Will Ireland be Cashless? - 09/19/2021

The latest data from the Central Bank shows that ATM withdrawals by Irish residents fell by 40% in 2020 compared to the previous year. The data also revealed that the value of ATM withdrawals fell by 32% from the previous year to €14.7bn in 2020. Interestingly, the average amount per withdrawal increased by 14% from €139.63 in 2019 to €158.74 in 2020. We made fewer withdrawals, but when we did take out cash, we took out more. The big question is whether or not this trend will continue as the physical economy begins to open up again. Read more  

Cash under useful protection in the UK - 09/08/2021

As society accelerates into its digital future, the UK is taking steps to protect the centuries-old technology known as paper money. Digital payments are rapidly becoming ever more commonplace, so much so that even the world’s central banks are debating whether to issue an electronic form of money to the public. But increasingly cashless Britain, where many bank branches and ATMs have vanished, has become a reminder of the risks of leaving physical money behind too quickly. Some 10% of Brits still use cash for all or most of their daily purchases, and the poor and elderly can be especially...

Bangladesh still aims Cashless Economy - 09/01/2021

Prime minister’s ICT Affairs adviser Sajeeb Wazed Joy Wednesday said that the next step of digital Bangladesh is building a cashless society to ensure transparency, accountability and mobility in financial transactions. “The next dream of digital Bangladesh is to make a cashless society. The blaze service is a part of the cashless society,” he said while inaugurating the blaze service as the chief guest at a virtual function. State minister for ICT Zunaid Ahmed Palak and Bangladesh Bank deputy governor Jamal Ahmed joined the function as special guests while chairman of the Sonali Bank...

Saudi Arabia aims Cashless Society - 08/23/2021

Youth in Saudi Arabia are using less cash compared to other age groups, a sign that the Kingdom’s plans to create a cashless society is on course. Only 18 percent of Saudis aged between 16 and 22 years use cash, while almost half of people who are 60 and above use cash till date, a report by Fintech Saudi showed. The report also showed that 20 percent of the population in central region of Saudi Arabia, which includes the capital Riyadh, use cash in their everyday transactions, while 37 percent of those living in the western region use paper money in their daily dealings. Read more

India: the Cashless Fail - 07/22/2021

Another Modi initiative commenced just before he left on a state visit to Japan in 2016. He delivered a speech (Nov. 8, 2016) announcing the abrupt withdrawal of 500 and 1000 rupee notes to be replaced by newly designed 500 and 2000 rupee denominations. This would attack corruption and ferret out illegal cash holdings, he claimed. The move removed 86% of cash in the economy almost overnight and naturally caused a liquidity crisis. By the time Mr. Modi returned from Japan, the country was in chaos. In a mostly cash economy, people lined up at banks to withdraw cash and presumably deposit any...

UK, Fragile people are even more vulnerable in a cashless society - 06/29/2021

Moving entirely to electronic payment systems will endanger survivors of domestic violence and alienate the elderly, campaigners have warned. The UK is in “grave danger” of leaving survivors of domestic violence, the elderly  and millions of others without a “vital lifeline” if it continues to race towards a cashless society, campaigners have warned. As lockdown restrictions have eased in recent months, Britons have enjoyed spending money at a wider variety of retailers, restaurants and entertainment venues and have also seen the limit for contactless card payments...

No more cash for Armenian pensioners - 06/14/2021

Armenia's Deputy Minister of Labor and Social Affairs Tatevik Stepanyan said at a government meeting today that starting from July 1, 2021, all pensioners in the capital Yerevan and in the second and third largest towns of Gyumri and Vanadzor will start receiving their pensions on their bank cards. The shift to a non-cash method of payment of pensions with some exceptions stems from a package of amendments to the Law On State Pensions, approved by the parliament on June 18, 2020. According to the previous law, pensions could be paid either in cash or by a bank transfer at the choice of a...

Will the UK Stores be soon Cashless? - 06/08/2021

Just 7% of in-store purchases in the UK could be made in cash by 2024, a report has forecast, after the coronavirus pandemic fuelled the switch to cards and mobile payments. While cash accounted for 27% of in-store transactions in 2019, the latest global payments report from processing company Worldpay found that had fallen to 13% last year. The report predicts usage will continue to drop over the next three years. International figures showed that in several other countries, including Sweden, Canada and Australia, already less than one in 10 shop payments are made in cash. It predicted...

Canada soon the most Cashless Country in the World? - 06/02/2021

Canada is the world’s most cashless economy. Leading the way with cashless payments, the latest World Bank data shows 83 per cent of the population (aged 15+) own a credit card – the highest usage in the world. Canada also has the highest contactless payment limit in the world at $250 CAD (£147~). Hong Kong takes second place, with the latest figures showing 83 per cent of Hong Kong’s citizens (aged 15+) own a debit card and four major e-wallets are in operation – Apple Pay, Google Pay, Samsung Pay and Alipay. Read more  

Some UK banks now more cash friendly? - 05/26/2021

As we shift seemingly relentlessly toward a cashless society, some cash-reliant businesses and consumers who have struggled to access cash have a reason to smile. Several top banks and building societies in the UK are now unifying behind a commitment to ‘protect access to cash’. Here’s the lowdown. What has been happening to cash? The UK has been moving towards a cashless society for some time now. ATM usage, for example, has been declining at a rate of about 6% to 10% a year. Covid-19 has supercharged this transition. During the first lockdown, concerns about virus transmission...
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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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