Jack Welch, the US business executive, once famously said that "cash is king". Yet his words now sound increasingly outdated. Cash no longer reigns supreme but has been kicked off the throne by virtual commerce. We are living through an online revolution, one that could eventually mean the disappearance of notes and coins.
In 2017 debit card payments, fuelled by contactless technology, overtook cash payments in Britain for the first time. Several transport providers, retailers and even restaurants now refuse cash. To its starry-eyed enthusiasts, the advent of the cashless society represents an exciting new world of speed and convenience.
But that is just a delusion.
In reality, the demise of traditional money will make life more expensive, undermine our essential consumer rights, and erode our independence by putting us at the mercy of corporate giants.
Read more
In 2017 debit card payments, fuelled by contactless technology, overtook cash payments in Britain for the first time. Several transport providers, retailers and even restaurants now refuse cash. To its starry-eyed enthusiasts, the advent of the cashless society represents an exciting new world of speed and convenience.
But that is just a delusion.
In reality, the demise of traditional money will make life more expensive, undermine our essential consumer rights, and erode our independence by putting us at the mercy of corporate giants.
Read more
Will Africa turn cashless?
