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The vulnerable harmed by cashless society





The vulnerable harmed by cashless society
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 year, card payments overtook cash payments for the first time – it leaves individuals in at-risk groups, such as the elderly, the impoverished, and the disabled, even more vulnerable.

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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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