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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."





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."
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 system, as it wasn't reliant on an electricity network or internet infrastructure.

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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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