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The debate

Going Cashless Does Not Facilitate Economic Recovery - 08/27/2021

One can be forgiven for presuming that the devastating economic consequences of the COVID-19 pandemic would accelerate moves towards cashless societies around the globe. The reality has been far more nuanced. In some countries, the pandemic has had the opposite effect, exposing cash transactions as a crucial part of people’s daily economic lives, further highlighting how cashless systems end up ostracizing and destabilizing certain sections of society.   What is certain is that the pandemic encouraged a worldwide increase in demand for hard cash, as fears about financial insecurity and...

Cashless Debit Card still on a dangerous path in Australia - 08/20/2021

The Department of Social Services (DSS) has revealed two instances of outages that affected those placed on a welfare quarantining system by the Australian government. Referred to as "participants", those on the Cashless Debit Card (CDC) labelled as "racist" by senators previously, had access to their funds interrupted on two occasions in December. For just under two hours on 22 December 2020, an outage saw 10 individuals not have their correct account balance displayed; and on 31 December 2020, a two-hour outage saw funds being dispersed into accounts while account balances were not...

Egypt believes in Cashless Economy - 08/18/2021

The Egyptian Cabinet’s Information and Decision Support Center (IDSC) announced Sunday that Egypt has joined the list of countries whose central bank has successfully managed the transition to cashless economy. The country committed towards transitioning to a digital economy as part of Egypt’s Vision 2030, it added. The announcement came through an infographic published by the IDSC on Sunday, entitled “Egypt is moving towards a cashless economy” which highlights the most prominent findings regarding electronic collection and payment technologies in the report The “Arab Region Fintech...

How Tips Suffer from Cashless Economy - 08/16/2021

As more businesses decide to go cashless, this new move towards a fast-tracked cashless society is having devasting effects on the nations tipping habits, according to a new report. The 2021 Tipping Index commissioned by card payment specialist takepayments Limited, surveyed over 2,000 consumers to compare how tipping attitudes and behaviours have changed through the pandemic. The findings reveal that pre-pandemic, cash was the most favoured payment method for tipping (91%) as almost two thirds (64%) of those that tip this way said they felt more confident the tip would go directly to the...

Soon Digital Banking for Half of the Population? - 08/12/2021

New data collected by Juniper Research has found that more than half (53%) of the world’s population could be digital banking by 2026. Currently, digital banking services reach around 2.5 billion people worldwide. According to the research, however, this could be boosted to 4.2 billion within the next five years. The reason for the usage boost has been attributed to increased digital transformation efforts which have helped banks to continue functioning effectively during the pandemic. Read more

Cashless is Dangerous for Social Inclusion and the Economy - 08/09/2021

More than eight million people and businesses would struggle to survive in a society that doesn't use cash. That's the verdict from the Post Office, which has expressed its concern about the risk of the UK steadily moving to a cashless society as the country emerges from the pandemic. In launching a Save Our Cash campaign, it says accessing cash is becoming 'increasingly difficult' for people and companies. Since 2015 more than 4,000 bank branches have closed - that's at a rate of around 50 a month. While a further 500, says consumer group Which?, are earmarked for closure this year....

Cash is not spreading COVID-19 - 08/02/2021

Experts from the European Central Bank, in collaboration with the Department of Medical and Molecular Virology at Ruhr-Universität Bochum in Germany, tested how long coronaviruses, including COVID-19, could last on banknotes and coins, and the likelihood of being infected from handling cash. Notes, coins and credit-card-like PVC plates were contaminated with virus solutions of different concentrations and then touched by test subjects with their fingerprints, while still wet or already dried, to determine how long infectious virus was still detectable. Samples contaminated with COVID-19 were...

CJEU Protects the Right to Pay in Cash - 07/30/2021

Earlier this year, in January 2021, the Court of Justice of the European Union (CJEU) delivered a judgement relating to two German citizens who sought to pay a radio and television licence fee, due to Hessischer Rundfunk (the broadcasting body), in cash. However, the same authority refused the payment in cash due to its regulations on the procedure for payment of radio and television licence fees, precluding any possibility of paying the licence fee in cash. The German plaintiffs argued before the Bundesverwaltungsgericht (the German Federal Administrative Court) for their right to pay the...

How Fraud is destroying the Trust in Cashless Society - 07/24/2021

Experts in the technology industry have stated that the lack of trust in the use of digital platforms could undermine the benefits of the Central Bank of Nigeria (CBN) cashless policy. They noted that the increased use of digital platforms transformed cyber and technology landscape, which has its own risk, especially with sustaining trust and confidence in customer’s ability to communicate and transact securely within the financial ecosystem. The experts spoke at a cyber security awareness campaign organised by Cybersafe foundation and Committee of Chief Information Security Officers of...

Why local Cash can boost the Economy - 07/19/2021

Ann Lapenna always felt buoyed by a sense of belonging when she walked into the West End Food Co-op in Toronto’s Parkdale neighborhood. She would head to the kitchen, don an apron, then begin slicing carrots, chopping potatoes, and juicing lemons for the store’s freshly made soups and stews. Lapenna was part of the Co-op Cred program, which matched individuals with work placements at the co-op and nearby community gardens. Instead of dollars, wages were paid in “cred” that could be redeemed for groceries at the store. Like Lapenna, most participants had low incomes and faced barriers to...
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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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