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The debate

The US is not a land for cashless - 07/01/2020

There’s a reason they say cash is king. Commodity money—physical objects like coins and paper bills that hold value—has been used since ancient societies made the switch from bartering goods like salt and cattle. America started issuing its own currency, which evolved into the dollar we know today, in 1776, just before the country declared its independence. Cash is still the second-most-used form of payment in America today after debit cards. But many advocates for “going cashless” believe that the paper dollar’s time is nearly up. As the coronavirus pandemic ravages communities around...

Going cashless causes misery - 06/30/2020

Cashless payment methods assume that an individual has access to a bank account, digital wallet, payment card, or a device modern enough to support mobile money services.  However, according to the Financial Inclusion Commission, approximately 1.5 million adults  in the UK alone are unbanked.  There is a significant number of people who rely on cash in their day-to-day lives; if not for lack of a bank account, then because physically handling money can help them regulate their outgoings and keep to a budget.  Read more

Covid will not kill cash - 06/28/2020

Don’t touch. That’s the message to and from every corner of the UK, even as lockdown continues to ease. But if you pay for an item or a service with cash, touch is inevitable and retailers and service providers across the country have been understandably emphatic in their demand for “card only payments”. Like cruise ships and aircraft, notes and coins are seen as tainted and unclean in our post-Covid world, ditched in favour of the security, ease and crucial not-quite-touch of card and particularly contactless transactions. Add that to the lack of places to spend cash in the past few...

Abolition of cash would be a big mistake - 06/27/2020

Attention to the total abolition of cash: here is the scenario you would not expect. That is, cashless, less cash. This is the goal that the government has set itself to achieve in the medium term. The strategy has already been set in motion. From July 1, cash payments beyond the 2000 euro threshold will no longer be possible. Threshold that will drop in 2022. Attention to the total abolition of cash: here is the scenario you would never expect Read more  

Why cash has a bright future - 06/26/2020

This question has become a hot topic in our society for the last decade, and there is a reason to that. We are facing a major evolve in transaction forms where we lean towards a cashless society. Even more, there are tons of innovations that are welcoming the cashless era. We have seen banks created the digitalised banking system that now embraces the usage of ATMs, internet banking, and mobile banking. Some other examples that became huge hits especially in the 21st century are cryptocurrencies and FinTech (Financial Technology). They also have derived products for different purposes. Read...

Cashless benefited from COVID-19 but cash is still king - 06/19/2020

A new report from financial tech company Square shows that cashless payments rose significantly during the start of the coronavirus pandemic. Traditional cash payments were already seeing a decline as more and more businesses wanted to transition to full credit or virtual payments. As stay-at-home orders disrupted the U.S. economy, many businesses had to learn new ways to serve their customers in compliance with social-distancing guidelines. According to Square, only 8% of U.S. sellers identified as cashless on March 1. By April 23, that number jumped to 31%. The rapid growth was way...

Rural areas suffer from cashless - 06/11/2020

Sweden warns that the elderly and disabled, as well as those in rural communities, were left behind when the country rapidly transitioned towards a cashless society. Read (and listen) more    

COVID-19, lobbying... Cash will remain despite all - 06/03/2020

As the coronavirus lockdown restrictions are gradually eased across the UK, questions are being asked about how people’s behaviours might change in the longer term, and how wider society might develop as a result. Cash Take something as fundamental as cold hard cash. During the lockdown, we’ve been urged to use contactless payment methods for hygiene reasons, and the limit for single contactless payments was increased from £30 to £45 on 1 April precisely to facilitate more transactions of this kind. Many people have cash in their purses and wallets they withdrew from ATMs back in early...

Big Brother enjoys COVID-19 and cashless payments - 05/31/2020

Never let a good crisis go to waste, the old saying goes, and we can see that clearly with ‘Covid-19 health concerns’ being used as an excuse to stop people exercising their right to pay in cash. The drive towards a cashless society was well under way even before we’d ever heard the words ‘Covid-19’ but it’s been greatly accelerated in Britain these last few weeks. Either businesses have stopped people paying in cash, or they’ve said that if anyone still wants to use cash and coins, no change will be given if it’s not the right amount. In April, it was announced that passengers on Go...

Cash is more appealing than ever in Australia - 05/30/2020

Australians weren’t just stockpiling toilet paper during the COVID-19 crisis – they have also been hoarding crisp new banknotes. While consumer spending has fallen after the panic-buying splurge in March, and many retailers are refusing cash payments for hygiene reasons, banknotes have been stashed away in homes and wallets more than ever. The Reserve Bank of Australia has been meeting spikes in demand for banknotes from commercial banks and their customers, despite reporting last week that use of cash had reduced during the pandemic. The demand for notes for the year to last Thursday...
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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.

The cashless society from an ethical point of view









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