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How banks are driving to a cashless economy - 03/27/2021

Lincoln is one of the UK cities losing the highest number of high-street ATMs since the covid pandemic began. New research has revealed that around 340 cashpoints are closing every month on Britain's high streets across the country. A report by UK merchant payment provider, Dojo, has revealed the extent to which Britain’s high streets are losing their ATMs and which UK cities are the most affected. During the pandemic, Lincoln has lost 16 ATM's in the city, meaning there are now only 120 available to the residents, a decline of 11.76 per cent and is in the top 20 of cities that closed...

Australia on the Way to Cashless Society - 03/09/2021

Australia is forecast to be 98 per cent cashless by 2024 as COVID-19 accelerates the growth of payment options like tap-and-go. New data from financial payment giant FIS has forecast that in the next three years cash payments will dwindle to just 2.1 per cent of all transactions. That would place Australia as the fourth most cash-averse economy in the world, behind Sweden, Denmark and Hong Kong. "Australian consumers are ushering in a new dawn of commerce as they embrace modern ways to pay, consume and engage with businesses," said Phil Pomford, General Manager APAC, Worldpay Merchant...

Brits overwhelming want to use cash - 03/07/2021

Even though less Britons are using cash as a method of payment due to the risks it poses amid the pandemic, only 26% of them actually want a cashless society, new data revealed. A report by Money Transfers found that the UK came in 14th place in ranking of countries in favour of a cashless society. This is even as 50% said they paid in cash less often since the COVID-19 pandemic. “The argument for a cashless society has been around for a while, but the rapid rise of the coronavirus crisis has intensified the debate again amid concerns about banknotes and coins transmitting the virus,”...

People still like and use cash despite COVID-19 fears - 03/03/2021

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...

Less ATMs, more problems for poor people in the UK - 02/28/2021

PEOPLE in some of the most deprived areas are paying up to £2 for each cash withdrawal while numbers of free ATMs plummet, consumer watchdog finds.Which? consumer group said freeto-use machines were vanishing at an alarming rate. Campaigners are warning that we risk sleepwalking into a cashless society. Which? has called for a "clear blueprint" on the future of cash, and wants the Government to ensure access to paper money. Gareth Shaw, head of money, said: "Everyone should have reasonable access to their own money without having to pay.Yet our research shows free cash machines are...

The Chinese Way to a cashless society (under surveillance) - 02/27/2021

Among the many wonders Marco Polo encountered on his journey to China in the 13th century was paper money. The Chinese invention so impressed the Venetian traveler that he observed the Mongol emperor at the time had “a more extensive command of treasure than any other sovereign in the universe.” Today, China is again at the forefront of monetary innovation. It plans to eliminate notes, which have been circulating for 1,500 years, and launch a digital-only currency. Coins will disappear, too. In preparation for becoming the world’s first major economy to go fully cashless, several Chinese...

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...
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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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