Cashless Norway has pushed too far - 04/28/2021

Norway’s government wants to make sure banks don’t stop providing cash, as the country becomes the world leader in abandoning physical notes and coins. The Finance Ministry has told the Financial Supervisory Authority in Oslo to put together a plan that will ensure banks continue offering cash services, according to a statement on Friday. That’s after the FSA’s own survey found that a number of Norwegian banks “claim that they are not responsible for offering cash services.” Banknotes and coins are used in only 3-4% of all transactions in Norway, the lowest level of cash usage in world,...

Much more Cash in circulation in Kenya with the COVID-19 crisis - 04/25/2021

The value of cash circulating outside the banking system rebounded in February to a record high of Sh231.37 billion on increased recovery optimism at the start of the year. Fresh data by the Central Bank of Kenya (CBK) shows that the value of currency outside the banking system — which is an indicator of the prevailing economic activity — has continued to defy Covid-19 economic hardships to grow by two percent in February from Sh226.7 billion in January. This growth has, however, failed to better the lives of most Kenyans who have been ravaged by the economic fallout of the pandemic. A...

Japan is still undecided about a national digital currency - 04/23/2021

Will Japan, or won’t Japan when it comes to CBDCs? This month, the Bank of Japan began experiments to test the technical feasibility of a central bank digital currency, with the phase 1 of the project expected to last one year. But the central bank has also cautioned that this is a just-in-case project with no timeline for implementation or launch. In fact, the Bank of Japan has repeatedly stated that it does not see an actual need for Japan to issue a CBDC — an uncertain prospect that is leaving some quarters in Japan feeling impatient. Japan needs to hurry up with its study on central...

A Cashless Nepal? - 04/15/2021

Stay-at-home orders and social distancing requirements in 2020 forced banks and financial institutions to promote cashless solutions. With mobile phones determining the uptake of digital banking, a planned roll-out of super speed 5G internet system by the next fiscal year will trigger a step-change in the digital banking industry. The Kathmandu Post's Krishana Prasain talked to Ashok Sherchan, an experienced banker and CEO of Prabhu Bank, about the future of mobile banking and payment apps including the banking industry's role in addressing the gender gap. You have closely observed the...

In 2020, Cash has grown (a lot) - 04/05/2021

Despite movement restrictions and rapid acceleration in e-commerce and online spending in 2020, cash remained the most prevalent medium of payment in the year, which saw an annual growth of 14.3 per cent, the highest increase in currency in circulation in the last 10 years. “At the end of 2020, there was approximately RM130.4 billion worth of banknotes and coins in circulation, with an annual growth rate of 14.3 per cent. This was the highest increase in currency in circulation (CIC) in the last 10 years,” Bank Negara Malaysia (BNM) announced today. In 2019, the CIC was 7.3 per cent,...

Cash still rules in Pakistan - 04/02/2021

This month marks a year since the World Health Organisation declared the worldwide novel coronavirus a pandemic. A year since nations around the world started declaring lockdowns in a bid to control the contagion. While Covid-19 has been subdued ever so slightly, even now it continues to hammer the world at large and various states continue to make fiscal and monetary adjustments to support battered economies. Among the few positive lessons a year of pandemic has left us with is that cashless economies are very much possible and beneficial in times of emergencies like the one created by...

Norway Likes neither Cash or Bitcoin - 03/29/2021

Norway is ahead of the game when it comes to things like work-life balance and raising children. You can add to that commerce: Norway is the world’s most cashless country, according to its central bank, with just 4% of their payments made with cash and the majority made with contactless cards or digital wallets. But even with this forward-thinking behavior, the country’s central bank is not recommending bitcoin as an alternative to fiat, or government-backed currency, because it’s “far too resource-intensive, far too costly and most importantly, it doesn’t preserve stability,” Oystein...

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,”...
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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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Top Ten Things To Know

The debate

Removing ATMs: Why banks are pushing for a cashless society

Why the Use Cash is so resilient

Electronic Payments are not the only option: Cash remains

Cash or Cashless: A short 2021 Assessment

Turning Cashless? The COVID-19 excuse

Cash remains an economic and social Asset

Why Inclusion is not part of the Cashless Society Agenda

"Euro banknotes are here to stay" says Cristine Lagarde

Toward cashless economy: Are cryptocurrencies better than cash?

New York City Cashless Stores must comply with the law