Sections
The debate

Fact checking: Banknotes and coronavirus - 04/27/2020

Amid the virus crisis, the Iranian health minister urged citizens to reduce their use of paper currency to avoid spreading the infection. In India, the government asked banks to dissuade customers from using banknotes, and to make greater use of card and digital payments. This has created some hysteria in relation to cash payments — but according to the experts, concerns are unfounded. The coronavirus pandemic has created a lot of fear, confusion, and distortions of truth. Despite numerous stories to the contrary, experts and agencies from around the world have reiterated: handling cash is...

COVID-19: credit card terminals are not that safe - 04/26/2020

Amidst fears of spreading and catching coronavirus, consumers are reviewing which daily gestures cause the most contamination. At first, banknotes seemed an obvious culprit. But a German Institute has dispelled that notion, and reminded that cash is a very poor vector, whereas credit card terminals are a dream-come-true for the virus. COVID19, like any other virus, has a life-span. Of course, its dream is to infect a cell, where it has a cosy place to breed, develop and send out new viral material, for extra contamination. But once the viral material is produced, it needs a way to transfer...

A cashless economy is not a solution against COVID-19 - 04/24/2020

The public is already jittery as a result of the coronavirus pandemic, meaning that the issue of fake and misleading information about Covid-19 presents a problem as urgently in need of containment as the virus itself. Facebook, which seems to be perpetually making headlines for helping to spread disinformation, is once again in the crosshairs for failing to crack down on corona-related fake news. It’s not just social media disseminating misleading information about the pandemic, either. Indeed, shoddy journalistic practices are equally to blame. For example, in early March, when The...

Cash lobbying is enjoying the COVID-19 crisis - 04/23/2020

In the context of legislative amendments and governmental coronavirus bailout packages, companies are aggressively lobbying in a bid to maximise their profits. In the US, commentators describe a lobbying gold rush — in the EU, opportunism under shelter of low-transparency virtual meetings: despite all the talk of criminals taking advantage of the outbreak, the table is set for a corporate feast of profiteering. The widespread impact of national coronavirus isolation measures has led governments around the world to unveil massive financial bailout packages to protect their economies. In the...

How lobbyists are using COVID-19 to get rid of cash - 04/19/2020

Cash may well become a casualty of the COVID-19 pandemic. As these COVID-19 lockdowns drag out, more and more individuals and businesses are going cashless (for convenience and in a so-called effort to avoid spreading coronavirus germs), engaging in online commerce or using digital forms of currency (bank cards, digital wallets, etc.). As a result, physical cash is no longer king. Yet there are other, more devious, reasons for this re-engineering of society away from physical cash: a cashless society—easily monitored, controlled, manipulated, weaponized and locked down—would play right...

COVID-19: Banknotes targeted by fake news - 04/17/2020

Recent studies confirm that how you pay has little or no impact on the chances of contamination. The hygienic precautions taken while paying, however, change everything. A recent misinterpretation of recommendations, from the World Health Organization, led to some readers believing that some methods of payments were safer than others. The WHO has since clarified its recommendations and recent studies confirm that how you pay has little or no impact on the chances of contamination. The hygienic precautions taken while paying, however, change everything. Read more

Financial inclusion: cash is of a paramount importance - 04/17/2020

After the demonetization in 2016, India has embarked on being a cashless society for over three years now. Based on a Reserve bank of India’s Nandan Nilekani panel, “Digital payments have steadily become a significant mode for the inflow to the Indian consumer via Government benefit payments and salaries in the organized sector. However, cash is still the dominant mode for the outflow for this Indian consumer because of the underdeveloped nature of the acceptance ecosystem for digital payments.” Developed economies like Canada, Sweden, the UK, France, the USA, etc. have already implemented...

Cash and cashless are ready for a middle ground - 04/15/2020

There is a constant debate on whether global economies should continue to offer cash payments or go cashless by converting solely to digital. Critics say this move would disenfranchise unbanked, cash-dependent consumers and does not drive financial inclusion, while others claim that a failure to go cashless limits innovation in the fintech sector. But what if the best solution lies somewhere in the middle? Cash and digital payments don’t have to be mutually exclusive; this is not a zero-sum game as the two payment options can exist together. According to new PPRO data, over half of U.S....

Restaurants should remain cash friendly - 04/09/2020

“Cash or card?” With the rise of mobile payment and cashless options, this infamous question may soon be a thing of the past in the foodservice industry and beyond. Although the average American still carries cash in their wallet and uses it for nearly one-third of transactions, cashless restaurants are on the rise. Some view the cashless trend as discriminatory against patrons who can’t afford the costs associated with having credit cards, bank accounts or smartphones. According to the FDIC, 8.4 million U.S. households don’t have a bank account, while 22 percent of Americans don’t have a...

Cash or Cashless? There is room for both - 04/07/2020

There is a constant debate on whether global economies should continue to offer cash payments or go cashless by converting solely to digital. Critics say this move would disenfranchise unbanked, cash-dependent consumers and does not drive financial inclusion, while others claim that a failure to go cashless limits innovation in the fintech sector. But what if the best solution lied somewhere in the middle? Cash and digital payments don’t have to be mutually exclusive; this is not a zero-sum game as the two payment options can exist together. According to new PPRO data, over half of U.S. and...
1 2 3 4 5 » ... 10








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.

The cashless society from an ethical point of view









Newsletter subscription