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More Cashless means less Inclusion - 06/16/2021

The coronavirus pandemic sparked many changes throughout society: like mask-wearing, social distancing, and cashless purchases. However; despite some of those pandemic-era restrictions easing –some businesses are opting to stick with digital, and have banned the use of the dollar bill. For many Americans, "going cashless" is not a huge deal in-fact some prefer digital as their primary form of payment due to its convenience it's easy and fast: "You walk up to the register, pull out your smartphone, wave it over a scanner, and your out the door." But what happens when you do not have a bank...

Cashless Debate: the pros and cons agree on the risk of privacy - 06/11/2021

A recent statement from the People’s Bank of China reveals that it fined 16 public and private organisations last year for refusing to accept cash. The episode was one more skirmish in the ongoing war between digital and physical currencies — one that highlights the dual role of cash as both a means of payment and as a safeguard of personal freedoms and privacy.   The central bank of China said that it issued the fines in an effort to protect the rights of people to use cash. The move comes at a time when China is rapidly transforming itself into one of the most cash-free economies in...

How Cashless is living on fees - 06/06/2021

Miss your old free checking account? In 2020, only 47 percent of non-interest checking accounts were free according to Bankrate.com. That’s up from 42 percent in 2019 and the low of 37 percent in 2015, but well below the 76 percent that were offered in 2009. Why such a big drop? In part, you can thank the Dodd-Frank financial services reform bill of 2010 and, particularly, the amendment by Sen. Dick Durbin (D-Ill.), that capped interchange bank fees collected from merchants who accept debit card payments. The amendment was done at the behest of big retailers who are the principal...

Cash still very strong despite the COVID-19 and Cashless Lobbying - 06/04/2021

The Covid-19 pandemic has accelerated “cashless society” efforts around the globe. Understandably, consumers grew concerned over the possibility of contracting the virus by handling cash. Meanwhile, retailers had to scramble to continue operating even when they had to temporarily close brick-and-mortar stores. Many turned to curbside pickup, BOPIS (buy online, pickup in store), and touchless payments. Regardless, scientists have not established a link between touching money and spreading the virus. And while the cashless movement has gained steam, the value of cash in circulation has...

The End of the mandatory Welfare Card? - 05/31/2021

Labor is promising to abolish the mandatory cashless welfare card if it wins the next federal election. The Coalition introduced the card in 2016 to several select areas in Australia to see whether it could address the issue of people spending their benefits on non-essential services. The card contains 80 per cent of a welfare recipient's money and you can't use it for gambling or to buy alcohol. But the Opposition has drawn a line in the sand and will ban it if they rake in the majority of voters. Read more

Bangladesh is not ready for Cashless Economy - 05/28/2021

The modern-day monetary transaction has its roots in the barter system of ancient times. Over the course of thousands of years, physical money has becime an integral part of our daily life - until the idea of replacing cash with digital currency was propagated.  The idea of replacing cash has been around for a long with cheques and bonds. However, the true idea of replacing cash has not been possible tp implement up until recently with the advent of Mobile Financial Services and cryptocurrencies.  Read more  

Cashless Gambling: a good Idea? - 05/27/2021

The New South Wales government has backed a trial of cashless gambling in Newcastle that will let people use digital payments for gaming machines like pokies. But the trial has been given the go-ahead before compelling research on the impact of digital payments on gambling and problem gamblers, meaning the design of the trial itself is crucial, a senior academic has warned. Gaming giant Aristocrat and Wests Newcastle have proposed the first test of the technology in NSW, arguing it will help gamblers better manage their play while also combatting money laundering problems in the industry....

Going cashless: Are Seniors still taken into account in the UK? - 05/24/2021

It's shocking news that more than 500 UK bank branches have closed since the pandemic began last year, further reducing access to cash for older generations. As with so much on the high street, Covid-19 has only accelerated the move towards digital trade, threatening to leave behind many offline customers. Lloyds, NatWest, Barclays, HSBC, TSB and Co-op Bank are among the lenders who have shut 529 branches since the first lockdown last March, according to a report by Which? This is despite the Financial Conduct Authority urging them to delay such action for fear of impacting “vulnerable...

More retailers vote for cash - 05/18/2021

Big supermarket chains and retailers such as ASDA, John Lewis and Co-Op have committed to continue accepting cash in stores. They have signed up to a cash acceptance pledge, helping to ensure that customers who want to pay in coins and banknotes will not be excluded by the transition to digital payments, Which? has said. Aldi, Asda, Co-op, John Lewis, LloydsPharmacy and Waitrose have made the public commitment to keep accepting cash in their stores. Together, the supermarkets are responsible for nearly 4,500 stores in the UK, and have a combined grocery market share of more than 30%....

Korea's dangerous path to cashless society - 05/14/2021

Oh Jong-gyun, a 35-year-old in Seoul, had an awkward moment when he went to pay for valet service during a blind date last week. Not only was he feeling shy in front of a lady he had just met that evening, Oh also realized that he hadn‘t carried ”real money“ for months. “I risked losing face, on my first date, to ask her for 3,000 won. Well, she didn’t have it either,” he said. Oh is one of growing number South Koreans living without physical money as they no longer see the need to carry it around. As one of the most tech-savvy countries in the world, Asia‘s fourth-largest economy has...
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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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