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Should we pay attention to ethics and personal rights in Cashless Economies? - 10/29/2021

It is no longer easy to find an ATM or a bank branch nearby, government agencies are pushing for bills and coins to be abandoned, and an active shift to cryptocurrencies is making cash seem outdated. Some even go as far as calling cash ‘a curse’. Is this form of payment really no longer relevant? Let's figure it out. Cashless payments are progressing in leaps and bounds: for example, India has arranged its own ‘cash overhaul’, introducing a large ban on most bills, just a several years ago. As a result, the share of cashless payments jumped by over 30% in just three years, astonishing...

Going Cashless? Why Ethics Matters - 10/13/2021

The global health crisis has led to an increase in going out cashless due to fears of transmission of the coronavirus. Yet this has had an adverse impact on social and economic inclusion. It has also exacerbated the so-called “digital divide” over who has access to the internet and can buy things online. In the United Kingdom, 1.9 million households do not have an internet connection. Cash, an integral part of daily life for millions of people, is being sidelined to make way for digital payment systems, under the guise of anti-corruption efforts, increased convenience and security for...

How banks are promoting Cashless Economy - 09/10/2021

AIn the beginning, most banks said “no problems”, but now there are more critical voices from the banks about the new upper limit for cash deposits. For just under a month, private customers who want to deposit more than 10,000 euros in cash at a bank have had to submit a certificate of origin for the money. There are exceptions for business customers such as car dealers, where this happens regularly. Sparkasse Leipzig, for example, reports that it has around ten such cases every day in which the “Payment Transactions” department receives the customer’s data and has to write to them...

How homeless people are impacted by the cashless strategy - 10/14/2020

A study has shown that homeless communities have been impacted during the pandemic, because more people have gone cashless. Content Strategist Kylie Moore said her study shows carrying cash has been relied on the homeless. “If people don’t want to touch doorknobs, you know they’re not going to want to touch paper bills," Moore said. “We were looking to see if this cashless future that so many people see coming might actually be closer than we think.” Watch

Will financial inclusion always be possible without cash? - 02/26/2019

A large part of our donations is possible thanks to the presence of cash in our pockets. Spontaneous donation is much more difficult without cash, and people in need, as well as small charitable organizations, often experience difficulties in the world where money exists only in electronic form. Read more  

What about poverty and financial inclusion in a cashless society? - 02/14/2019

Some believe that soon our society should completely give up cash. Will such a deal be successful? And will we regret our decision? There are more questions than explanations, but some outcomes can be predicted now. For example, the life of homeless and low-income people may worsen even more due to their actual isolation from the world. Read more

Electronic payments are an ecological disaster - 02/05/2019

With the war on cash, environmentalists are growing concerned that the increase in online payments will add a large energy bill to societies, compared to the old-fashioned paper banknote. Although ecology and currency may seem distant concepts, the amounts involved, should currency cease to exist, make it a very serious risk. Read more  

In a cashless society under-privileged classes are in the line of fire - 12/27/2018

One of the most scrutinized indicators in the economic studies on poverty is access to the banking sector. Categories of populations with no such access are considered under economic strain. But banks are no life-rafts for the poor. As banks continue to press for the disappearance of cash, the risk for underprivileged populations to find themselves excluded from financial markets increases. Read more  

The cashless society from an ethical point of view - 12/12/2018

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.

Cash remains the best way to stay free - 12/01/2018

Are electronic payments the gateway to freedom? Not so, claim the proponents of cash. While electronic payments do enable to make payments at anytime, anywhere, they have inherent limits to the liberty they offer. Cash is simply ownedn regardless of external factor. Power shortages, be they on the power grid or simply a dead phone battery, will have no effect whatsoever on a person's capacity to conduct financial operations in cash. This argument is even more valid in rural areas where internet access can be haphazard, or in the poorer segments of the population. Toby Mayjes warns that:...
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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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