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War on cash: Italy believes in cashless' fake miracles

The coronavirus pandemic has left Italy’s economy in a bad state, with the latest predictions foreseeing a -9% in GDP in 2020. At the same time, the online economy has limited the fall, leading to a +15% in the use of contactless payments and +80% of mobile payments compared to 2019. For the first time, Italy’s historic resistance to electronic transactions might be at a turning point. This is one of the reasons behind the country’s government decision to draft a plan in the direction of a ‘cashless society’, which is also meant to counter undeclared economic activity and tax evasion - a...

Cashless society is to be feared according to MP David Mundell - 08/24/2020

DAVID Mundell is worried the UK is “sleepwalking into a cashless society”. The Tweeddale MP, of the Conservatives, has spoken in the House of Commons about his concerns that cash is falling out of use. And in his latest column in the Peeblesshire News, Mr Mundell warns of the “real danger” that physical money could soon disappear, due in part to the COVID-19 pandemic. Mr Mundell writes: “There is a real danger that the vital cash payments system in the UK could be lost through the backdoor as a consequence of the coronavirus pandemic.” AD The former Scottish Secretary says any health...

More than 40 million people at risk in the US because of cashless economy - 08/22/2020

New Global Payment Trends research reveals that a decline in cash use during the pandemic could leave 43.6 million adults vulnerable to digital exclusion in the US. Although it’s still the second-most used form of payment in the US, cash use has seen a significant decline over the last five years, with 29% of adults now saying they make no purchases using cash during a typical week, compared to 24% in 2015. This decline could be exacerbated by the Covid-19 pandemic, which has seen the country under lockdown restrictions since March. This has led to many Americans panic-withdrawing...

Australians don't want cashless - 07/27/2020

Most Australians do not want cash to vanish despite coronavirus speeding up the trend towards a cashless society. A survey for Tasmanian-based MyState Bank suggested about 70 per cent of Australians wanted cash retained. MyState Bank said the research showed the pandemic and concerns about health risks had accelerated a shift to what it described as a "less cash" society. It found 68 per cent of Australians were using less cash since the outbreak. Read more 

Australia now experiences the dark side of cashless socirty - 07/15/2020

Within days of the COVID-19 outbreak in Australia, most shops began eschewing cash, with a preference for cards. And here’s the thing – most of us quickly complied. Recently, banking experts have said that over the 12 weeks or so that the pandemic was at a crisis point across the nation, the digital banking revolution sped up rapidly, by about five years. And there were two reasons why: Firstly, the fact that cash became unacceptable currency almost overnight. And secondly, the effect of a psychological shift, particularly amongst people who were not previously avid users of technology, who...

Is unbanked Ghana really looking for cashless society? - 07/13/2020

Globally, countries are experiencing a rapid expansion of digitisation and technological advancements that touch on nearly all aspects of life. In general, the surge in digitisation has improved operational efficiency and service delivery in all the key sectors of public and commercial importance – from manufacturing and industry, to business and commercial operations, agriculture, health, education and finance. Where the debate does exist, it highlights the growing tension between an evolving consumer payments landscape, a desire for increased business efficiency, and a growing concern...
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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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