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The debate

The detrimental effects of cashless society - 01/11/2021

According to local and national homeless charities an increasingly cashless society can have detrimental effects on anyone at risk of poverty, from the homeless to those with disabilities and the elderly. Cambridge is set to become one of the first cashless UK cities, with one of the highest increases in contactless transactions each year. In 2020 69 per cent of Cambridge's transactions from April were by card or contactless payment, compared to 2008 when 60 per cent of UK transactions were in cash. 9000 cash machines disappeared across the UK in the last two years and many shops now only...

Why a Cashless Society can't be really fair - 01/08/2021

Cashless payments may be fashionable, but we must be careful not to leave some people behind Has it happened to you yet? You’re in a shop, but realise you’ve forgotten your card, or your phone, or however you tend to pay these days. There’s a sign above you saying “digital payments preferred” and a line of impatient customers behind you. You scramble around your bag or wallet looking for some grubby notes or coins, and then, almost shamefully, hand them over, hoping no one questions your method of payment. If we had been heading leisurely towards a cashless society for some years now, the...

Not ready for cashless: lots of people in danger - 01/06/2021

Campaigners believe large sections of the population will be excluded from society as a result of the move away from cash payments Covid-19 has forced the UK to dump cash before it is ready, with the headlong shift to cashless payments as a result of the pandemic threatening to exclude the country’s most vulnerable from society. A survey of more than 2,000 people carried out by YouGov for ATM network Link has found that three in four people believe Covid-19 will continue to affect their use of cash next year, with nearly half (48 per cent) stating that they will use cards significantly...

Cashless is harming the most vulnerable - 01/04/2021

Increasingly, businesses and individuals regard coins and notes as an unnecessary inconvenience. Moves towards a cashless society are accelerating. However, according to the Access to Cash Review, around eight million adults in the UK would struggle to cope without using cash. Can we all go cashless? Currently, it is possible to purchase almost everything you need using cash and to receive payment in cash. The government notes in the Financial Inclusion Report 2019-2020 that there are still almost one million Britons without a bank account. The state of being ‘unbanked’ is viewed as...

How Italia promoted cashless during the Christmas Holidays - 01/02/2021

Consumers in Italy can now receive an automatic 10% refund into their bank account for cashless in-store payments made using a credit, debit or prepaid card or payment app between now and the end of the year — as long as they make at least 10 digital transactions during the period. The Italia Cashless initiative will then continue into 2021, with the addition of a Super Cashback competition for those making the highest number of cashless in-store purchases in a six-month period, as well as weekly, monthly and annual virtual Receipt Lotteries for both purchasers and merchants. “Italia...

All digital brings bigger frauds - 12/29/2020

As businesses around the world have become mostly digital, fraudulent billing activities have as adjusted to the system as well. Companies today, whether a small business or a Fortune 500 Company, have become overly susceptible to digital invoice fraud - which can cost them tens of thousands to tens of millions in unwarranted losses. While an organization's virtual data system can become compromised by hackers and other scammers, many criminal scams can include targeted phishing and billing fraud. Equipped with invoice copying programs and other convincing technologies, many of them have...

Access to cash is paramount - 12/26/2020

A new DNB study concludes that cash still plays an essential role in society. However, the necessary infrastructure is under pressure, which can have negative consequences for the accessibility and acceptance of cash as a means of payment. DNB has therefore commissioned a medium-term study and an advice on the cash infrastructure. The use of cash at points of sale has been falling for years. In 2012 it was still 60%, it had fallen to 32% by 2019, and, partly in response to the COVID-19 crisis, it plummeted to just over 20% in October 2020. Despite this downward trend it is important that...

When cashless hurts charities - 12/24/2020

The rapid shift to digital banking has hit charities and others who usually rely on the impulsive donation of spare change. But even adopting cashless technology might not help, explain Spencer M. Ross and Sommer Kapitan. Collectors for the Paralympic Games carried donation buckets ahead of the recent Santa parade in Auckland, asking for gold coin donations. Onlookers shrugged them off: “Sorry, no cash on me!” To the rescue, a charity volunteer waved a contactless “tap-and-go” machine that could connect straight to users’ bank accounts. But only a few people reached for their wallets to...

In China, cashless is also harming the elderly - 12/21/2020

When it comes to becoming a smartphone-driven cashless society, China is really ahead of the pack – providing a blueprint for other countries to follow. You can do pretty much anything online in the country these days, from paying utility bills to buying plane tickets, and the coronavirus pandemic has only accelerated this trend. Businesses now use live-streaming to sell everything from fresh produce to cars. Evergrande, China’s largest property developer, has even developed an app to sell homes, which showcases flats using the latest virtual-reality technology and offers prospective...

UK warning: cashless is a threat - 12/17/2020

The UK Public Accounts Committee has taken aim at attempts to create a cashless society, saying regulators have not only failed to ensure adequate access to cash for consumers and businesses but are also not doing enough to protect vulnerable groups and communities, particularly in rural areas, who most need to use cash. In a report issued last week, the committee said oversight of the production and distribution of notes and coins is “unclear” and “fragmented” across HM Treasury, the Financial Conduct Authority, the Payment Systems Regulator and the Bank of England. And those public...
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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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