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Will the UK be cashless in 2026? - 02/12/2021

Merchant Machine has taken an in-depth look at payment methods of different countries around the world to find the nations where physical cash still takes precedence despite the increasing popularity of digital payment wallets such as Apple Pay and Paypal. The study also looks into the UK’s changing habits with cash and predicts when the United Kingdom can expect to be a completely cashless society. The top 10 countries most reliant on cash With over 70% of payments made in cash, Romania has been revealed as the country most reliant on physical cash. Nearly half (42%) of the Eastern...

Many UK consumers blocked from paying cash - 01/23/2021

Some 34% of consumers in the UK have been blocked from paying for goods with cash during the coronavirus pandemic. That is according to consumer group Which?, which surveyed more than 2,000 people across the country in November. The research showed that people were most likely to have been refused the option of paying with cash when shopping for groceries, accounting for more than a quarter (28%) of incidents. Leisure activities such as going to a pub or restaurant followed closely behind, with 24% of people being refused for paying with cash, and those who bought cleaning products...

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...

How Rwandan banks are favoring digital payments - 09/16/2020

Rwandan banks are reducing the number of ATMs across the country with some opting to roll out agency banking instead. According to the latest statistics from the Central Bank’s Monetary Policy and Financial Stability Statement, banks are reducing the number of ATMs and instead increasing agency banking rollout. With that, the number of ATMs in the country reduced to 331 as of June this year from 390 in June 2019. Agency banking is a model of availing limited scale banking and financial services through engaged agents under an agency agreement with the owner of an outlet who conducts...

Despite attacks, cash is still king in India - 09/09/2020

In times of crisis, they say cash is the king. Perhaps, the Reserve Bank of India’s (RBI) justification for the increased cash intensity in the economy in the previous year is built on this premise. In its annual report for 2019-20 published last week, the central bank said the year ended with a surge in pandemic-related ‘rush to cash’. It noted that the currency-GDP ratio increased to pre-demonetisation level of 12 per cent in 2019-20 from 11.3 per cent a year ago. The RBI said the rise in cash-intensity in the economy indicated a response to the pandemic which reflected in the form of 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...
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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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