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Backlash against cashless stores continue to grow in the U.S.

Supervisor Vallie Brown, the driving force behind the cashless store ban, said she was responding to complaints from some of her African-American constituents who said they were being marginalized. "For them not to be able to go and give cash, I thought was really discrimination and an equity issue," Brown said.  The problem isn't limited to San Francisco. According to the Federal Deposit Insurance Corp. (FDIC), 8.5 million Americans are "unbanked" — the term used for people who don't have bank accounts — many of them minorities and seniors. Read more

Despite claims of a cashless revolution, in the UK the average purse contains £26 - 09/29/2018

More than 95 percent of people still carry cash and fewer than 10 percent of people are ready to make the move to a cashless society, based solely on digital payments and online banking, a report found. The study, which revealed that the average wallet contains at least £26, backs recent claims that the cashless revolution has been exaggerated and that cash remains an important part of everyday life across the country, and undermines claims from the UK credit card industry that the days of notes and coins are numbered. Read more

The growing digital divide in the Chinese economy - 09/27/2018

An argument between staff at a cashless supermarket in northern China and an elderly man who did not know how to use his smartphone to buy a bunch of grapes has revived calls for help for those left behind in the digital economy. The 67-year-old man tried to use cash to buy the fruit at a supermarket in Jixi, Heilongjiang province, on Sunday, video news site Pear Video reported. Checkout workers rejected the money and insisted that he use his phone to pay via either WeChat Pay or Alipay, prompting the argument. Read more

In theory cashless societies appear to be great, but fail in reality: a China case study - 09/26/2018

With the world’s most advanced and widespread digital payments infrastructure, cash is fast becoming a thing of the past in China. A  Foreign Policy report, however, shows a very different side of the supposed success story and tells a story of deep inequality with potentially global implications. The death of cash may not be the gift it is often presented as for the simple reason that a large proportion of the country’s population still depends on cash for their survival. Read more

China in no position to afford a cashless society - 09/11/2018

In Chinese cities, paying via the ubiquitous WeChat platform is now so common that vendors often have trouble making change for cash, or sometimes refuse to take it altogether. Wang Yazhou, a senior banking official in Hefei, the province’s capital, commented a thorough cleanup was needed because refusing cash payments would be likely to have a very negative impact. Regulators like Wang are right to be concerned. The growing “cashlessness” of Chinese cities threatens to expose underlying issues of economic instability. Read more

Why we should not celebrate the idea of a cashless society - 08/24/2018

We are gradually moving towards a cashless society, fuelled by swipe cards, and in the UK only 3 per cent of all spending is now in cash. As a result, we have huge credit card debts because of the disconnect between easy spending and real money.   Read more
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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

What are the pitfalls of a cash-free society ?

In a cashless society, Big Brother will always know when you buy milk

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