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In the midst of Covid there have been many changes in lifestyle patterns and one key element of that change has been the move to use less cash. This was understandable in terms of the concerns surrounding hand-washing as well, of course, as the many related factors of lockdown – security and supply of cash in an environment heavily promoting tapping and technology to move consumers along at a pace in 2m movements. That pace, however, has grown to see the introduction of cashless-only transacting by an increasing number of retail businesses, restaurants, coffee and snack outlets and...

Why the Use of Cash should be Guaranteed - 12/15/2021

Consumer advocates have warned the Government to intervene to ensure that shoppers will always have the option of paying with cash, as contactless and card payments become increasingly popular. Some Irish shops are starting to refuse cash payments, the Consumers’ Association of Ireland has warned. The association's senior policy adviser, Dermott Jewell, said retailers should be told by the Government and regulators that they must always accept cash payments and, short of a referendum, the choice of using cash to make payments should be guaranteed for all consumers. Read more  

Will Cash mean anything to new Generations in Gulf Countries? - 12/01/2021

the wider Gulf countries growing quickly, how close are we to a fully cashless society? Customers have discovered the wonder and ease in using modern payment cashless methods and can order an Uber, a cup of coffee or food using a card or phone, making coins and notes almost unnecessary. Some continue to visit the ATM for cash withdrawals, especially in rural areas where cash is still preferred, but this is becoming a less common practice. Most utility bills are also paid automatically through direct debits, or a with credit card. Read more  

Why access to cash is so important - 11/03/2021

After a difficult week in Westminster, the loss of Sir David Amess, a beloved and dedicated constituency MP, has really put into perspective the important things in life. Sir David was utterly devoted to his constituents in Southend, and while I sadly didn’t know him closely, I do know that we shared a fondness for Westminster Hall debates. I am holding a debate on access to cash today to talk about the importance of cash in communities, from spending in small businesses on our high streets to support for people who rely on cash to budget. And while I can’t claim to have guaranteed Sir...

Will Africa turn cashless? - 06/18/2021

While cash is still predominantly used for payments across the African Continent, great strides have been made towards the realisation of the so-called “cashless society”. Of course, Covid-19 has been a key catalyst, with lockdowns, health and safety protocols, and merchant/commercial restrictions significantly limiting physical interactions and thus reducing cash-based transactions. The fact is, going cashless, or at least “cash-lite”, is possible and remains a likely future scenario, given the development and trends we are seeing. Banks and other financial institutions, however, will...

The War Against Cash - 06/10/2021

Time is, I fear, running out. Running out, that is, to avoid handing to a small number of multinational corporations our right to buy and sell things. Running out to prevent governments and central banks helping themselves to our savings, by means of negative interest rates. The payments industry is closing in on its target of driving cash out of circulation and instigating cashless payments as the only way of doing business. That, at least, is the conclusion one might reach from reading a report by Worldpay: the Global Payments Report 2021. It claims that cash payments in UK shops in 2020...

Cash will always be useful according to Jeffrey Goh - 05/05/2021

With increased digitalisation spurred by the Covid-19 pandemic, will cash go the way of the dodo in Singapore? E-payment veteran Jeffrey Goh replied with a resounding "no". Mr Goh, head of Grablink, a unit of South-east Asia's ride-hailing giant Grab, said physical cash still remains very relevant as a payment option in the event of a network breakdown. "We need to think about it from a business continuity (perspective). What if the network is down?" he said, speaking at an askST @ NLB session on Friday (April 30). E-payment networks can break down for various reasons, including...

Cashless Economy and the End of Privacy - 03/18/2021

Sky News host Cory Bernardi says the move towards a cashless society through the digitsation of money is “the end of what little privacy” we have left. “Business and governments already use your spending data to assess you, imagine if they knew how you spent every single cent,” he said. Mr Bernardi said it could lead to a “social credit score” as is implemented in China which could penalise a person for shopping at the wrong locations. Read (and watch) more

China likes cashless surveillance - 03/13/2021

China is undertaking a huge experiment that could transform the future of money. Through ambitious pilot testing in major cities, the Chinese Communist Party is racing to develop centralized digital currency, also known as digital yuan. If expanded as planned, China would become the most powerful economy to offer a national digital currency, long before the digital euro proposed by the European Central Bank. With more than 750 million people in China purchasing online goods last year, analysts at Goldman Sachs estimate digital yuan could be used by 1 billion people in the next decade. Yet...

Why coin shortage is a big issue - 01/17/2021

Afew days ago, I went to the restaurant Lemonade and they had a sign saying “no cash.” The same thing happened to me in McDonalds and the more I look around, it seems like more businesses are going cashless. Is it all just a coincidence? According to the LA Times, coronavirus has led to more stores going cashless. Only 8% of retailers in March were cashless and in April this reached 31%. Based on the timeline, it’s pretty apparent that the main factor behind this is the pandemic. Since it has started, businesses have gone cashless to avoid handling the possible contagious change and cash....
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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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