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Money laundering is now digital - 06/05/2020

Anti-money laundering service, SmartSearch details the new ways money laundering is taking place in the digital age. With the rapid advancements in mobile technology and internet accessibility, people can engage with financial institutions 24/7. In fact, 64% (YouGov) of Brits use their smartphone for online banking. This is altering Britain into a cashless society, with a rise in demand for real-time payments and transfers, which means the opportunity for cyberattacks and money laundering is ever more prevalent. Demonstrating how new-age technology is becoming more of a threat, in a...

Cashless transactions are a burden for small businesses - 05/29/2020

OPINION: Reductions in transaction fees paid to banks and credit card companies would help save brick and mortar Canadian businesses, which are facing many new expenses and significant lost revenue due to the pandemic. Over the course of the last few months, businesses in every sector have been navigating through the rough and uncharted waters of the COVID-19 pandemic. Particularly for small and medium-size enterprises, these rough waters have been more like a tsunami and, unfortunately, many will not make it to shore. For those businesses that do make it to dry land, there are going to...

Coronavirus: banknotes no worse than other objects - 04/27/2020

There has been a surprising emphasis placed on the role of banknotes in the spread of the coronavirus. As the pandemic only intensifies, it has become clear that there are a great many other objects and surfaces on which the virus can survive — and we cannot seem to stop touching them. Excessive focus on cash by certain governments and media is muddying the discussion over the most serious health crisis in living memory and creating cognitive blind spots in the population which could put people at risk. The UK government has moved from an official position of allowing everyone to become...

Cash won't disappear in the US - 02/27/2020

The United States continues to break away from cash transactions. The popularity of online shopping and the increase in alternative payment methods has pushed many consumers to eliminate cash from their lives. Would going cashless be good for America? What are the pros and cons of a cash-free society? Let's explore the future of cashless transactions in America and how likely that conversion would be. The Upside to Going Cashless Eliminating cash would speed up transaction times. No counting correct change or fumbling with wrinkled bills—everything would process digitally. Slow...

Cashless society is not a good solution - 02/10/2020

On its face, New York City’s new ordinance requiring restaurants and retail outlets to accept cash as an optional form of payment or face stiff fines seems ridiculous. We doubt many people who could afford a fancy restaurant, for instance, do not have a credit card. But the truth is New York and a few other cities with similar laws have touched on a problem the nation needs to confront as it moves quickly toward a cashless society — poor people are being left behind. Those cities may have confronted this in a clumsy way but, for the poor and the elderly, there is much more clumsiness in...

What would a cashless economy mean for the environment? - 01/29/2020

Human-influenced global warming is a hot topic. With protests and sit-ins sprouting up around the world, people are worried. Progress, now, would be a move towards more environmentally sustainable, ‘green’ practices in everything that we do. There is fairly solid consensus on this, at least among many Western governments, the European Union, the United Nations, and innumerable non-state actors. However, when it comes to the digital payments revolution which is making life so much quicker and easier, many people fall victim to a failure of intuition. The belief is that removing cash from the...

Good habits for 2020: stop paying cashless - 01/24/2020

Kind of like that person in the movie theater who kicks the back of your seat: It’s annoying, distracting and ruins your experience. But that doesn’t mean you should stop spending entirely, just like you don’t have to stop going to the movies altogether. You just need to pick your purchases (and maybe your seats) more carefully. Now that 2020 is upon us, here are some things you can kick out of your budget and some other changes to consider. Easy purchases with one-click shopping Cashless shopping is convenient, but it can be a budget-buster. This year, make it more difficult to spend...

Who would be in control of the currency in a cashless society? - 01/30/2019

In many ways, recovery from the crisis has become possible due to prudent policies of central banks and states, which included instruments such as adjusting base interest rates and quantitative easing. However, the key role here was played by the very possibility of control over the system. In the face of chaos and uncertainty, private organizations and customers pin their hopes on the government. It is the complete control over the system that allows the latter to effectively manage the market when needed, and to contribute to the well-being of citizens and the economy as a whole, as well...

Why a cashless economy is simply the privatization of digital payments - 01/24/2019

The share of digital payments is steadily growing. Capgemini and BNP Paribas expect people around the world to make 726 billion transactions using digital payment technologies by 2020. "Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments," Christophe Vergne, cards and payment practice leader at Capgemini, told CNBC. Banknotes and coins are gradually flowing from wallets to bank accounts. At first glance, this seems to be an organic continuation of the digitalization of society. There’s no modern social service, be it...

What is the social utility of cash ? - 01/06/2019

Some say a man is only worth the sum of his possessions; should we produce bank statements, instead of identification, when stopped by the police? But what if the money in our pockets were more than just a financial instrument used to acquire goods? What if banknotes were the first societal link between all citizens? Read more
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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