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COVID-19: Banknotes targeted by fake news - 04/17/2020

Recent studies confirm that how you pay has little or no impact on the chances of contamination. The hygienic precautions taken while paying, however, change everything. A recent misinterpretation of recommendations, from the World Health Organization, led to some readers believing that some methods of payments were safer than others. The WHO has since clarified its recommendations and recent studies confirm that how you pay has little or no impact on the chances of contamination. The hygienic precautions taken while paying, however, change everything. Read more

Financial inclusion: cash is of a paramount importance - 04/17/2020

After the demonetization in 2016, India has embarked on being a cashless society for over three years now. Based on a Reserve bank of India’s Nandan Nilekani panel, “Digital payments have steadily become a significant mode for the inflow to the Indian consumer via Government benefit payments and salaries in the organized sector. However, cash is still the dominant mode for the outflow for this Indian consumer because of the underdeveloped nature of the acceptance ecosystem for digital payments.” Developed economies like Canada, Sweden, the UK, France, the USA, etc. have already implemented...

Cash and cashless are ready for a middle ground - 04/15/2020

There is a constant debate on whether global economies should continue to offer cash payments or go cashless by converting solely to digital. Critics say this move would disenfranchise unbanked, cash-dependent consumers and does not drive financial inclusion, while others claim that a failure to go cashless limits innovation in the fintech sector. But what if the best solution lies somewhere in the middle? Cash and digital payments don’t have to be mutually exclusive; this is not a zero-sum game as the two payment options can exist together. According to new PPRO data, over half of U.S....

Restaurants should remain cash friendly - 04/09/2020

“Cash or card?” With the rise of mobile payment and cashless options, this infamous question may soon be a thing of the past in the foodservice industry and beyond. Although the average American still carries cash in their wallet and uses it for nearly one-third of transactions, cashless restaurants are on the rise. Some view the cashless trend as discriminatory against patrons who can’t afford the costs associated with having credit cards, bank accounts or smartphones. According to the FDIC, 8.4 million U.S. households don’t have a bank account, while 22 percent of Americans don’t have a...

Cash or Cashless? There is room for both - 04/07/2020

There is a constant debate on whether global economies should continue to offer cash payments or go cashless by converting solely to digital. Critics say this move would disenfranchise unbanked, cash-dependent consumers and does not drive financial inclusion, while others claim that a failure to go cashless limits innovation in the fintech sector. But what if the best solution lied somewhere in the middle? Cash and digital payments don’t have to be mutually exclusive; this is not a zero-sum game as the two payment options can exist together. According to new PPRO data, over half of U.S. and...

Why going cashless is not such a good idea - 04/03/2020

For a lot of us of a certain age (let’s say for all of us who vividly remember the pre-internet years), cash has been an integral part of our lives. It was there when we bought our first candy bar, our first beer, our first taxi ride. Heck, it was there when we got our first payday. That might be the reason some of us are surprised there are people walking among us who don’t carry a dime with them. Why would they? The rise of contactless payment and digital wallets is rendering cash useless in a lot of cities. In fact, some of us who might still be used to paying with “real” cash would feel...

How cashless lobbyists play with coronavirus - 04/01/2020

Cash has been the target of the banking and financial elites for years. Now, the coronavirus pandemic is being used to frighten the masses into accepting a cashless society. That would mean the death of what’s left of our free society. CBS News, CNN, and other mainstream outlets are fearmongering again. Alarmism is nothing new in the media world, but this time, it’s not about triggering panic buying or even pushing a political agenda. The war on cash is about imposing a new meta-narrative. As economist Joseph Salerno explains, the cashless society forces all payments to be made through...

People still have trust in cash - 03/31/2020

Innovations in digital have transformed the world of banking over the last decade, but could the coronavirus pandemic quicken the shift to a cashless society? Could such a thing be possible? Pete Markey, chief marketing officer at TSB believes were are still very dependent on physical currency. Speaking at The Drum’s Digital Transformation Festival, Markey said: "Never say never [on becoming a cashless society] but I think there are sections of society who are still quite dependant on cash." Also on the panel was Sarah Ellis Davies, associate partner at You and Mr Jones and Blood, who...

Coronavirus is also a threat in cashless societies - 03/19/2020

Better contingency plans need to be put in place to avoid vulnerable members of society struggling to make ends meet in a cashless society, new research shows. Following the rapid increase of coronavirus cases in the UK, the World Health Organization (WHO) has warned that the virus can be transmitted to customers via banknotes and coins. This has prompted China to deep clean potentially infected cash to limit the spread of the virus. Analysis has revealed that if current trajectories towards digitisation continue, 8.17 million vulnerable members of society would suffer due to their...

Delaware is fighting cashless - 03/16/2020

Delaware lawmakers have introduced legislation to prohibit businesses from rejecting cash payments. Cash-free stores have begun popping up around the world with the promise of customer convenience and quick transactions, but their cash-free model leaves many people out, according to State Senator David McBride, the primary sponsor of the bill. “Technology can bring about exciting changes as long they are accessible to everyone, including working-class Delawareans,” said Sen. McBride. “Over 8 million U.S. households do not have bank accounts and many people cannot obtain credit or debit...
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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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