Sections
The debate

Seven reasons why one's should always carry cash - 11/12/2020

How much cash do you keep in your wallet? We are quickly becoming a cashless society with credit cards and digital transactions becoming the primary forms of money transfer. Even Starbucks continues to play with the idea of a completely cashless store that only accepts credit cards and mobile apps. More and more people don’t carry cash anymore. When going out, we take our phone, ID, and credit card. With those, you can pretty much pay for anything. Even then, credit cards are becoming obsolete as phones nowadays can handle most payments. As people continue their unknowing war on cash,...

Technology fails, cash remains - 11/11/2020

Cash is king when technology fails There has been lots of talk lately about moving to a cashless society. Heaven forbid! Look at the way cash has been used through history plus the utilisation of the Royal Mint! Will that diminish? What about the hordes of coins found by metal detectorists! Will they say, “We’ve found a box of old payment cards, they aren’t worth anything but they used these in the old days.” Cash is dirty it is said! No dirtier than newspapers! How do you give a tip to the waiter after your meal etc? Does every ‘Homeless Person’ on the street have to invest in a...

Cashless society: low incomes pay the price - 11/10/2020

A little over a year ago, Linmay Studio in Evanston joined the growing number of businesses owners around the country no longer accepting cash. The number of cashless businesses in the U.S. has increased over the last few years, spiking at the beginning of the pandemic in an effort to minimize interpersonal contact and mitigate the risk of infection. Square, the mobile payment service that Linmay Studio uses, reported that on March 1, 8 percent of businesses using its products were effectively cashless, meaning that they accepted 95 percent or more of their transactions through credit or...

Coronavirus: no contagion through cash - 11/06/2020

Many people have stopped using cold, hard — and dirty — cash in favour of debit, credit, or contactless forms of payment. Transferred from one person to the next, money is susceptible to picking up a whole host of germs. And naturally, when the coronavirus hit, this left people questioning if cash was safe, while many businesses started encouraging cashless forms of payment. But do we really need to be concerned about getting coronavirus from cash? Probably not. ‘THE LIKELIHOOD OF GETTING COVID-19 FROM TOUCHING MONEY IS EXTREMELY LOW.’ With months of research behind us, our knowledge of...

Life without Privacy: Welcome to a Cashless World - 11/04/2020

The nation pushing the hardest for digital money is also one of the world's most oppressive – China. China has begun trials of a new digital Yuan, with the aim of becoming the first country in the world to offer a digital sovereign currency. Read (and Watch) more

Cashless: Many Americans will be left behind - 11/02/2020

At stores across the country, paying in cash is more difficult than it used to be. During the first few months of the pandemic, fear that cash could transmit COVID-19 spurred many retailers, if they remained open at all, to refuse cash and adopt new payment technologies. For a while over the summer, the problem was so acute that it led to a shortage of coins — not because the coins didn't exist, but because so few were circulating through the system. Whether a future without cash is a utopian or dystopian one depends on who you are and what you want. For many fintech companies, the...

War on cash: the danger of central bank digital currencies - 10/28/2020

There has been a lot of talk lately about central banks implementing their own digital currencies. Why? As economist Daniel Lacalle notes, most transactions conducted using the world’s primary currencies are already electronic. In practice, the US dollar, the yen, the euro, the Swiss franc and the yuan already function as digital money. So why the rush to create new central bank digital currencies? Simply put, this is another front in the war on cash. And that means it’s about control. As Lacalle put it, this is basically another step in the effort to gradually get rid of physical...

The reasons why the CJEU decided to protect the right to pay in cash - 10/26/2020

An upcoming case before the CJEU could have important implications for the status of banknotes and coins as legal tender in the EU and whether Member States can pass legislation restricting the use of cash. The Case In 2015, two German citizens, Johannes Dietrich and Norbert Häring, tried to pay their monthly radio and television fees in cash. Citing its rule against cash payments, Hessischer Rundfunk, the public broadcaster for the Land of Hess (Germany), refused their request and sent them late fines of 60.50 €. In a case that reached Germany’s Federal Administrative Court, the men...

Shopping in times of coronavirus: a reminder - 10/22/2020

Depending on where you are living, the rules that authorities have put in place during the coronavirus outbreak will be different. What is international, however, is the way that the pandemic has put an end to normality and transformed everything, including how we shop. “People are having to do a lot of things that are out of the ordinary for them,” said Dr Christopher Hand, a lecturer in psychology at Glasgow Caledonian University. “It is a very difficult time, particularly for people that have young families, or vulnerable adults to care for, and the uncertainty around the situation is...

What is the future of cash? - 10/17/2020

Since the start of the pandemic, businesses around the world have drastically changed their operations to protect employees and customers. One significant pivot is discouraging the use of cash in favor of digital and contactless payment methods. On the surface, moving away from cash seems like the safe, obvious thing to do to curb the spread of the virus. Also, the idea of zooming towards an innovative, digital-first, cashless society is indeed compelling. However, going completely cashless may lead to some unintended consequences. COVID-19 Made Cashless Payments Go Viral The world has...
1 ... « 2 3 4 5 6 7 8 » ... 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