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Dont buy into these cashless payment myths





Whether you now rely on cashless payment methods like mobile wallets to buy nearly everything, or can’t fathom the idea of using your card to buy a soda, payment innovations have influenced how we manage money. And just as ride-sharing apps and the gig economy have transformed what we collectively accept as normal when it comes to getting around town or earning a living, changes in cashless payment technology now mean some old financial beliefs no longer apply.
 
Are you still accepting any of these financial myths as fact?
 

Myth 1: Cash is going away in the United States.



 Conversations surrounding when the U.S. would go cashless date back to the 1980’s, but some media headlines still proclaim that the end of cash is on the horizon. In fairness to those predicting that cashless payment will soon be the only way to buy, there is some evidence to support the theory. After all, the salad chain Sweet Green and Amazon Go once banned cash purchases, along with a number of small business sprinkled around the country. New findings from FIS’ 2019 Performance Against Customer Expectations (PACE) report, revealed that cash acceptance among small to midsize businesses (SMBs) dropped from 66% to 53% since 2017, and nearly 40% of SMBs surveyed now accept mobile payments.



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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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