How banks are promoting Cashless Economy

AIn the beginning, most banks said “no problems”, but now there are more critical voices from the banks about the new upper limit for cash deposits. For just under a month, private customers who want to deposit more than 10,000 euros in cash at a bank have had to submit a certificate of origin for the money. There are exceptions for business customers such as car dealers, where this happens regularly.

Sparkasse Leipzig, for example, reports that it has around ten such cases every day in which the “Payment Transactions” department receives the customer’s data and has to write to them afterwards, stating that the customers have to provide proof of origin. “It is not the case that all customers are happy about this additional effort – especially not if the motivation for this measure is questioned at the same time,” said a spokesman.

Read more

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.

Newsletter subscription

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