The most pervasive topic over the past six weeks is the gradual decline in the use of cashMoney in physical form such as banknotes and coins. More for transactions in Australia, France, Germany, Korea, and the UK.
- In Asia, Jagonews24 reports that nationalism plays a significant role in shaping the cashless landscape. Governments in India and China are actively promoting indigenous paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More networks to challenge international credit card brands like Visa and MasterCard, which impose transaction fees and collect vast amounts of user data. These domestic systems aim to provide affordable, secure, and efficient alternatives.
However, the media are increasingly highlighting the threats that this poses to the economy and society.
- In Australia, while the government has announced plans to mandate cash acceptance for essential purchases, businesses can still refuse cash for non-essential purchases. Critics argue that this distinction creates confusion and undermines the fundamental principle of cash accessibility, reports Hellocare.
- In Korea, where the number of ATMs fell from 36,146 in December 2019 to 27,076 in July 2024, the Citizens’ Coalition for Economic Justice, a civic activist group, argues the government should ensure that cash can be used as a last-minute option against the possible failure of the complex network of digital systems. This option is also crucial against cyberattacks, mainly from North Korea, whose hackers have been stealing cash to support the impoverished regime, according to the Korea Times.
- Counterintuitively, the J.P.Morgan’s Blog Payments Unbound also highlights the significant downsides of a cashless economy. Experts Lydia Prieg and Mehul Desai cite exclusion (including for the elderly, the unbanked, and those living in remote areas), protection of privacy, budget management, security in case of an IT outage, and safeguarding victims of abusive relationships as key reasons for not moving to a cashless society, at least for the next 50 years.
- The one must-read article is by Emilia Kettle, a Senior Trending News Reporter with 2 years of experience covering breaking news. Who knew cash was a trending topic? In News Shopper, Emilia describes how she took on the challenge of leaving her bank card at home and only spending cash for a day. Shopping for Emilia consists of visiting big brand franchises (Costa, Primark, Uniqlo…) and she failed to pay cash everywhere because of the growing discrimination against cash. However, she concludes, “when I used cash for the day, it made me take a break and slow life down just a tad, and it made a normally busy and stressful Saturday shopping, calm and almost peaceful. Now, I plan to use cash much more, even just to slow life down ever so slightly, it’s a good reminder to take a break from the card.”
The argument is quite refreshing and could inspire the next motto for cash. my suggestions
- “Slow Down, Cash Up”
- “Take It Slow, Pay with Dough”
- “Cash: Because Life’s Better in the Slow Lane”
Read more https://cashessentials.org/elsewhere-on-the-web/