Why all cashlesss is impossible

We’re hearing a lot this year about how the COVID-19 pandemic is accelerating the shift to digital payment trends. And, truth be told, the evidence is clear on this; for example, FIS’ recent global survey, Generation Pay, found that one in three people are now using digital wallets or cashless payments and 61 percent of respondents find contactless payments are making their lives easier. These trends have led to a number of think-pieces about the looming inevitability of a cashless society. However, there are still significant obstacles on the course to a cash-free payments landscape in the U.S., making the prospect still decades away.

With more than half of the population making some change to their payment methods amidst the pandemic, the cashless future that the fintech industry has been building towards seems more of a reality than ever. So while it feels in a lot of ways that we’ve arrived in a new world overnight, I’d like bring us back to Earth and highlight three reasons we won’t be a completely cashless society anytime soon:

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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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