Cashless Economy
One of Asia’s Largest Cryptocurrency Exchange Hacked What Really Lies Behind Sweden's Cashless Crusade A New Bill in Washington D.C. Would Bar Local Restaurants From Refusing Cash Going Cashless Can Be Dangerous, Malaysian President of the Consumers Association Warns In Germany, the cashless economy raises concerns about trust and privacy Sweden’s central bank governor calls for public control over its payment system Cashless society: from Sweden to India, some might get left behind A growing risk of banking disaster in a cashless economy Sweden: citizen rebelling against a cashless economy
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Social unity : the true value of cash





Social unity : the true value of cash
In the past couple of decades, major economic shifts have occurred with the appearance of countless electronic payment solutions, such as Paypal, Apple Pay or Venmo. The change has not only occurred within the consumer’s habits, as businesses have started adapting to the cashless trend, and even promoting it. With the increasing level of individual computerization, which experts now call the Internet of Everything, e-money seems to have a bright future ahead.

Not for everyone. Germany, for instance, seems an island in the cashless tide. Even countries, such as India, Sweden, Denmark and Norway which had pushed the war on cash to the maximum seem now to slow down, while Germans still pursue their love affair with paper money, with record levels of cash payments, even for large purchases. German newspaper The Local says “According to Barkow Consulting, only about every twentieth payment in Germany is processed by credit card. Statistically speaking, says founder Peter Barkow, each German citizen keeps €2,200 cash at home. Germans moreover carried an average of €103 in their wallets in 2016, a study by the European Central Bank revealed, compared with an average only €65 in the Eurozone.” According to reporter Jill Petzinger, cash simply enables Germans to feel more in control of their finances.

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Banking Security

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Have your say

Who would be in control of the currency in a cashless society?

Who would be in control of the currency in a cashless society?
In many ways, recovery from the crisis has become possible due to prudent policies of central banks and states, which included instruments such as adjusting base interest rates and quantitative easing. However, the key role here was played by the very possibility of control over the system. In the...

Why a cashless economy is simply the privatization of digital payments

Why a cashless economy is simply the privatization of digital payments
The share of digital payments is steadily growing. Capgemini and BNP Paribas expect people around the world to make 726 billion transactions using digital payment technologies by 2020. "Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all...

What is the social utility of cash ?

What is the social utility of cash ?
Some say a man is only worth the sum of his possessions; should we produce bank statements, instead of identification, when stopped by the police? But what if the money in our pockets were more than just a financial instrument used to acquire goods? What if banknotes were the first societal link...
Academic Research

Ecology: The Carbon Footprint of the New Means of Payment

Children, education and the ethical issue in a cashless society

John Howland Cochrane, economist and professor at Berkeley: "The ability to transact with anonymity and privacy has been a central freedom for hundreds of years."

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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The debate

What the demise of the cashless society will really mean

What the demise of the cashless society will really mean
Are you all about the cash or card these days? We are slowly moving towards a cashless society and...

Is going full cashless society a threat?

Is going full cashless society a threat?
Despite inquests spurred by the Cambridge Analytica scandal, many of us have pretty much accepted...

Cashless backlash delays move to walletless economy

Cashless backlash delays move to walletless economy
Laura Leister, owner of Pieces, a board game bar and restaurant in St. Louis, Missouri, said she...

What are the pitfalls of a cash-free society ?

What are the pitfalls of a cash-free society ?
Amid the benefits of digital payments – their ease of use, potential to cut costs for businesses...

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

In a cashless society, Big Brother will always know when you buy milk
While the move toward a cashless economy indeed poses problems for low-income and marginalized...

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

Education: how will we teach the value of money without cash?
With the increased fear of the dawning cashless world surrounding us, the matter of pedagogical...

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

Cashless society Vs terrorism: Are States fighting last year’s war again?
The deletion of cash will do little or nothing to tackle terrorist cells, which have an arsenal of...

Inclusion: a cashless economy fights the poorest, not poverty

Inclusion: a cashless economy fights the poorest, not poverty
Payment tools which were, a few decades ago, reserved to the wealthy are now widespread, as banking and financial systems develop throughout the world. According to some, the development of electronic means not only warrants the termination of paper currency but would also enable further financial inclusion for impoverished masses. Yet, financial experts fear the potential backlash of such a theory, as recent examples have shown.

A cashless economy to root out theft and petty crime?

A cashless economy to root out theft and petty crime?
The prospect of making crime disappear has been addressed simultaneously with simply deleting other human woes, such as tax evasion and poverty, namely by economist Ken Rogoff. But just as going cashless would merely add more red tape to being poor, suppressing paper currency would do nothing to stymie crime. In fact, our increasingly cashless society has given birth to new, bigger, stealthier forms of crime.

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

A cashless economy as a bulwark against fraud and tax evasion?
It was Ken Rogoff’s most controversial theory: economies should ban cash in order to address tax evasion and place every single transaction on their radars. By doing so, the rich would no longer be able to hurdle suitcases packed with bills onto airplanes and fiscal justice would be resumed. But the theory has many holes.
The website "Cashless Economy" (cashless-economy.com) is edited by individuals and civil society groups fully committed to defending privacy and civil liberties against abuse and the risks inherent in a cashless society.
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