The debate around the cashless society has gained momentum. One of the main fears to stand out is privacy: in a world without cash, a prying eye will always be privy to every single transaction we carry out.
The main revolution has gone unnoticed: since we have moved on from mainly cash transactions, gradually and over the course of decades), our transactions are no longer private. Every time we purchase something, every piece of information (known as metadata) is registered: time, amount, type of card, payment sender, payment receiver, location, etc. Business reporter Anthony Hilton writes : “The second thing to note is the data — every transaction from every phone — is collected, processed and used to refine the app and to develop new features: where customers shop, the things they buy, when they shop, their financial planning and so on.
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The main revolution has gone unnoticed: since we have moved on from mainly cash transactions, gradually and over the course of decades), our transactions are no longer private. Every time we purchase something, every piece of information (known as metadata) is registered: time, amount, type of card, payment sender, payment receiver, location, etc. Business reporter Anthony Hilton writes : “The second thing to note is the data — every transaction from every phone — is collected, processed and used to refine the app and to develop new features: where customers shop, the things they buy, when they shop, their financial planning and so on.
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Cashless society will have an impact on everyone
