Cashless Economy

Consumers will be able to make free cash withdrawals from tills in some convenience stores under a new trial being launched next month to help keep banknotes and coins viable. The initiative, which starts from October 15, is being launched by cash machine network Link and in-store payment services and ATM provider PayPoint. If successful, it could be rolled out more widely. It is one of several initiatives taking place under the Community Access to Cash Pilots (CACP) scheme, which is looking at ways to make cash more sustainable. Other initiatives include deposit schemes for small...

The claim: It is unlawful for a business to refuse cash payments from customers; the business can be reported and reprimanded. A growing number of businesses have gone cashless amid the COVID-19 pandemic, bringing forth criticism and false claims online regarding the legality of digital transactions. In response to the pandemic, the Centers for Disease Control and Prevention released guidance encouraging retailers to use touchless payment options, but not everyone is happy about the recent rise of electronic payments. Some social media users claim it is illegal to refuse cash payments....

Technological advances have led to an almost cashless society. However, some cash-only businesses are still thriving amidst the use of credit cards and other digital payment methods. A cash-only business is one that accepts bills and coins only. This means no debit or credit cards, cash transfers, gift cards, or personal checks. Cash-only businesses are often small startups that sell affordable items. For instance, you will most probably prefer to pay cash for a street painting or a babysitting service. Similarly, businesses with low-profit margins prefer cash payments as they want to...

Whilst recent changes brought about by the use of new technologies such as smart watches, tablets, phones and other savvy gadgets have meant certain change for the way we pay in shops in the UK, the recent pandemic has been a game changer. As stores begin to open for business again across the nation after the recent lockdown, many shops and service providers are now only accepting card and contactless payments in a bid to keep people safe. Whilst 59% of the UK population claim that they prefer to pay via card or contactless, 41% of people still prefer to pay with cash. So, what does this...

Italy’s Prime Minister Giuseppe Conte believes that the transparency provided by digital payments can do a lot of good for the country. Local finance news outlet Il Sole24Ore reported on Sept. 8 that Conte believes that digital payments would result in the financial system being “faster, more transparent and traceable which in perspective means … recovering the shadow economy.” He explained that all this could result in lower taxes for all of Italy: “[This plan will] disincentivize undeclared payments. As a consequence, we’re building the basis for the objective of the entire government,...

Despite our international reputation as a bunch of uncouth, cricket ball sanding, barbeque loving bogans, Australians are actually incredibly tech-savvy and we have consistently led the world in the adoption of new technologies. One area where this is particularly apparent is in the realm of finance. Not only was Australia the first country in the world to use polymer banknotes, but we were among the first countries to widely adopt contactless payment (e.g. tap-and-go, mobile payments, etc.) Indeed, Australia has hit a contactless payment ‘saturation point’, Westpac reported in 2017 – over...

COVID-19 has changed society as we know it over just a few months — working from home, social distancing, masks and countries across the globe on the brink of an economic crash. Once upon a time the concept of a cashless society may have sounded like it was straight from science fiction, but the rise of e-commerce, flexibility of banking and the growing number of ‘no cash accepted’ signs in physical shops has left purses empty, with the exception of a debit or credit card. Despite the direction we appear to be heading, no society exists yet that is entirely cash-free. Cash has almost been...

In the second instalment of video series, Rahul Gandhi on Thursday alleged that Prime Minister Narendra Modi’s push for “cashless economy” was meant to "attack India's informal sector" and turn it into “labour-farmers-small business-less economy”. “The scary result of the demonetisation move on November 8, 2016, came on August 31, 2020,” Gandhi said in his video explaining how India’s “unorganised sector was devastated by economic moves like demonetization.” “The hidden agenda of demonetisation, which saw the scrapping of all Rs 500 and Rs 1,000 currency notes, was to clear the ground” by...

Being totally cashless hasn’t been hard for this Apple Watch wearing, technoluster, or others it seems. Still, for others, it’s proven incredibly hard and while cashless society may seem like an amazing idea (lower crime rates, less money laundering, time/resources saved from making money and easier currency exchange when travelling) but there are some vast downsides too. Zero cash - no notes or coins - looks like the way things are going abut how quickly we get there is up for some debate. Going totally digital means 100% traceable, digital and fully controlled and there are lots of forces...