Cashless A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods are certainly convenient and quickly gaining ground with Millennials. However, very few consumers are thinking about the consequences of such a shift. In fact, with the digitalisation of our payment habits, we’re slowly transforming ourselves into living data. Each and every activity, transaction, debt, mortgage, unpaid bill, and more will be recorded and used by whomever the payment provider is (the bank, Apple Pay, the government, etc.).
As Gerald Celente says in his article How ‘Big Brother’ is tracking your spending habits, “there is no defence against how institutions and government may use your data”; yet, consumers don’t seem too concerned. There has yet to be an “Occupy Money in physical form such as banknotes and coins. More” movement or a protest in favour of cash as a necessary means of payment.
Those that are developing these new payment methods are already rubbing their hands at the prospect of ever greater profit margins – while consumers lose their freedom one data at a time.
To read Celente’s full article, please click here.