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In Sweden people are getting concerned about the shift towards a cashless society

Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly – with half the nation's retailers predicting they will stop accepting bills before 2025 – that the government is recalculating the societal costs of a cash-free future. The financial authorities, who once embraced the trend, are asking banks to keep peddling notes and coins until the government can figure out what going cash-free means for young and old consumers. The central bank, which predicts cash may fade from Sweden, is testing a digital currency – an e-krona – to keep...

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

The poorest will suffer the most if the idea of a cashless society goes wrong - 08/22/2018

On November 8, 2016, the Indian Prime Minister announced that the country’s two highest denomination banknotes would no longer be legal tender. The 500 and 1000 rupee notes accounted for 86 per cent of currency supply in a country where roughly 90 per cent of transactions are done in cash. In the aftermath of Modi’s overnight demonetisation, sociologists documented how it was poor people who were disproportionately affected. Replacement notes turned out to be in short supply and poor people found it hardest to get to banks and trade in old for new. Read more

The reasons why consumers must resist the push for cashless societies - 08/10/2018

All over the world, traditional methods of monetary transaction are in decline and are being replaced by digital methods. In Sweden cash now represents only one percent of the national economy. Many consumers and businesses have welcomed this revolution adopting online banking, contactless payments and so on. For their part, the mainstream media almost unanimously welcomed this movement as a good thing. But some voices are raised to relativize the virtues of the disappearance of cash. 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

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