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Cashless India: three years from note-bandi, is demonetisation a failure?

New Delhi: The Indian Government's core objective of carrying out -- demonetisation -- three years ago, has remained unfulfilled, with data showing an increase in the level of hard currency in the system. It was on November 8, 2016, that Prime Minister Narendra Modi initiated demonetisation, an action that took the country by surprise. It was envisaged with an aim of eradicating black money and curbing dependence on the cash economy. However, the Reserve Bank of India's data showed that cash with the public as of October 25, 2019, stood at Rs 21,89,781 crore, a 15.2 per cent higher...

India: here is what happens when a society goes temporarily cashless - 10/11/2019

The potential disappearance of cash is a big worry for a lot of people in the UK at the moment. With every report of cash machines being removed, physical money use declining, or bank branches shutting, fears grow that society is heading for a cashless future. So, imagine what would happen if the Government suddenly announced plans to axe almost 90 per cent of banknotes in circulation? That is what India did and a new report from Harvard University has analysed the effects. Predictably, it caused chaos, as while Indians were quick to return the old banknotes, replacement ones came more...

Going digital-only is not a win-win solution - 10/08/2019

DIGITAL transformation has hit countries around the globe. The Lion City is one of the world's top hotbeds for technology and innovation today. In fact, Singapore accounted for a quarter of the nearly US$6 billion in capital invested in South-east Asia's technology firms during the first half of this year. Specifically, fintech investments were found to have nearly quadrupled from a year ago to US$453 million in the first half of 2019, making Singapore the third-largest fintech market by funds in the Asia-Pacific.   With a huge potential such as this, fintechs need to realise the...

Malaysia: Customers are paying the price for cashless transactions - 09/27/2019

Several banks have come under fire for charging fees when customers make loan and credit card payments with cash or cheques over the counter or through deposit machines. At least two other banks have announced they would do the same from next month. The Association of Banks in Malaysia (ABM) says the fees are imposed to “encourage customers to move from cash to electronic payments” but consumer groups argue that this practice is unfair to those who do not do their banking via digital channels. The fee for making credit card and loan payments over the counter with cash or cheques is RM2...

Asia’s cashless society will only benefit governments - 09/26/2019

We’ve heard of all the benefits of being in a cashless society, but what’s at risk? We've heard of all the benefits of being in a cashless society, but what's at risk? The appeal of mobile e-wallets is evident in Asia and the past decade, Asia has had bold ambitions to make the cashless society a reality.  After all, e-money is more convenient than carrying cash, can adapt to change quickly and they’re often tied to loyalty benefits. They also save countries a lot of money as the costs of printing, storing and moving cash are not insignificant. Pioneering this front was Hong Kong...

What is the true cost of going cashless ? - 09/24/2019

This week saw another milestone reached in the journey towards a cashless UK with news that consumers now spend more money on credit cards alone than they do in hard cash.  While that may say quite a lot about our debt crisis, it’s also another nail in the cash coffin.  Physical money now forms just £1 in every £5 spent with UK retailers, according to data from the British Retail Consortium.   But does it really matter? And who to? By 2027, cash will account for barely one in every 10 transactions.    But the chances of us being completely cashless anytime soon...
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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

The Dangers of a Cashless Economy

"It's time to halt the relentless drive for a cashless society" Ross Clark

Cashless society: two sides of the debate

The cashless society in question: why going cashless puts privacy at risk?

The IMF wants to ban cash so so you pay the bank to hold your money

A cashless society may not equal financial inclusion

What the demise of the cashless society will really mean

Is going full cashless society a threat?

Cashless backlash delays move to walletless economy

What are the pitfalls of a cash-free society ?