Not all consumers are happy, while more and more retailers are refusing cash

Not all consumers are happy, while more and more retailers are refusing cash

On a recent summer day, as Steffen Kaplan strolled down a New York City street looking for lunch, he grew frustrated: The first three places he looked at were cashless, which meant his dollar bills were no good. Kaplan avoids using credit cards to prevent overspending. “It’s a great formula for staying out of debt,” he says. But it was not a great formula for satisfying his hunger. And the more he thought about it, the more frustrated he grew that eateries were declining to accept cash. “I don’t think it’s cool that you walk into a place and can’t buy anything,” says Kaplan, a social media visual consultant. As a small but growing number of retailers opt to go cashless, not everyone is happy. Some consumers, like Kaplan, prefer using cash, whether as a method of budgeting, to avoid debt, or because they don’t have a credit or debit card. As a result, there’s a growing rift between promoters of cashlessness, which includes the digital payments industry, and those who say cash should still be king.

Read more

Go Further
1 2

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