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Access to cash: Why the UK Governement is going to protect coins and banknotes

The Government is coming under increasing pressure to introduce legislation that will ensure nationwide access to cash and banking services. Such legislation was promised more than a year ago but has been delayed for a number of reasons including the pandemic. Some experts now fear that unless the Government acts soon, the country's cash system could collapse within the next 12 to 24 months, leaving more than five million adults reliant on cash financially excluded. It would also be catastrophic for many small businesses that are still heavily dependent on cash sales. Consumer group...

In 2020, Cash has grown (a lot) - 04/05/2021

Despite movement restrictions and rapid acceleration in e-commerce and online spending in 2020, cash remained the most prevalent medium of payment in the year, which saw an annual growth of 14.3 per cent, the highest increase in currency in circulation in the last 10 years. “At the end of 2020, there was approximately RM130.4 billion worth of banknotes and coins in circulation, with an annual growth rate of 14.3 per cent. This was the highest increase in currency in circulation (CIC) in the last 10 years,” Bank Negara Malaysia (BNM) announced today. In 2019, the CIC was 7.3 per cent,...

Cash still rules in Pakistan - 04/02/2021

This month marks a year since the World Health Organisation declared the worldwide novel coronavirus a pandemic. A year since nations around the world started declaring lockdowns in a bid to control the contagion. While Covid-19 has been subdued ever so slightly, even now it continues to hammer the world at large and various states continue to make fiscal and monetary adjustments to support battered economies. Among the few positive lessons a year of pandemic has left us with is that cashless economies are very much possible and beneficial in times of emergencies like the one created by...

Norway Likes neither Cash or Bitcoin - 03/29/2021

Norway is ahead of the game when it comes to things like work-life balance and raising children. You can add to that commerce: Norway is the world’s most cashless country, according to its central bank, with just 4% of their payments made with cash and the majority made with contactless cards or digital wallets. But even with this forward-thinking behavior, the country’s central bank is not recommending bitcoin as an alternative to fiat, or government-backed currency, because it’s “far too resource-intensive, far too costly and most importantly, it doesn’t preserve stability,” Oystein...

How banks are driving to a cashless economy - 03/27/2021

Lincoln is one of the UK cities losing the highest number of high-street ATMs since the covid pandemic began. New research has revealed that around 340 cashpoints are closing every month on Britain's high streets across the country. A report by UK merchant payment provider, Dojo, has revealed the extent to which Britain’s high streets are losing their ATMs and which UK cities are the most affected. During the pandemic, Lincoln has lost 16 ATM's in the city, meaning there are now only 120 available to the residents, a decline of 11.76 per cent and is in the top 20 of cities that closed...

Australia on the Way to Cashless Society - 03/09/2021

Australia is forecast to be 98 per cent cashless by 2024 as COVID-19 accelerates the growth of payment options like tap-and-go. New data from financial payment giant FIS has forecast that in the next three years cash payments will dwindle to just 2.1 per cent of all transactions. That would place Australia as the fourth most cash-averse economy in the world, behind Sweden, Denmark and Hong Kong. "Australian consumers are ushering in a new dawn of commerce as they embrace modern ways to pay, consume and engage with businesses," said Phil Pomford, General Manager APAC, Worldpay Merchant...
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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.










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