great formula for staying out of debt,” he says. But it was not a great formula for satisfying his hunger. And the more he thought about it, the more frustrated he grew that eateries were declining to accept cash. “I don’t think it’s cool that you walk into a place and can’t buy anything,” says Kaplan, a social media...

Major retailers delay New Jersey's bill to ban cashless stores - 09/17/2018

New Jersey lawmakers shelved a vote on advancing a bill that would prohibit retailers from refusing to accept cash. The measure was tabled before a Senate Commerce committee hearing after the retail giants and other stakeholders expressed concerns with the bill, said State Sen. Nellie Pou (D., Passaic), who chairs the committee and is sponsoring the legislation. Consumer advocates say cashless businesses effectively discriminate against poor customers who don't have access to credit or bank accounts, and seniors who aren't comfortable paying with plastic or digital devices. Read more

Investing in a cashless society - 09/05/2018

For centuries, London has sustained a street-level economy where performers and vendors make a living from the spare change of strangers — but they are being forced to adapt as cash falls out of fashion. “Things are changing in London and people tend to use cards to pay for things”, Campbell said, before an afternoon gig. “That makes busking a dying art if people aren’t carrying cash any more.” Read more

British Retailer Dixons Carphone Faces a Major Breach That Affects Nearly Six Million Bank Cards - 07/10/2018

United Kingdom-based electronics retailer Dixons Carphone has revealed a major data breach that involves 5.9 million payment card details and 1.2 million personal data records, according to the company’s statement and a BBC report. Dixons Carphone said that a review of its systems and data has discovered “unauthorised access to certain data held by the company”. The firm said that, while an investigation is ongoing, it has found what it is calling “an attempt to compromise” 5.9 million cards in one of the processing systems of its Currys PC World and Dixons Travel stores....

One of Asia’s Largest Cryptocurrency Exchange Hacked - 07/10/2018

South Korea-based cryptocurrency exchange Bithumb briefly suspended its deposit and withdrawal services after hackers stole over $30 million worth of virtual currency, the company said on Wednesday. The exchange, which is based in Seoul, conveyed the message to its followers on Twitter in a series of tweets on June 19, including one confirming that the stolen coins would be covered by Bithum’s own reserves. It also confirmed that all users’ assets would be transferred to a different wallet system. The transferred assets were quickly placed in a cold wallet – a method used for the...

A New Bill in Washington D.C. Would Bar Local Restaurants From Refusing Cash - 07/10/2018

Local leaders want to put a halt to restaurants that don’t accept cash, drawing up a legislative fix that could cost the growing number of credit-only eateries big bucks. A new bill introduced by D.C. City Council member David Grosso on June 26 would “prevent discrimination against customers who prefer to use cash or do not have access to credit cards or other payment methods.” (...) If passed, establishments wouldn’t be able to discriminate against cash; post signs on the licensed premises that cash payment is not accepted; or charge different prices to customers depending on their...

A growing risk of banking disaster in a cashless economy - 06/04/2018

With greater ease of transactions comes heightened risk of financial ruin. Cashless interactions allow money to dash across the country with the touch of a button, which accelerates the speed and depth of bank runs. In huge swoops, millions of creditors can either withdraw large sums of money from banks’ deposits at the same time, or switch to different lenders with remarkable ease. If banks don’t have enough cash on hand, there’s a high chance that customers can’t withdraw money from ATMs. That has created a recipe for banking disaster—and regulators haven’t yet smelled the fumes. Read more

In Sweden, authorities fear "negative spiral" as society goes cashless 'too fast' - 06/04/2018

Riksbank Governor Stefan Ingves has said Sweden should consider forcing banks to provide cash to customers. In its annual report on Monday, the Riksbank said the question is what role it should play in a future with even fewer cash payments. The Riksbank is carefully analyzing this development,” Ingves said. “Overall, I think we are facing structural changes in areas that have previously been stable. This is a development which will affect all the Riksbank’s departments and we will need to make strategic decisions regarding the way forward.” Read more

Visa's payment system: massive outage in Europe, fragility of global payments brought to light - 06/04/2018

"VISA'S payment network suffered outages across Europe, limiting transactions for both businesses and individuals. Banks and commerce groups began advising customers to use cash or other payment cards if possible, and reports indicated that online and contactless transactions were having more success than chip cards. (...) There were no immediate signs that the outages were a result of a cyberattack or other foul play, but Visa was quiet for hours about the source of the failure—reinforcing how complex these massive payment systems are and how difficult it is to recover from problems...
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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.

The cashless society from an ethical point of view









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Top Ten Things To Know

The debate

Education: how will we teach the value of money without cash?

Cashless society Vs terrorism: Are States fighting last year’s war again?

Inclusion: a cashless economy fights the poorest, not poverty

A cashless economy to root out theft and petty crime?

A cashless economy as a bulwark against fraud and tax evasion?

Does a cashless economy really boost economic growth for all?

Governments and sovereignty concerns in a cashless society

Why commercial banks are lobbying in favor of a cashless economy

Ecology: the carbon footprint of payment means in a cashless economy

The convenience of payments means in a cashless economy