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When cashless means overspending





Negatives include security concerns, Willoughby said.

He said many people may be concerned about cybersecurity.

He also said people should be wary of overspending.

"There's been some research done that people paying cash less generally pay 12 to 18 per cent more than they would when paying with cash," Willoughby said.

"In essence, when money is abstract it's easy to lose track of it."

Willoughby said stores can choose to stop accepting cash completely, but he doesn't recommend it.

"The Bank of Canada in the past few months has encouraged sellers to provide that cash opportunity for those individuals — whether it's the people who are the unbanked, if it's people who are impoverished … seniors who may not have access to electronic means," Willoughby said.

Willoughby said he doesn't think society will ever become completely cashless.

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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