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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...

Why Cybersecurity is still too weak in a Cashless Economy - 08/25/2021

The inexorable rise of cybercrime has made it a risky time to be running a business that depends on the internet. When that business is dealing with payments, brokering financial transactions for potentially millions of customers, the stakes are even higher. One cyber attack in July, targeting a global network of payments terminals using software supplied by US firm Kaseya, amply illustrates the risks facing the sector. It was mounted by a hacking gang using a ransomware strain known as REvil. In the statement it made after the attack, Kaseya reported that only 60 of its customers were...

Cashless Society as a dangerous step toward the End of Times? - 07/26/2021

We are currently living in the end times, cash or no cash. However, the conditions described in Revelation 13:17 existed without a cashless society. If a tradesman wanted to sell his goods, he needed to be a member of the trade association or guild. Each association had a patron deity and in order to trade, each craftsman had to be willing to worship the deities. If a follower of Christ refused to worship a deity, they were not allowed to buy or sell goods. In modern communist countries, Christians have been barred and banned altogether from buying or selling goods. Some authorities make it...

Why Cashless Economy is not such a good idea - 07/13/2021

The more we hear about a cashless society, I wonder if anyone is really thinking of what this really means? A cashless society mean no cash Zero! It does not mean mostly cashless, and you can still use a "wee bit of cash here and there." Cashless means fully digital, fully traceable, fully controlled. I think those who support a cashless society are not aware of what they are asking for. A cashless society means if you are struggling with your mortgage on a particular month, you cannot do an odd job to get you through. Your child cannot go and help the local farmer to earn a bit of summer...

Living in a Cashless Society is not that convenient - 05/03/2021

Just last week we purchased lunch from a local eatery. We dug deep into the recesses of our wallet, searching for some money to complete the transaction. Eventually we scrambled together enough $1 and $2 coins to pay for the fare. "Oh, you're not using a card,'' the youngster behind the counter exclaimed, somewhat incredulously. "No,'' we replied defiantly and proudly. "It's cash only for us.'' An awkward silence followed. Other customers looked concerned as they shuffled towards the door, perhaps fearing they were in the company of some type of fanatic. For no-one pays in cash...

Being unbanked is spread nightmare in the US - 04/13/2021

Approximately 63 million Americans are either unbanked or underbanked, according to a report by the Federal Reserve. That means they don't use banks to make financial transactions like cashing checks, saving money or applying for credit. That's because some are discouraged from opening accounts due to high fees. Others don't trust financial institutions. But being outside of the banking system can leave people vulnerable, especially during a pandemic where many retailers and businesses are relying on cashless transactions. How do the unbanked or underbanked financially navigate living in...

Lack of privacy, economic calamity: the threats of a digital dollar - 03/15/2021

As demand for cryptocurrency like bitcoin skyrockets, the Federal Reserve announced the idea of a digital dollar, which would be an electronic fund under control of the government and presented as a sort of competitor to other cryptocurrency. But a central online dollar would work nothing like bitcoin, and it could accelerate interest with other cryptocurrency due to inflation and privacy concerns. Such a system could mirror similar efforts in China, where convenience gets traded for civil liberties. Treasury Secretary Janet Yellen has warned the public against the use of cryptocurrency,...

Access to cash is getting more complicated - 02/18/2021

More than 10,000 free-to-use cash machines have disappeared across the UK in the last two years, with one in four Scottish ATMs now charging you to withdraw your own money. The pandemic has certainly forced us all to take our eye off the more mundane aspects of life, but we shouldn’t let it blind us completely. While we’ve been distracted, it’s been getting harder than ever to freely access our cash. Does it matter? After all, we can all bank online or by phone now. What with contactless payments and the good old chip and pin, many of us probably can’t remember the last time a £10 note...

The dark sides of cashless payments - 02/10/2021

The Covid-19 pandemic has accelerated the transition to cashless payments in most Southeast Asian countries to facilitate contactless transactions and further curb the spread of the virus. Nevertheless, it is also crucial for us to be cautious because the method also has some drawbacks without us knowing it. Indeed, cashless payment has become the most preferred payment method for both consumers and sellers in this pandemic era. However, the blind use of cashless payments can have numerous adverse effects on people’s well-being, especially poor consumer behaviour, which is defined as a...

Covid-19: Using cash is not dangerous - 10/30/2020

Many people have stopped using cold, hard — and dirty — cash in favor of debit, credit or contactless forms of payment. Transferred from one person to the next, money is susceptible to picking up a whole host of germs. And naturally, when COVID-19 hit, this left people questioning if cash was safe, while many businesses started encouraging cashless forms of payment. But do we really need to be concerned about getting COVID-19 from cash? Probably not. With months of research behind us, our knowledge of COVID-19 has changed, and so too has the way experts think about surfaces, like 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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