The debate

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  

A cashless society will come at an ecological cost - 11/30/2019

While all technological advances are also judged on their environmental impact, it seems that the debate on the cashless society has not sufficiently taken this issue into account. Transition to digital technology and cashless payments is not such an eco-friendly move as it might seem. Modern society is going digital, and the financial services industry is at the forefront. We receive smartphone notification instead of advice slips, online application is just enough to get a loan, and non-cash payments are increasingly replacing paper money. Production and consumption of paper in the banking...

The US is not ready (yet) to be cashless - 11/27/2019

Cash may have once been king, but for years, cash has been losing its grip on the crown. More payments have moved to digital, and consumers want to pay with everything from their watches to digital wallets. Carrying paper money can be inconvenient. In 2017, credit card usage reached its highest level since 2005, with 181 million consumers  using cards. And yet, reports of the death of cash are greatly exaggerated — or at the very least, premature. In fact, according to a slew of new studies, it’s clear that while America  and the world  are moving toward a “less...

Going cashless should be an option - 11/25/2019

The report by Slaughter & May into last April’s failure of TSB’s IT system in April last year is damning about the bank, and not much of an advert for the so-called ‘challenger banks’ set up to provide fresh competition for the big banks in the aftermath of the 2008/09 financial crisis.       Two million of the TSB’s customers found themselves locked out of their accounts after the bank attempted to shift 5.2 customer accounts from the old Lloyds Bank IT system to the system of its new Spanish parent company, Sabadell, over the course of a weekend. But it...

When cashless economy means a bigger generational and income divide - 11/22/2019

Desmond White leads a very modern life, riding his bike around inner-city Newcastle, where he lives on his own in a fifth-storey apartment overlooking the wharf. But the 93-year-old was unimpressed when he recently became the owner of an iPhone. "I had one of the old traditional phones, which was misbehaving. All callers — and I've got a lot of callers — would say 'what's up with your phone, what's wrong with your phone?'" he said. Optus offered Mr White a new phone and he agreed, but he was surprised to find it was an iPhone that arrived in the mail. "I was expecting one like the...

The Dangers of a Cashless Economy - 10/01/2019

Shoppers beware! The saying goes: the road to hell is paved with good intentions, and the devil never shows his face – meaning that all mistakes seemed initially like a good idea. For the past decades, we have enjoyed the increased options of how we make payments, drifting from cash-only to mobile payments, for instance. But what seemed like a luxury could be the pernicious road to grave dangers, as cash slowly disappears.   Cashless trends worldwide   Sweden has seen its cashless revolution heavily documented and reported on, as observers throughout the world used the...
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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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Top Ten Things To Know

The debate

Removing ATMs: Why banks are pushing for a cashless society

Why the Use Cash is so resilient

Electronic Payments are not the only option: Cash remains

Cash or Cashless: A short 2021 Assessment

Turning Cashless? The COVID-19 excuse

Cash remains an economic and social Asset

Why Inclusion is not part of the Cashless Society Agenda

"Euro banknotes are here to stay" says Cristine Lagarde

Toward cashless economy: Are cryptocurrencies better than cash?

New York City Cashless Stores must comply with the law