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Despite Government attacks, cash is still king in India - 06/02/2020

Nearly 83 per cent of the value of total consumer transactions were made with cash in 2018, compared to 87 per cent in 2012. Cash still rules as the king of payments in India, despite the rising trends of digital payments in recent years, as the aftereffect of demonetisation wears off. Cash in circulation in proportion to GDP has now once again reached a level as high as it was before demonetisation. Nearly 83 per cent of the value of total consumer transactions were made with cash in 2018, compared to 87 per cent in 2012, Capital Economics said in a research note citing RBI data. While it...

Armenia postpones its move towards cashless system - 05/27/2020

During a session held by the Standing Committee on Healthcare and Social Affairs of the National Assembly of Armenia today, Deputy Minister of Labor and Social Affairs Smbat Saghiyan said Armenia will postpone the period for full transition to the cashless method of payment of pensions. According to him, the government had initially planned to introduce the cashless method of payment of pensions in Yerevan, Gyumri and Vanadzor starting from July 1, 2020, but taking into consideration the coronavirus situation, the government offers to postpone the period until September 1, 2020, after which...

Mixed feeling to cashless payment in Malyasian immigration department - 01/22/2020

PUTRAJAYA: The Immigration Department’s cashless system has received mixed reactions from the public. Some lauded the move, saying that it sped up transactions, but others said they preferred paying with cash. Fadhilah Uyop, 31, who went to the Putrajaya Immigration Department to renew her passport, said she was pleased with the e-payment system. “I used my debit card for the payment. It was quick and easy. “Previously, it would have taken me close to an hour to get my passport renewed. Today, I got it done in less than half an hour.” “The cashless system makes everybody’s job...

Canadians are not that crazy about cashless - 01/20/2020

Paying for goods and services with plastic seems to be the most convenient thing to do nowadays, but only 5% of small business have stopped taking cash, according to a Bank of Canada study. The study, entitled Merchant Acceptance Survey, noted futuristic forecasts of a cashless world seem to be overblown. “We estimate that only 5% of merchants currently do not accept cash, and an additional 8% plan to stop accepting cash within the next five years,” the study stated, as reported by Blacklock’s Reporter. “Importantly, 85% of merchants stated they have no plans to stop accepting cash.”...

Will cash be soon illegal in Australia? - 01/15/2020

A controversial bill to ban cash payments of $10,000 and impose a two-year jail sentence if violated is being widely scrutinised. The proposed cash ban bill passed the Lower House late last year and was due to start on January 1 – but it won’t become a law until a Senate inquiry looks into it. The Federal Government has defended the bill, saying it intends on stamping out the ‘black economy’ – tax evasion, money laundering and other crimes – but people are instead saying the government should have no say in how people use their cash. Read more

Cashless or not, Malaysia wants to give the choice to everyone - 01/13/2020

BUTTERWORTH: Malaysians should be given the option of choosing between cashless and cash transactions when making payments to government agencies. Finance Minister Lim Guan Eng said government departments, which are moving towards cashless transactions, should provide such an option to the public. “For me, personally, I am the traditional type. I prefer to pay in cash. “But the public should be given an option, especially rural folks or the older generation, as they are still not very used to (cashless payment). It should be done gradually, in phases.   Read more

Japan economy is gloomy besides the cashless promise - 01/10/2020

TOKYO -- A majority of major Japanese companies are expecting the economy to remain stagnant, according to a survey of 122 firms by the Mainichi Shimbun compiled on Jan. 3. Businesses were sent a written survey between mid-November to mid-December 2019. Seventy-six companies, 62% of those participating, said they anticipated economic conditions would remain level. Just 32 respondents, 26%, reported thinking the economy would improve, and 11, or 9%, said it would get worse. While the government predicts that the economy will see moderate growth, a more cautious outlook is spreading over...

Indian companies fined for not using digital payment - 01/04/2020

Companies or shops who incur an annual turnover of Rs 50 cr or more are now required to accept digital payment by customers. This is part of the governemnt's move to make India a less-cash economy. The companies wont have to pay any penalty till January 31st, but they will have to cough up Rs 5000 every day for not accepting payment in the digital mode The Central Board of Direct Taxes also clarified the same, saying the move was aimed in a way that it have sufficient time to the company to install and also operationalise accepting digital payment. Which is why, the penalty will not be...

The hidden fight to get cash in Sweden - 01/01/2020

Think of Sweden and, in addition to vikings, Ikea and meatballs, you may well conjure up images of a highly-advanced society almost free of cash entirely. And you wouldn’t be far from the mark. Last year, just 13pc of transactions were made using notes and coins – kroner is the currency of the Skandinavian country – and almost half of all bank branches serving the 10 million population do not deal in cash at all. However, a fightback has begun among those who argue that many Swedes – particularly those in rural areas and the elderly – are being cut off from a fundamental right: access to...

When the interruption of Intenet makes you cashless - 12/27/2019

Interruption of internet in Delhi NCR, Uttar Pradesh and other parts of the country, that are grappling with unrest over Citizens Amendment Act and the National Register of Citizens (NRC), should also be seen as a caution against excessive dependance on digital payment devices and retaining some respect for cash. In not so good-old-days, ''cash is king'' would literally be the mantra of life. Then came demonetisation and everything changed for digital India.   Cash or balance in your bank account is still the underlying asset that allows any of your digital transaction to be...
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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