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The debate

Warren Buffet votes for cash and freedom - 02/23/2020

If Warren Buffett ever walks into your store or restaurant, he's likely to pay for his purchases in cash. “I've got an American Express card which I got in 1964,” Buffett, who’s worth more than $88 billion, told Yahoo Finance last year. “But I pay cash 98 percent of the time. If I'm in a restaurant, I always pay cash.” That's right. Warren Buffett — one of the richest guys in the world — prefers to pay in cash. In fact, he says that he pretty much always carries around about $400 with him. Is it because he's afraid of credit cards? Does he have security concerns? Is he avoiding those...

The reasons to say no to cashless society - 02/21/2020

In the District, restaurants and businesses alike are following an increasing nationwide cashlessness trend, a move that has been met with backlash. At Georgetown, The Corp made the switch in 2018, with all seven campus locations exclusively accepting cashless payment in the form of a GOCard, credit card, or debit card. But some cities are fighting this trend—on Jan. 23, New York City became the latest to ban cashless businesses. D.C. might be next as a bill, the Cashless Retailers Prohibition Act, was introduced in the D.C. Council. Companies like The Corp or Sweetgreen have claimed going...

Cashess is a threat for the unbanked - 02/19/2020

The D.C. Council on Thursday considered legislation that would ban cashless, brick-and-mortar businesses in an effort to make the city less vulnerable to cyberattacks and more friendly to residents without banking or credit cards. During the hearing by council’s Committee of the Whole, the director of the Department of Consumer and Regulatory Affairs asked the lawmakers to consider exempting certain industries, citing concerns from business owners. “By eliminating cash transactions, business owners are able to remove physical cash registers, eliminate the time employees spend manually...

US consumers like cash - 02/17/2020

US consumers say cash and plastic cards remain their top preferred payment methods, citing speed and convenience as the main appeal. The findings, from Deutsche Bank’s three-part “Future of Payments” study, shows that US consumers believe they are still a long way off from becoming an entirely cashless society. The study was conducted among 3,600 customers around the world, including the US, and aimed to forecast trends in cash, online, mobile, crypto, and blockchain usage. Two-thirds of the people surveyed said they had considered increasing cash holdings given the economic uncertainty...

India is not ready for cashless - 02/14/2020

Even more than three years after demonetisation and all-out efforts to make most transactions through electronic, cash is still king, as it thrives in a digital India, said fintech start-up Paytm founder Vijay Sekhar Sharma. "While cashless economy is not possible in India, less cash economy will be in the future. Less cash is the only solution, not the elimination of cash," Sharma told IANS in an interview after unveiling an all-in-one payment gateway on Tuesday. Asserting that it would take 5-10 years for India to make the transition to digital payments from the traditional mode of...

Cities and States are leading the fight against cashless economy - 02/12/2020

After almost 10 minutes of standing in line at a coffee shop, Ritchie Torres realized he only had cash in his pocket — a form of payment no longer accepted by this store. "It was a humiliating experience," he said. "I remember wondering aloud, how could a business refuse to accept cash, which is legal tender?" Torres is a City Council member in New York. He says his constituents, especially seniors, have also complained about a spurt of cashless stores. So Torres led the charge on a bill to ban businesses from rejecting cash, which New York's city leaders passed almost unanimously last...

Cashless business: a mistake to avoid - 02/07/2020

Are you thinking about going cashless with your business? Before you start investing in only cashless solutions as part of your Point of Sale (POS) system, take a minute. This is because more cities and states are introducing legislation banning cashless businesses. New York City is the latest city to jump on the movement and ban restaurants and other retailers from rejecting cash payments. As with other states who have similar laws that are pending or already in the books, the fines are hefty. In the case of NYC, a first-time offense carries a $1,000 fine and up to $1,500 for additional...

All cashless should be banned - 02/05/2020

The growing shift towards digital payments is strongly debated among governments, central banks and financial experts. The proliferation of new electronic and mobile instruments has opened the door to a possible revolution of the payments landscape. Yet, various factors must be taken into account, as a national shift to cashless could prove more complex than believed. To justify a withdrawal of paper money, the argument is that a fully digitalised system could eradicate tax evasion and money laundering, reduce transaction costs and enable financial authorities to stimulate economic growth....

Austin on its way to ban cashless retail? - 02/04/2020

Human Rights Commissioner Garry Brown noticed recently that more and more businesses across the nation are going cashless in order to make doing business safer, cleaner and more efficient. But for millions of people without bank accounts or with limited access to banking services – disproportionately people of color and those over 65 – the trend toward cashless business is a serious concern, said Brown. “I would hope that we’re all for inclusive commerce instead of preferred customers,” Brown said. “It’s one thing for something that costs thousands of dollars like a car, as opposed to...

The vulnerable harmed by cashless society - 02/03/2020

The cashless revolution is here, and it’s happening all over the globe: from Malaysian village market stalls to the London high street. There can be no revolution without controversy, of course. Dominating conversations of financial innovation is the question of financial inclusion. In other words, will going cashless exclude the most vulnerable members of society? Globally, roughly 1.7 billion adults are unbanked. In the UK, this number is 1.5 million or 2% of the country’s population. Statistically, this may seem insignificant, but in a largely cashless, contactless society – where, last...
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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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