Opinion leaders

The British Treasury Select Committee warns the elderly and those on low incomes are still reliant on cash - 06/05/2019

Free-to-use cash machines and bank branches must be maintained to ensure that vulnerable Brits do not fall behind, warns a new financial inclusion report. The Treasury Select Committee insists that preserving a branch network is a “key step” to maintaining inclusion with both the elderly and those on low incomes still reliant on them due to a lack of digital access. They have been the hardest hit by the 13,000 branches shuttered since 1988 while IT system failures also show the need for a high-street presence, according to the report. MPs warned that banks have been ushering customers...

Cameron Bready, Global Payments CFO : "There's always going to be a role for cash in commerce around the globe." - 05/29/2019

There's always going to be a role for cash in commerce around the globe. I don't think that cash is ever going to go away entirely. The death of cash is probably vastly overstated. But the reality is there is a significant portion of the population in the U.S. that is underbanked and a good portion that's probably unbanked. TSYS today focuses on consumer solutions, generally geared towards that underbanked and unbanked market — prepaid cards, digital cards — that allow customers to be able to have digital mortgage payments that they can use and help them to remember not to be in a place where...

Dr Muzaffar Syah Mallow : "Cashless society will not make our society crime free." - 05/27/2019

Any efforts to introduced cashless society in our country will not able to eliminate entirely crime relates to money like money laundering, embezzlement, corruption, and others as criminal will continue to find ways to carry out their criminal activities regardless the method of transaction we adopted. There is also a fear that our society will be expose to new kinds of criminal activities involving online financial transactions if we rush with the plan to turn our society into cashless society. Cashless society describes an economic state whereby financial transactions are not conducted...

Central bankers fear chaos in a cashless society - 05/06/2019

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...
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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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