Citizens are not concerted
There are many reasons why cashless payments might be considered convenient, but consumers are enjoying the freedom that comes with a vast selection of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods. Nevertheless, they are not consulted in the silent struggle that’s going on between economists, banks and governments to abolish cashMoney in physical form such as banknotes and coins. More altogether.
Banks have a real motivation to go cashless
Cash managementManagement and control of cash in circulation. More is considered costly and complicated and the returns on it are nothing in relation to the earnings that can be made with debit and credit cards, or any other payment methodSee Payment instrument. More that banks manage directly – clearly illustrating why banks are so eager to get rid of physical moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More.
No changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More, no gain
The motivation behind banks’ desire to get rid of cash can be understandable, but they should not have the final word. They are private enterprises that structure their business around the incessant search for more efficient processes and greater returns.
A shift to a cashless world will have an impact on society as a whole. Every transaction will be monitored. In times of economic crisis, citizens will be required to pay to store their money (negative interest rates) and will be more vulnerable to digital fraud. Each citizen’s earnings will be accessible, putting everyone at the mercy of banks or tyrant governments.
“Money is coined liberty” said Russian author Dostoyevsky back in 1861 – and it should not be so easily dismissed behind closed doors.
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