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"There is a huge machinery to make us believe that ‘cashless-ness’ is in our interest" Shrija Agrawal, Associate Editor Mint





"There is a huge machinery to make us believe that ‘cashless-ness’ is in our interest" Shrija Agrawal, Associate Editor Mint
Big corporations, ranging from tech giants such as Google and Facebook to fintech behemoths such as Visa and Mastercard, increase the volume of digital payments services they sell and have mobilized massive propaganda to declare a war on cash. Companies big and small—GooglePay and Paytm—are using baits such as cashbacks and there are taglines such as ‘India Ka Naya Cash’.

Just as Google wants all internet access to go through its portal, it appears fintech corporations want people to access and navigate broader economic decisions via their privately controlled platforms. “Cashlessness" has spawned upon a startup economy in itself. Outfits such as ‘Challenger’ and ‘Neo’ banks are giving a whole new meaning to digitisation of financial services, leveraging advancements of artificial technology and machine learning and further catapulting us to a ‘cashless economy.’

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Go Further

The War Against Cash - 06/10/2021

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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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