Sections
The debate

US coin shortage as another step to cashless society - 12/15/2020

Back in the summer, you probably noticed signs in stores asking you to pay with exact change because of a national coin shortage. The Federal Reserve even formed a Coin Task Force to address the problem. But it's December, and those signs are still posted despite efforts to get more coins rolling through the economy. For those of us who need nickels, quarters, dimes and dollars rattling around in our pockets, professor Jay Zagorsky of Boston University’s Questrom School of Business says the shortage underscores the broader implications of the move toward a cashless society. Many people...

Rural areas already suffer from cashless agenda - 12/14/2020

THE UK Government must make it “absolutely clear” that cash should still be accepted in stores or start providing help to those who cannot use other payment methods. Several MPs have raised concern about the dwindling use of physical cash during the pandemic and it’s acceleration of the country into becoming a “cashless society”. Others, including those representing remote Scottish constituencies, said cash and cash machines were vital to their constituencies and would have severe consequences if no longer accepted. Read more

No ban cash but still a cashless agenda - 12/11/2020

A controversial law that would have banned cash payments over $10,000 and imposed two-year jail sentences on people evading the ban has been killed in the Senate. But don't be surprised if the move to limit your legal use of cash is revived at some stage. The now-defunct law could return in some other iteration once the COVID-19 pandemic has passed. On Thursday, following a motion moved by One Nation, the Senate officially dumped debate on the legislation, which has unofficially become known as the "cash ban" law. Officially it's called the Currency (Restrictions on the Use of Cash)...

Digital divide: People left behind - 12/10/2020

The COVID-19 pandemic has transformed so much of our lives, from the economic to the social. Rarely has it led to changes for the better. More often than not, it has exposed pre-existing vulnerabilities. That’s certainly the case when we look at the digital divide in Australia, and in particular how the shift towards digital payment platforms and contactless payments, at the expense of cash, has left too many Australians vulnerable and exposed during this crisis. The ‘digital divide’ refers to the degree that individuals can access both connectivity (most notably high-speed and reliable...

Dave Ramsey on cashless society - 12/07/2020

Is radio host and financial adviser Dave Ramsey scared about a cashless society? In 2020, an article warned about the dangers of a cashless society. The article was attributed to Ramsey and went viral on the Internet. When Ramsey speaks, millions of Americans listen. Ramsey’s radio program The Dave Ramsey Show airs on more than 600 stations and reaches about 13 million listeners every week. He has written many books and has a massive following on social media. As a result, the message about the dangers of a cashless society circulated widely. Many people see Ramsey as living proof that...

Britain is facing the cashless threat - 12/01/2020

BRITAIN is in danger of sleepwalking into a cashless society, Parliament will be warned this week. Concern is mounting that more shops and businesses across the country now refuse to accept cash payments and the days of being able to use notes and coins at all could be coming to an end. Fears were already high that bank branch closures and the removal of free ATMs had made it difficult for people to get hold of cash. Former Scottish Secretary David Mundell said: “The big issue now is we could be sleepwalking into a cashless society because the number of places that people can actually use...

How cash must be kept affordable for retailers - 11/30/2020

RETAILERS must be fairly compensated for providing cash services to their customers - otherwise there could be a lack of places where shoppers can use banknotes and coins, industry and consumer bodies have said. Shops should not be experiencing higher costs for providing vital services to communities such as ATMs and cashback, the British Retail Consortium (BRC) and other bodies argued. The BRC said retailers such as the Post Office have increasingly been called upon to stand in for banks, as ATMs and bank branches have disappeared. But it said shops are finding it increasingly...

Why it is important to protect access to cash - 11/27/2020

Wednesday is the deadline for submissions to be made to the Treasury on how access to cash on our high streets can be maintained. Yes, I know, we are all rightly distracted by other key issues of the moment – lockdown, vaccines and fretting over Christmas. But I trust the country's army of consumer groups does not miss this golden opportunity to impress upon the Government the importance of ensuring that people can always get access to cash on their local high street – as well as continuing to be allowed to use it as a payment option at most retailers. Although the pandemic has played...

Why all cashlesss is impossible - 11/24/2020

We’re hearing a lot this year about how the COVID-19 pandemic is accelerating the shift to digital payment trends. And, truth be told, the evidence is clear on this; for example, FIS’ recent global survey, Generation Pay, found that one in three people are now using digital wallets or cashless payments and 61 percent of respondents find contactless payments are making their lives easier. These trends have led to a number of think-pieces about the looming inevitability of a cashless society. However, there are still significant obstacles on the course to a cash-free payments landscape in the...

Cashless welfare card missed its goals - 11/22/2020

The cashless debit card has had “no substantive impact” on crime, gambling and drug and alcohol abuse in one of the trial sites the government wants to make permanent, according to a new study. Aimed at reducing social harms in areas with high welfare rates, the scheme quarantines 80% of a person’s payments onto a card that cannot be used to withdraw cash and blocks alcohol and gambling transactions. The card has been predominantly trialled in areas with high Indigenous populations. In what is the latest independent study to cast doubt on the scheme, four researchers from the University...
1 2 3 4 5 » ... 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