Financial inclusion: cash is of a paramount importance

After the demonetization in 2016, India has embarked on being a cashless society for over three years now. Based on a Reserve bank of India’s Nandan Nilekani panel, “Digital payments have steadily become a significant mode for the inflow to the Indian consumer via Government benefit payments and salaries in the organized sector. However, cash is still the dominant mode for the outflow for this Indian consumer because of the underdeveloped nature of the acceptance ecosystem for digital payments.”

Developed economies like Canada, Sweden, the UK, France, the USA, etc. have already implemented a cashless payment infrastructure focused on credit-cards several decades ago. These countries have adopted digital payments to the extent that retail stores intended for shopping with hard cash are also gradually refusing cash payments.

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Why cash is needed - 07/19/2020

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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