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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