Opinion leaders

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...

Andy Hoffman, analyst : "In India, the "cashless society" decree changed the life of the masses for the worse." - 11/12/2018

The history of paper fiat currency destruction goes back at least 1,000 years, to when it was invented by the Chinese. In the modern day, we have seen the destruction of dozens of others—in Zimbabwe, Venezuela, Turkey, Argentina, Iran. and more. But there is a far more sinister destruction now happening in what was already one of the world’s most poverty-stricken nations, India. It began with a central bank, disguising itself as “Western” and “modern,” that kept on printing money more like a developing country central bank. Read more

"If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods." says Swedish economist Cecilia Skingsley - 11/12/2018

The renowned Swedish economist and journalist Cecilia Skingsley authored “If cash stopped working, it would leave all individuals to rely on the private sector for access to money and payment methods. It would be a historical change without precedence.” Manifestly, the cash transactions are not accepted among Swedish retailers at all. Advanced and cashless technologies have been emerging, instant adoption by payment platforms and even cryptocurrencies are clear evidences. While trade settlements are also equipped by the central bank’s real-time gross settlement system. Skingsley...

Bitcoin causes global warming according to researchers at the University of Hawaii - 11/01/2018

As Bitcoin implementation heats up, will the global climate do the same? Researchers at the University of Hawaii want to know. According to a university study published in Nature Magazine on October 29th, Bitcoin mining and trading emissions will increase the global temperature by 2° C by 2040.  The world is embracing the efficiency and ease of cashless transactions, as the blockchain continues to grow. But the advanced tech may come at a high price. Researcher Camilo Mora and his colleagues argue that even though Bitcoin is responsible for less than 1% of cashless transactions, it...

The Bank of Canada warns against an increased dependence on retail payment networks. - 10/23/2018

The Bank of Canada warns that an increased dependence on retail payment networks might raise concerns about their maintenance and operational reliability. For example, in June more than five million transactions across Europe failed during an unprecedented 10 hour outage at Visa.  To guard against this, the BoC offers three possible policy responses: regulate the critical payment networks to support reliability and mitigate anti-competitive outcomes; retain the obligation to make cash available; and issue a central bank digital currency to compete with the private payment networks....

Dr Rakesh Goyal (PhD in cyber security): "The risks associated with the move towards a cashless society are no longer hypothetical." - 10/10/2018

There is a lot of pressure on people from the government, banks and various service-providers to go cashless. In a cashless world, the government prints fewer currency notes and saves on the cost of printing and high security distribution logistics. A switch to a cashless society and online transactions is set to cause a paradigm change in the social, cultural and economic environment of India, entirely driven by technology and the growing computing power. However, the flip side of this much touted cashless society and economic transformation is not so well known. Newton’s third law of motion...

The drive towards a cashless society doesn't appear to be a smart move - 09/10/2018

The drive to go cashless does not appear to be as "smart" as expected. On the one hand, leaders have been touting the benefits of going cashless and how this would save on the costs of handling real money during transactions. On the other hand, consumers are left wondering why they should be paying more to go cashless. It begs the question: Isn't something that leads to savings supposed to cost less? Read more

The challenges of transitioning to a cashless society - 09/08/2018

The movement toward a cashless society has gained significant support in recent years, but a close look at the ongoing role of cash suggests that not everyone may benefit from eliminating bills and coins from retail sales. While merchants and payment-processing giants like Visa tout the advantages of a no-cash experience for consumers, cash continues to be the most convenient and popular form of payment for millions of Americans. Read more
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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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