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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