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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...

Why turning cashless is not the right answer to South Africa's problems - 10/18/2021

What would happen tomorrow if we could turn SA into a cashless society with a wave of a magic wand? Far from turning the country into a crime-free paradise of low transaction costs and widespread financial inclusion, it’s more likely that chaos would reign in many communities as millions of South Africans found themselves financially excluded and unable to transact. As we debate the noble aspiration of achieving financial inclusion in our country, going cashless is often presented as the mechanism through which financial inclusion will be achieved. Yet digital payments are not a panacea for...

What future for Cash in Ireland? - 08/31/2021

With the pandemic accelerating a change in both shopper and retailer behaviour, and with the growing ease and security of paying with cash versus credit cards, it seems that the future might be cash-free. Whether from a convenience, security, or hygiene perspective, retailers are moving increasingly toward cashless payments. But what options are available for Irish retailers – and are they likely to be adopted? “There has been a significant shift from cash to card, particularly since the pandemic,” says Robert Doherty, director of product, AIB Merchant Services. “People want a convenient...
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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

Removing ATMs: Why banks are pushing for a cashless society

Why the Use Cash is so resilient

Electronic Payments are not the only option: Cash remains

Cash or Cashless: A short 2021 Assessment

Turning Cashless? The COVID-19 excuse

Cash remains an economic and social Asset

Why Inclusion is not part of the Cashless Society Agenda

"Euro banknotes are here to stay" says Cristine Lagarde

Toward cashless economy: Are cryptocurrencies better than cash?

New York City Cashless Stores must comply with the law