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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...
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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.

The cashless society from an ethical point of view









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