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Europe's central bankers are warning that a gradual phase-out of cash in many countries poses a serious threat to the financial system, as relying too heavily on digital payment systems exposes them to catastrophic failures in the event of cyberattacks. Regulators are also weighing in to say that IT failures, systemic hacking risks — and the fact that more vulnerable members of society would be alienated in a cashless world — all argue in favor of keeping a robust system in place — ie., cash. Read more

We must halt the relentless march to a cashless society. - 05/02/2019

Jack Welch, the US business executive, once famously said that "cash is king". Yet his words now sound increasingly outdated. Cash no longer reigns supreme but has been kicked off the throne by virtual commerce. We are living through an online revolution, one that could eventually mean the disappearance of notes and coins. In 2017 debit card payments, fuelled by contactless technology, overtook cash payments in Britain for the first time. Several transport providers, retailers and even restaurants now refuse cash. To its starry-eyed enthusiasts, the advent of the cashless society represents...

A cashless society wouldn't work in the US - 04/23/2019

Accepting cash ensures that all consumers can buy from any business. In fact, retailers that ban cash are excluding approximately 25% of people in the U.S. who are either totally “unbanked” or “underbanked,” with little or no access to other payment methods. Instead of excluding people, retailers should be making it easier for everyone to participate in our economy. The Federal Reserve cites cash as the most frequently used form of payment, accounting for 30% of U.S. consumer transactions, ahead of all other payment methods. Unlike alternative forms payment, cash requires no fees,...

Andrea Nitsche from Cash Matters, says: “Going cashless is not a choice consumers make, it’s a choice made for them by market players." - 04/04/2019

A cashless society is an increasingly realistic prospect in the UK as more and more people turn to contactless and digital payment options. But there are plenty of warnings about a complete switch away from notes and coins, with many groups still dependent on cash. Andrew Fawthrop looks at some of the the major payment trends driving this movement, and considers some of the important issues in the cashless debate. Read more

Cybercrimes and security in a cashless society by Dr Muzaffar Syah Mallow - 03/15/2019

Efforts to introduce a cashless society here won’t eliminate crimes, such as money laundering, embezzlement and corruption. Criminals will continue to find ways to carry out their activities, regardless of the method of transaction. There is also the fear that society will be exposed to new kinds of criminal activities involving online financial transactions if we rush into this plan to turn our society into a cashless one. With the advent of technology such as the smartphone, our daily activities have changed tremendously. We rely on our smartphones to perform our jobs, including conducting...

Tax evasion and crime: the truth about cash - 01/14/2019

USPA NEWS - Government agencies across Europe are putting up feeble resistance, in private bank’s plans to eradicate cash from our economies. The bank’s argument, for the state to enable the complete cashless revolution, is that tax evasion will no longer be possible. But the truth is such a drastic move would do little to help the government’s fiscal goals and would bring great harm to the economy. India tried, and caused a national disaster.

Reserve Bank of Australia governor Dr Philip Lowe: "As we rely less on cash, outages affecting retail transactions can have a significant impact on businesses and individuals." - 11/30/2018

Reserve Bank of Australia governor Philip Lowe said it won't be long before banknotes are used for "relatively few payments" and cash becomes a "niche payment instrument". A cashless society is not without its pitfalls and some countries have moved too quickly to get rid of cash. Sweden has plans to phase out cash completely by 2025 but financial authorities who once embraced the trend are now asking banks to keep peddling notes and cash until the government can completely comprehend the ramifications. Dr Lowe said cash would likely always still hold a place in the national payments...

The cashless dystopia : "With implantable chips, we are becoming hackable and trackable devices." - 11/30/2018

The term “cashless society” is now in vogue. Every year, fintech companies present new solutions, and developers already offer to use chips instead of bank cards. Does this mean that we already have a cashless society under our skin in the most literal sense? Modern technologies are not capable of providing a sufficient level of encryption for full-scale use of implantable microchips as bank cards. However, insertable technology expert Kayla Heffernan is convinced that this is just a matter of time. He says (3) : “Payments are the killer application. As soon as you can pay with it, more and...

Malcolm McDowell, Director on the Board of the International Currency Association : "The most powerful form of reinforcing a ‘save first, buy later’ mentality is to use cash." - 11/20/2018

Malcolm McDowell, a Director on the Board of the International Currency Association : "The Australian Securities Investment Commission (ASIC) is the Australian Government department responsible for ensuring companies remain compliant with Australian financial laws, and as part of its commitment to a more financially sound society have produced a website called MoneySmart. What is apparent to me when looking through this site is how important it is for people to set up their lives to save money, particularly from a young age.  There are some simple but effective case studies...

"For decades, anti-cash campaigns led by dominant card brands, have been waged with the objective of discrediting cash" according to the ATM Industry Association - 11/16/2018

“For decades, anti-cash campaigns, largely led by dominant card brands, have been waged in the mass media with the objective of discrediting cash,” ATMIA said. A prime example, according to the trade association, is Visa’s “Cashless Challenge” announced this month. The card network plans to offer up to $500,000 to 50 U.S. small restaurants, cafes or food truck owners that commit to going 100% cashless. “With 70% of the world, or more than 5 billion people, connected via mobile device by 2020, we have an incredible opportunity to educate merchants and consumers alike on the effectiveness of...
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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









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Top Ten Things To Know

The debate

What are the pitfalls of a cash-free society ?

In a cashless society, Big Brother will always know when you buy milk

Education: how will we teach the value of money without cash?

Cashless society Vs terrorism: Are States fighting last year’s war again?

Inclusion: a cashless economy fights the poorest, not poverty

A cashless economy to root out theft and petty crime?

A cashless economy as a bulwark against fraud and tax evasion?

Does a cashless economy really boost economic growth for all?

Governments and sovereignty concerns in a cashless society

Why commercial banks are lobbying in favor of a cashless economy