Canadians are not that crazy about cashless

Paying for goods and services with plastic seems to be the most convenient thing to do nowadays, but only 5% of small business have stopped taking cash, according to a Bank of Canada study. The study, entitled Merchant Acceptance Survey, noted futuristic forecasts of a cashless world seem to be overblown. “We estimate that only 5% of merchants currently do not accept cash, and an additional 8% plan to stop accepting cash within the next five years,” the study stated, as reported by Blacklock’s Reporter. “Importantly, 85% of merchants stated they have no plans to stop accepting cash.”...

The hidden fight to get cash in Sweden - 01/01/2020

Think of Sweden and, in addition to vikings, Ikea and meatballs, you may well conjure up images of a highly-advanced society almost free of cash entirely. And you wouldn’t be far from the mark. Last year, just 13pc of transactions were made using notes and coins – kroner is the currency of the Skandinavian country – and almost half of all bank branches serving the 10 million population do not deal in cash at all. However, a fightback has begun among those who argue that many Swedes – particularly those in rural areas and the elderly – are being cut off from a fundamental right: access to...

When the interruption of Intenet makes you cashless - 12/27/2019

Interruption of internet in Delhi NCR, Uttar Pradesh and other parts of the country, that are grappling with unrest over Citizens Amendment Act and the National Register of Citizens (NRC), should also be seen as a caution against excessive dependance on digital payment devices and retaining some respect for cash. In not so good-old-days, ''cash is king'' would literally be the mantra of life. Then came demonetisation and everything changed for digital India.   Cash or balance in your bank account is still the underlying asset that allows any of your digital transaction to be...

Australia is not running towards cashless economy - 12/25/2019

Over the last few years, thousands of Swedes have had a biometric microchip implanted into their hands so they do not have to carry keycards, IDs or even train tickets. It is another step in the move towards a completely cashless society which we have probably been heading towards since Frank McNamara, of Diners Club fame, introduced the first credit card back in 1950. Then again, US archaeologist Jonathan Mark Kenoyer says ancient civilisations in the Indus Valley used clay tablets in much the same way as credit cards over 5000 years ago. Read more  

When US lawmakers understand the dark side of cashless economy - 12/18/2019

Lawmakers in New York City and New Jersey are working to pass bills that would require retailers to accept cash, alleging that the growing cashless trend discriminates against low-income customers. Low-income, minority and less-educated households are more likely to have no bank accounts or rely on financial products that come from outside the banking system. People who defend cashless commerce cite greater convenience for customers and lower risks for businesses. Although mobile payments and digital banking products are on the rise, many Americans still do not use a credit or debit card....

India faces threats of a cashless economy - 12/16/2019

Indian banking customers are being made to pay a price for convenience with the spiral of crimes like phishing, identity theft, card skimming, cloning and vishing defrauding them of their hard-earned money. As the Government increasingly pushes for a cashless, digital economy, banks steadily adopt new technologies and online transactions shape what we buy and sell, the consumer is consequently becoming more vulnerable. This is borne out by a recent survey that says illegal transactions involving ATMs, credit and debit cards and internet banking have gone up by 50 per cent in 2018-19 with 27...
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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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