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People still like and use cash despite COVID-19 fears

Cashless payments are on the rise in the wake of COVID-19, but don’t write off hard currency just yet. A new survey from online deal platform CouponFollow, “The State of Cashless Spending in 2021,” indicates nearly half (49%) of surveyed adult U.S. consumers are worried about using cash due to the potential risk of COVID-19 transmission. As a result, 41% started using cashless payments during 2020. However, respondents are not entirely abandoning cash as a means of making retail purchases. Six in 10 (62%) used cash for some of their shopping in 2020, and nine in 10 (91%) carry cash on...

How cashless Harms the most Vulnerable: A New Zealander example - 01/21/2021

Covid-19 fears accelerated banks’ moves towards cashless transactions. But the Reserve Bank has come out swinging on the side of cash – and the often vulnerable people who still use it. The annual Monster Book Fair in the Kapiti Coast town of Paekākāriki is a big deal. It’s run by local volunteers and goes on for three days. There are thousands of books for sale, and big money gets raised by volunteers, many of them retirees, for the St Peter’s Hall restoration fund. But last year, when the fair was over and the treasurer went to a BNZ branch with several thousand dollars worth of coins...

China's Central Bank wants retailers to accept payments in cash - 12/31/2020

The People's Bank of China (PBOC) is looking to close the widening digital divide and has warned merchants that they must accept cash or face disciplinary action, Reuters reported on Tuesday (Dec. 15). Most businesses in China have gone digital and some have stopped taking cash altogether, in part due to the coronavirus, but also as a means of cost control and user demand. “Renminbi (yuan) cash is the most basic means of payment. Entities or individuals cannot refuse to accept it,” the PBOC, which is China's central bank, said in a statement, per Reuters. The PBOC also said that any...

War on cash: Italy believes in cashless' fake miracles - 10/13/2020

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...

Inclusion works with cash - 10/04/2020

Anyone can use cash to transact – important in a country where one in five people do not have a bank account (Finscope, 2018). Cash doesn’t discriminate according to whether you own a smartphone, can get a card from a nearby banking branch or have an ID book for a FICA or Know Your Customer process. It allows immediate participation in the economy for all. According to the PYMNTS Global Cash Index™ South Africa Analysis, more than 50 percent of consumer transactions are completed with notes and coins. With around R135 billion in cash circulating in the economy and millions of unbanked...

Cashless society: Say No ! - 09/25/2020

They said digital payments would defeat criminals, terrorists and money launderers but the opposite has turned out to be true. Money laundering through banks, hackers blackmailing legitimate listed companies for cryptocurrency payoffs and regular outages by my bank’s Eftpos system show cash may be our last bulwark against the crims and the thieves. Card companies and banks implied that cash was unsafe at the beginning of the COVID-19 pandemic but it turns out that cards maybe dirtier than cash. Scott Morrison’s government proposes to ban cash transactions over $10,000. T Our right to...
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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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