Thematics Insights: Is Cash an Endangered Species?

Are we moving towards a cashless society? The question touches on much more than the mere disappearance of a means of payment. It strikes a nerve.

Cash is a payment method that anyone can use, and some believe that getting rid of it could mean the suppression of a fundamental right, thereby further restricting our individual freedom.

Key Content

  • Since the beginning of the health crisis, merchants have actually quite often refused our bank notes and coins. Legally, they are not allowed to do that, but they make it clear that they don’t want our physical money.
  • By 2023, checks will have completely disappeared. Checks are currently the least secure payment method, and many shops do not even accept them anymore.
  • The COVID-19 pandemic has been a considerable catalyst pushing us towards electronic payment methods. The fear of spreading the coronavirus due to handling notes and coins has encouraged consumers and merchants alike to use more digital payments.

Resources

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