Cashless' downsides hurt

Cashless' downsides hurt

1. 1. It Takes a Chunk Out of Small Businesses' Profits

When you pay with a credit card or a digital platform, it costs retailers money in the form of third-party fees. At a time when many small businesses are struggling to stay afloat, these fees can really add up.

2. 2. Not Everyone Has Access to Electronic Payments

Vulnerable populations — including low-income earners, retirees, some immigrants and people with disabilities — “have little or no access to electronic payments and are increasingly shut out as banks cut back on ATMs and customer service,” The New York Times reported. This could make economic inequality issues even worse

3. 3. You Lose Privacy When You Pay Digitally or With a Card

Swiping your credit card makes payment information accessible to all the businesses that you transact with.

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Go Further

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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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