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Cashless business: a mistake to avoid - 02/07/2020

Are you thinking about going cashless with your business? Before you start investing in only cashless solutions as part of your Point of Sale (POS) system, take a minute. This is because more cities and states are introducing legislation banning cashless businesses. New York City is the latest city to jump on the movement and ban restaurants and other retailers from rejecting cash payments. As with other states who have similar laws that are pending or already in the books, the fines are hefty. In the case of NYC, a first-time offense carries a $1,000 fine and up to $1,500 for additional...

All cashless should be banned - 02/05/2020

The growing shift towards digital payments is strongly debated among governments, central banks and financial experts. The proliferation of new electronic and mobile instruments has opened the door to a possible revolution of the payments landscape. Yet, various factors must be taken into account, as a national shift to cashless could prove more complex than believed. To justify a withdrawal of paper money, the argument is that a fully digitalised system could eradicate tax evasion and money laundering, reduce transaction costs and enable financial authorities to stimulate economic growth....

Austin on its way to ban cashless retail? - 02/04/2020

Human Rights Commissioner Garry Brown noticed recently that more and more businesses across the nation are going cashless in order to make doing business safer, cleaner and more efficient. But for millions of people without bank accounts or with limited access to banking services – disproportionately people of color and those over 65 – the trend toward cashless business is a serious concern, said Brown. “I would hope that we’re all for inclusive commerce instead of preferred customers,” Brown said. “It’s one thing for something that costs thousands of dollars like a car, as opposed to...

The vulnerable harmed by cashless society - 02/03/2020

The cashless revolution is here, and it’s happening all over the globe: from Malaysian village market stalls to the London high street. There can be no revolution without controversy, of course. Dominating conversations of financial innovation is the question of financial inclusion. In other words, will going cashless exclude the most vulnerable members of society? Globally, roughly 1.7 billion adults are unbanked. In the UK, this number is 1.5 million or 2% of the country’s population. Statistically, this may seem insignificant, but in a largely cashless, contactless society – where, last...

New York City's council votes to ban cashless businesses - 01/29/2020

New York City’s council has voted to ban cashless businesses, in what politicians said was an effort to rein in “the excesses of the digital economy” and stop discrimination against low-income residents. The city council on Thursday almost unanimously passed legislation, which will fine retail outlets, including stores and restaurants, if they refuse to accept cash payment. Supporters of the ban argue that electronic-only payments discriminate against low-income people, undocumented immigrants and people of color, who are less likely to have a bank account or access to credit. ...

Cashless society will have an impact on everyone - 01/28/2020

From the speedy slap of a contactless card on the reader to the convenience of online payments, the switch to cash-free consumerism has surged over the last decade, with the number of Brits paying in cash dwindling from 63% down to a meagre 34%. Though it seems implausible, a straight-line projection based on the above would mean Britain becomes a fully cashless society by 2026. With 250 ATMs and innumerable bank branches disappearing from our high-streets each month, cash is becoming increasingly hard to come by. Considering that it's still an economic necessity for 25 million people...

Cashless economy is putting the environment at risk - 01/27/2020

No paper used, no trees cut, no diesel trucks transporting cash to the banks: the cashless economy is the perfect answer to the environmental challenge of our century. Or is it? Beneath a seemingly reassuring veneer of eco-friendliness, the cashless revolution poses an environmental threat and a societal dilemma. An unstoppable trend? Despite many warnings from civil liberties associations, it seems that central banks, and powers that be, have decided that the future would be cashless. The share of cash-based operations of our economies has been dropping steadily with the arrival of...

Cashless system is striking the poorest - 01/26/2020

Let the one holding the hammer be the one who holds the nail: a common problem in politics is that rules and reforms apply to everyone but are decided only by the ruling class. If a policy fails, the consequences will fall upon the underprivileged, and the lack of visibility that caused their interests being disregarded will make their plight silent too. The most recent example is the cashless revolution. An efficiency-increasing agenda Banks and governments, which work hand in hand, hold the same communication line: “cash is obsolete, cumbersome and dangerous”; whereas the future is...

Cashless economy brings many unsolved problems - 01/25/2020

The smart money says we may now be in the last decade before the penny finally drops. Many New Zealanders will have already had the experience, possibly even over the current holiday period, of handing over a $50 bill for a small transaction, only to be told the vendor is unable to make change. It could now be a matter of years before virtually all local transactions are done by bank transfer, credit and debit cards or Eftpos, with the idea of physical payment relegated alongside rotary-dial telephones and audio cassettes. International researchers have long said that this country is...

Cashless economy is not the only possible future - 01/23/2020

Do you feel confident enough leaving the wallet at home and relying only on a bank card or mobile device? Then you understand that a society without cash is no longer a utopia, but our future. Goals and limits of a cashless system The recently emerged blockchain technology can give a serious impetus to the transition to a new lifestyle. In principle, the process has already begun, and today almost everyone sees the direction in which they will evolve. Already, cashless transactions are expected to accelerate at compound annual growth rate (CAGR) of 12.7 globally, with emerging markets...
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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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