Unbanked People are threaten by Cashless Economy

The UK government’s decision to maintain access to cash is only a temporary solution that will need to be replaced with a better strategy to help cash-reliant people adopt cashless transactions, writes Chris Dinga.

The UK government is empowering the Financial Conduct Authority (FCA) with the responsibility to ensure that cash can still be accessed in the future while the UK transitions to a cashless economy. Although it is inevitable that cash usage will continue to decline, the FCA estimates that at least 5.4 million UK adults directly depend on access to cash. Rather than simply ensuring continued access to cash, the government should also focus on solutions that help these individuals adopt payment cards or mobile wallets.

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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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