When cashless leads to jobless

Security services company G4S (LON:GFS) saw its shares rally by around 10% on Monday morning, as the company announced that first half trading had far exceeded expectations. Despite this, the company announced it would cut 1,150 jobs from its cash-handling operations.

The move comes as the company adjusts its strategy to new consumer behaviours amid the the Coronavirus pandemic, where physical cash transactions lost significant ground to virtual payments.

As a result, the company noted that customer needs had changed during the period, and decided to undergo a full review of its Cash Solutions arm, which included the vans it uses to deliver cash to businesses across the UK.

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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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