People still have trust in cash

Innovations in digital have transformed the world of banking over the last decade, but could the coronavirus pandemic quicken the shift to a cashless society? Could such a thing be possible?

Pete Markey, chief marketing officer at TSB believes were are still very dependent on physical currency. Speaking at The Drum’s Digital Transformation Festival, Markey said: "Never say never [on becoming a cashless society] but I think there are sections of society who are still quite dependant on cash."

Also on the panel was Sarah Ellis Davies, associate partner at You and Mr Jones and Blood, who echoed Markey’s thoughts: “There are some sections of society that will find a transition to a cashless society a very easy and natural thing to do."

“Cash still means something to quite a lot of people. For children who are learning, for example, learning about money makes maths fun”.

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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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