Sections
The debate

Cashless: the necessary debate - 01/14/2020

Discussions surrounding the nature of the ongoing trend, in which our economies are slowly getting rid of cash, have risen consistently in their magnitude. An increasing share of the population is taking positions regarding the matter, with arguments pro and con. But the most interesting part of the debate lies not in what is being said within the debate, but in what is being hushed. The slow demise of cash There is nothing new about the trend: in fact, it probably started without anyone deciding, or even noticing it. Merely a hundred years ago, cash was being used for just about...

How elderly are pushed aside by cashless economy - 01/13/2020

KUANTAN: Cash payments over the counter at government agencies should not be scrapped to avoid inconveniencing customers. Instead, such services (cash over counter) should be continued, along with the newly-introduced debit, credit cards, and self-service electronic kiosks which will allow people to choose their preferred payment channel. Checks at the Pahang Urban Transformation Centre Immigration Office here yesterday sho-wed that many customers still chose to pay in cash despite the counter accepting debit card payments. Read more

Tesco customers really don't like cashless - 01/08/2020

Shoppers are reportedly disappointed that British supermarket Tesco  won’t take cash payments any longer on its “scan as you shop” system. The system lets shoppers pack as they shop and is said to be “exclusive” for the store’s Clubcard members. It reportedly makes for an easier shopping experience, the Manchester Evening News  reported. The supermarket chain has been putting a message on receipts for shoppers that says, “Scan as you shop is changing.” It notes that “the scan as you shop payment area will only be accepting card. Want to pay with cash? You can still do so...

The effects of a system crash in a cashless world - 01/06/2020

The new year got off to a bad start for millions of Lloyds, Halifax and Bank of Scotland customers, who were unable to gain access to their accounts through the banks’ websites and mobile apps for almost nine hours because of an outage. The three brands, which are part of Lloyds Banking Group, apologised repeatedly to customers after the problem started at about 4am on New Year’s Day, a bank holiday when branches are shut. They put out the same statement on Twitter on Wednesday morning: “We know our customers are having issues with internet and mobile banking. We’re sorry about this...

Don't look for a better world with a cashless society - 12/29/2019

For the past few years, Anna has been living on the streets of Stockholm. As one of the roughly 33,000 people currently homeless in Sweden, she has found her day-to-day life lately becoming even more of a struggle. Today, if she wants to buy a sandwich at a café, or if she wants to use one of the public bathrooms that cost ten krona, she’s unable to pay in coins or notes. If she wants to hop on a bus or tram, or if she wants to donate to her church, she won’t be able to use cash in those places either. Since she doesn’t have enough money to open and maintain a bank account—which would allow...

Big Brother loves cashless economy - 12/23/2019

A Dec. 12 letter  by Prof. Ira Sohn responding to Prof. Alan Blinder’s Dec. 6 op-ed discusses the trackability of cashless cyber transactions. It’s advantageous, Mr. Sohn writes, because it’ll be easy to apply the correct tax rate to the transactions. As a lifelong IT person, I can guarantee that getting the tax right is the least of the uses to which such records will be put. We should take very serious issue with the idea that any entity, governmental or otherwise, can track every penny we exchange for goods and services. In China those unfortunates are already under...

Cashless economy questions our security systems - 12/20/2019

Advancement in technology has made all of us dependent on the internet and just like every coin has two sides, usage of the internet also has two sides. We have become so engrossed with the advantages of technology that we have sidelined the disadvantages of the same. Technology-oriented or computer-related security risk is called Cyber Crime. There are classifications of cybercrime among which Financial Fraud crimes, Cyber terrorism, Cyber Extortion, Cyberwarfare, Computer as a target, Computer as a tool, Obscene or offensive content, Online harassment and Drug trafficking are the most...

The dangers behind a cashless economy - 12/13/2019

As the country continues its inexorable march towards becoming a cashless society, it’s important to remember the downsides. Australia has been just a few years away from being a cashless society for a couple of decades now, but it will eventually get there. Legislation currently before the Senate aims to ban transactions over $10,000 in a bid to hinder the black economy. From there, it’s not difficult to imagine that the ubiquity of digital payment systems – and efforts the by government – will see hard cash disappear at some point in the future. One of the supposed benefits of a...

Cashless makes you spend more - 12/11/2019

Many countries have already started to shun physical money – and the UK and USA are already lagging behind. Are we wise to keep our cash? Or are we simply stuck in the past? I have a memory as a boy, saving my pocket money by placing it in a special drawer, the golden pound coins collecting into a neat stack. (Although the stack never got too high to endanger its structural integrity.) I grew up in Hastings, a small coastal town in East Sussex, famous for 1066 and seaside charm. It has a reputation for being somewhat rundown and is forever “up-and-coming”.  I got my first debit card...

ECB defends cash over digital payment - 12/02/2019

The European Central Bank defended the continued use of cash, despite society’s shift toward digital payment. While the use of cash is declining, the ECB said it could play an important role in the event of a disturbance in payment systems. Cash payments also remain important for groups in society who prefer hard currency or are unable to use digital technology. “Such groups include the elderly, immigrants, the disabled, socially vulnerable citizens and others with limited access to digital services,” it said. Read more  
1 ... « 12 13 14 15 16 17 18








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.










Newsletter subscription