Cashless Economy

Many businesses worried about COVID-19 contamination are touchy about taking cash, but the greater risk may be in overusing our plastic, warn University of Alberta experts. Shoppers using credit or debit cards for every purchase instead of cash and coins will have to watch their spending habits, said Mike Maier, a financial expert with the Alberta School of Business. “It’s a lot easier to spend money if it’s just a card in your wallet, than if you had cash. You can blow your budget by not realizing how much you actually spend on impulse buys,” he explained. Read more

SINCE GEORGE FLOYD'S brutal killing in police custody in Minneapolis this spring, America has begun to undergo a racial awakening. From New York and Chicago to Albuquerque and Omaha, Americans of all colors and backgrounds are standing together to demand an end to the structural violence and systemic racism that have afflicted Black people in this country for too long. Leaders in government and business are opening their ears to our community's cries — the cries of Black men, women and children — and taking steps to address our suffering like at no other moment in recent memory. The many...

Before there was a coin shortage, cash was under attack in the media and portrayed as a COVID-19 hazard. Now news outlets are making sure everyone knows only to think of a looming cashless society as a “conspiracy theory.” At the height of anxiety over the coronavirus, CNN berated the American people for using cash. “Do NOT take a bunch of cash out of the bank” rang one headline, and “Dirty money: The case against using cash during the coronavirus outbreak” read another. CBS News similarly ran an anti-cash story at the time, as did other mainstream networks, but more recent stories feign...

‘Alarm bells go off in my head because the impact of going cashless is highly unequal,’ said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics Even though there have been many advancements in financial technology over the past decade, many Americans still prefer to pay in cash. In fact, cash was the most popular form of payment until 2019, when debit cards rose to the top of the ranks in the San Francisco Federal Reserve’s annual survey. Cash remains king, however, when it comes to payments under $10. But the coronavirus pandemic has caused people...

The idea of a cashless society is not a new one. The widespread use of debit cards and recent explosion of digital payment options have given the average person little reason to touch cash. And the launch of innovative cash-free (and cashier-free) stores like Amazon Go make it seem as though we’re headed for a truly cashless environment soon. The pandemic has only intensified the need for cashless payment tools. “In the time of COVID-19, going cashless is safer and more hygienic because it allows for less contact between a cashier and a customer,” said Bobbi Rebell, a certified financial...

Electronic banking, the digital economy, and now coronavirus means an increasingly cashless society. The notes and coins in our pockets are being rapidly replaced by contactless bank cards and mobile phone payments. But not everyone in England is comfortable with the technology. Al Jazeera’s Paul Brennan reports from Essex, where many want to stick to pounds, shillings and pence. Read (and watch) more

The United States continues to break away from cash transactions. The popularity of online shopping and the increase in alternative payment methods has pushed many consumers to eliminate cash from their lives. In 2015, 56% of Americans believed the country would be completely cashless by 2030. The question is, would go cashless be good for America? What are the pros and cons of a cash-free society? Could the U.S. survive such a transition? Let’s explore the future of cashless transactions in America and how likely that conversion would be. The Upside to Going Cashless Eliminating cash...

As COVID-19 continues to spread, many are increasingly wary of the invisible germs living on the surfaces of everyday items, like coins and dollar bills. Cash is a notorious germ-spreader due to its fibrous material and the number of hands it passes through, leading some to speculate about its worth in modern times. But imagining a world without physical coins and bills has some fearing the worst. “A cashless society means no cash. Zero. It doesn’t mean mostly cashless and you can still use a ‘wee bit of cash here & there,’” reads a Facebook post made July 5 by user Kevin Monroe....

Despite many retailers preferring transactions be done electronically, a new study finds Canadians still feel comfortable using cash. The Bank of Canada study found Canadians are not going cashless, despite the COVID-19 pandemic. The study found that cash in circulation in Canada grew sharply in March and April, and that Canadians were generally (but not universally) able to use cash at merchants. Findings included: 36% of Canadians reported using cash for payment over the past week 38% used e-transfers 52% used their debit card 62% used a credit card 74% have no plans to go...