The dark sides of cashless payments

The Covid-19 pandemic has accelerated the transition to cashless payments in most Southeast Asian countries to facilitate contactless transactions and further curb the spread of the virus.

Nevertheless, it is also crucial for us to be cautious because the method also has some drawbacks without us knowing it.

Indeed, cashless payment has become the most preferred payment method for both consumers and sellers in this pandemic era.

However, the blind use of cashless payments can have numerous adverse effects on people’s well-being, especially poor consumer behaviour, which is defined as a process through which an identifiable consumer group actually makes buying decisions.

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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.

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Top Ten Things To Know

The debate

Cash is not spreading COVID-19

CJEU Protects the Right to Pay in Cash

How Fraud is destroying the Trust in Cashless Society

Why local Cash can boost the Economy

Too many British rely on cash to turn into Cashless Society

Doubt over cashless economy: how trust in cash increased during covid-19 crisis

Cashless Societies are no answer to Economic Crisis

New Law to protect the access to cash?

How Free ATMs protect many people from the worst sides of Cashless Societies

No cash, no freedom, for better or for worse, an Australian example