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Why Cashless Economy means social exclusion - 03/11/2022

The other day I met with an articulate advocate for social justice, equity and diversity. We were to have a coffee, and the advocate suggested a popular venue in Capitol Hill. When I got there, I found the establishment accepted only credit cards or “Apple Pay” but not cash. Without the former, the server said unapologetically, I was free to cancel my order and go elsewhere. In a prior job, I worked at a clinic for new immigrants and was sensitized to the fact that many of the most vulnerable among us — the undocumented, the homeless, the working poor — may not even have bank accounts,...

Why Cashless Welfare can be very wrong - 01/31/2022

If your income is not fixed but variable, just how do you “budget” that? A salaried worker will get a fixed pay cheque a month but those who do odd jobs such as collecting cans and boxes for recycling can never truly predict how much money they will make a month. I saw some people say that JKM Pay prevents people from wasting the money on cigarettes, alcohol or, horror, drugs. If you think like that I would first like to say, you should check your empathy tank as it seems to be running on empty. This moralising about how the poor should spend their money is ridiculous and also part of...

Cashless raises more concerns about Inclusion - 01/17/2022

Sitting behind my computer talking to my mom on my smartphone, I feel grateful for everything technology allows me to do. However, for those living on the streets, technological advances are leaving them in a more vulnerable position. I live in the beautiful city of Paris, and as in many other metropolises, there are a number of homeless people who take shelter on street corners, in the subway, and on park benches. Over the past few years their numbers have climbed, and with political and economic uncertainty, their plight won’t be improving in the near future. It’s a heartbreaking...

Nigeria not ready for Cashless Society - 01/12/2022

THE usual hustle and bustle of the recently-concluded Yuletide season came with the harsh reality of the shortage of cash in Nigerian banks. This was evidenced by the unusually long queues at the ATMs with many of them not being functional, as well as the inundation of banks by customers who require cash to meet their needs. It would, however, seem that the impact of the cash shortage was more felt by individuals and corporations who required large sums of money in cash to either fulfil personal needs or for corporate social responsibility. Though the Central Bank of Nigeria had earlier...

How Cashless Economy Hits the Poor - 12/10/2021

ver the last decade, the number of individuals living in New York City homeless shelters surged as high as 50% at times. The COVID-19 pandemic has had a disproportionate impact on the nation’s homeless population, which is also hit harder by climate change-driven events than any other segment of the population. In cities where rent prices have skyrocketed in recent years, the homeless population will sadly continue to grow while the effects of climate change worsen. Meanwhile, Americans now carry less cash in their pockets, preventing the homeless from receiving adequate funds through cash...

Cashless India hurts the Economy - 12/03/2021

I have been invited to write a comment on the ‘failure’ of the Demonetisation exercise of Prime Minister Modi. True, it was an obvious failure if you judge it by its declared objective of fighting corruption, terrorism funding and tax dodging. Almost all the demonetised banknotes were deposited in banks and thus re-inserted into the legal economy. It was a failure also if judged by the secondary goal of promoting financial inclusion. Rather than helping the poor by giving them access to modern means of savings and payment options, demonetisation disproportionately hurt the poor, as they...

Why Cashless Society has too many drawbacks - 11/22/2021

BUSKERS are back on the streets of Cork city, filling our ears with wonderful music. Beside each of them is usally a wide-brimmed hat or guitar case, into which grateful patrons can drop a few coins to support the musicians. Well, that’s if they have coins or physical money in their wallets and pockets. Recently, during a visit to the city, it was evident that there is a diminished amount of donations in the buskers’ takings. The drive toward a cashless society has meant that fewer people carry cash on them these days, which leaves fewer people with the ability to give money to a busker,...

Going fully Cashless leads to Social Disasters - 11/17/2021

When I worked at the Strand, New York’s biggest bookstore, our internet would often go down, making things very inconvenient. After all, a lost connection meant that the credit card machines ceased to work. “We can take cash!” I and other cashiers would holler at our long lines of customers, but only a trickle out of the book-loving hordes would actually take us up on the offer. The rest would either leave, or wait – sometimes for a very long time – for the machines to come back online. It’s common to believe we’re becoming a “cashless society.” Such observations tend to regard this as a...

Cash or Cashless, that is the Question - 11/05/2021

Saying there might be a problem with humanitarian cash transfers is like saying that you don’t think Baby Yoda is that cute; but somebody has to risk becoming a pariah in the aid community, and it might as well be me, since I’m already a pariah in the Star Wars community. The problem is not with cash transfers per se, but with the financial technology we rely on to implement those transfers, and which makes possible and monetises surveillance on a scale never seen before. One argument for cash transfers is that they cut out intermediaries – the UN agencies and NGOs who are currently...

What is the future of cash? - 10/20/2021

Is cash dead? Like, we’re kind of talking about how we never use it—is it on life support? Is it a senior citizen living out its days in glory? Where is cash right now? How much is it being used around the world? John Detrixhe: So cash is this amazing paradox. It is simultaneously losing popularity, and at the same time. more popular than ever. People are paying for things much less often with cash. But at the same time, there’s more cold, hard cash, particularly US dollars, in circulation than ever—more than $2 trillion is in circulation. And it actually accelerated last year—it went up by...
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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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Top Ten Things To Know

The debate

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Cash in the US: What else?

Unbanked People are threaten by Cashless Economy

Access to Cash: Wantage Bank is playing the Cashless Card

How Cryptocurrencies and Cashless Economy are weakening people

Inequalities and danger for Freedom: The bitter taste of Cashless Economy

Despite all the payment solutions, Cash is still a rock

Mass Surveillance loves Cashless Society

Is Liberia becoming a Cashless Society?

Why your Money is at Risk in a Cashless Economy