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Is the move toward Cashless Economy unstoppable? The Banking industry says Yes...





Banking directors have claimed there is a “relentless move” towards a cashless society, driven by increased adoption of digital alternatives.

Fergus Murphy, group chief customer experience officer at Virgin Money UK, said that the drive towards online banking is happening across the globe and existing trends have been accelerated by the pandemic.

“With care and diligence the banking environment will move that way - the pandemic has definitely sped up the process - more and more customers have issues around the hygiene of cash,” he told a Scottish Affairs Committee meeting looking into the accessibility of cash in Scotland.

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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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