Covid-19, digital payments and... overspending

Many businesses worried about COVID-19 contamination are touchy about taking cash, but the greater risk may be in overusing our plastic, warn University of Alberta experts.

Shoppers using credit or debit cards for every purchase instead of cash and coins will have to watch their spending habits, said Mike Maier, a financial expert with the Alberta School of Business.

“It’s a lot easier to spend money if it’s just a card in your wallet, than if you had cash. You can blow your budget by not realizing how much you actually spend on impulse buys,” he explained.

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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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