Sections
Countries

Cyber-theft is a real threat - 08/04/2018

As the government pushes to transform Thailand into a "cashless society", a series of security breaches of banks' computer systems over the past few years have made many reluctant to fully embrace online and mobile banking services. Last week's hacking of two major banks should be seen as a warning sign to bankers, regulators and lawmakers that they are lagging in the fight to counter cyber attacks and protect consumers. With cyber-attackers' growing capabilities, banks and financial institutions will remain vulnerable to hacking. It is hard to rule out the possibility that financial...

What Really Lies Behind Sweden's Cashless Crusade - 07/10/2018

Sweden is certainly the country most often mentioned as having made the most "progress" toward becoming a cashless society. The idea of a Swedish Cashless Society has some well-known supporters, amongst them Bjorn Ulvaeus, one "B" in the name of the famous pop group ABBA (...) The ABBA Museum is sponsored by MasterCard, so perhaps an anti-cash stance can be regarded as understandable. In any event, Ulvaeus mentions home break-ins when elaborating his negative views on cash. There is a public perception that one reason he started his anti-cash campaign is that his own son's apartment in...

In Germany, the cashless economy raises concerns about trust and privacy - 06/04/2018

For many Germans, the convenience of electronic payment is beside the point. Rather, the use of cash has, to a surprising extent, become a proxy for profound concerns about trust, privacy, and the role of the state. Whereas in most countries the choice of how to organize purchases is basically a question of utility, in Germany it’s freighted with much deeper connotations. “Cash, to me, is an important public good by which you measure the transparency and legal order of a society, and also the respect for the individual and the private sphere,” says Max Otte, an economist in Cologne who leads...

Cashless society: from Sweden to India, some might get left behind - 06/04/2018

“I think if cash disappears all over, it will be a very big problem… I’m afraid it is going too fast… so it’s a big concern if you have that feeling that society is not for you.” Maijlis Jonsson is a 73-year-old living in the centre of Sweden’s capital Stockholm. She leads an active life with her friends, travelling around the city and meeting in coffee shops. However, one issue keeps cropping up that causes her stress. (...) Niklas Arvidsson, professor at the KTH Royal Institute of Technology and Sweden’s leading expert on the payment system, acknowledges that certain demographics are in...

Sweden: citizen rebelling against a cashless economy - 06/04/2018

Sweden is winning the race towards becoming the world's first completely cashless society, but there are growing concerns it's causing problems for the elderly and other vulnerable groups. (...)  Some worry about the challenges it poses for vulnerable groups, especially the elderly. "As long as there is the right to use cash in Sweden, we think people should have the option to use it and be able to put money in the bank," says Ola Nilsson, a spokesperson for the Swedish National Pensioners' Organisation, which is lobbying the government on behalf of its 350,000 members. Read more

Sweden's move towards a cashless economy has gone too far - 06/04/2018

"While using a credit card or a mobile payment isn’t too difficult for younger residents, there are people such as the elderly or in lower-incomes who aren’t as digitally savvy or connected. When businesses don’t take cash, that means that those residents are unable to shop, eat or bank there. A broad review of the central bank legislation is now underway in Sweden to look at the situation. A report is expected from the group as soon as this summer." Read more

Cash is king in Canadian Convenience Stores - 06/04/2018

PYMNTS.com explains that "cash is still one of the most popular being put to use for everyday retail": "Few businesses understand cash’s role in Canada’s retail economy better than convenience store merchants. After all, they play a large role of their own in enabling these common retail transactions. The nation is home to nearly 26,000 convenience stores, according to the Canadian Convenience Store Association (CCSA), serving 10 million customers per day and pumping approximately $56 million CAD into the economy each year. These customers still prefer cash to make small-ticket...

How demonetization created chaos in India - 06/01/2018

Within hours, chaos ensued in the streets of India, with people lining up to the banks by the hundreds of thousands, with their savings stuffed in their bags and pockets, in a desperate attempt to save their life savings from financial oblivion. (...) One year later, economists, who have kept a close eye on the evolution of the economic situation, are drawing their conclusions. Economist Vivek Kaul reviews  what he dubs an epic failure: "As many as 250,000 units in the unorganised sector were closed and the real estate sector was badly affected, with a large number of workers...
1 2








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









Newsletter subscription

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