The Dangers of a Cashless Economy

Shoppers beware! The saying goes: the road to hell is paved with good intentions, and the devil never shows his face – meaning that all mistakes seemed initially like a good idea. For the past decades, we have enjoyed the increased options of how we make payments, drifting from cash-only to mobile payments, for instance. But what seemed like a luxury could be the pernicious road to grave dangers, as cash slowly disappears.

Cashless trends worldwide

Sweden has seen its cashless revolution heavily documented and reported on, as observers throughout the world used the Scandinavian country to see how a “world without cash” would work. Indeed, Sweden took the lead, several years ago, in getting rid of hard currency in favor of mobile and electronic payments with many shops and outlets simply no longer accepting cash.

But many other countries have followed suit, thus forming a global phenomenon that was initially a natural course of the market and eventually became instrumental to public and corporate policies. But a cashless society, which promises a seamless, safe and convenient world for all, comes with dangers of its own that citizens and organizations worldwide are very concerned about.

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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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The debate

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