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« It’s our money. Not the banks’ »

Categories : Cash connects people, Cash is universal
April 29, 2016
Tags : Alternative modes/methods of payment, Cash substitution, inequality, poverty, Unbanked
A cashless society would only exacerbate the gap between rich and poor.
Communication Team / Equipo de Comunicación

There is nothing wrong with technological evolution. In fact, technology usually means progress and is often directly correlated to convenience. Yet, this transition normally happens naturally like in the move from the Walkman to the CD player and later the MP3, or from the pager to the mobile phone. These are clear examples of technologies becoming obsolete because consumers freely decided to move on. The the same can’t be said in the war on cash.

There is an unofficial war taking place and it’s far from being equitable. In fact, a forced move to a cashless society will most likely exacerbate existing inequalities, widening the gap between rich and poor. In the past, “the financial system was actually a barrier to progress for the world’s poor, while cash was a facilitator for them”, and there’s no reason to believe that this will improve in a world where banks and the financial sector acquire even more power via their access to everyone’s transactions.


Cash is a direct mode of payment and it’s the fastest and most convenient. It’s also the only payment method that guarantees direct payment, and not through a middle man or middle app. “If you listen to scaremongering, you’d start to think that all cash users are criminals, tax evaders or terrorist. Sure, some use cash to evade tax, but it’s paltry compared to the tax avoidance schemes Google and Facebook have employed”.


To read the original article from The Guardian, please click here.