• BDM

A CASHLESS SOCIETY / MY TWO CENTS ~ANTHONY






So leaving my mom's to come back to the city to take the GO train.

Lady in the kiosk says card only, like several other city run outlets Like liquor stores, and public transit and all the rest of them.

Is it me ? or are we heading for a cashless society ?.

I believe the writing's on the wall .


This will be a disaster for the working class on so many levels.

We will be giving up so many rights, and losing so many things by letting this transform underneath our nose slowly.

We have been well warned about this transformation on how a cashless society will efect us years ago.

There are so many economic studies and research on the negative sides to a cashless society, and all the negative sides that it leans on will affect you, as far as I can see it.

It exposes your personal information to a possible data breach.

If hackers drain your bank account, or you experience technical issues, you'll have no alternative source of money

Those without bank accounts will struggle to keep up with evolving cashless technology.

Some may find it harder to control spending when they don't see physical cash leaving their hands

Digital Transactions Sacrifice Privacy


Electronic payments aren't as private as cash payments. You might trust the organizations that handle your data, and you might have nothing to hide.

However, the more information you have floating around online, the more likely it is to wind up in malicious hands. Cash allows you to spend money and receive funds anonymously.


Cashless Transactions Are Exposed to Hacking Risks

Hackers are the bank robbers and muggers of the electronic world. In a cashless society, you're more exposed to hackers. If you are targeted, and somebody drains your account, you may not have any alternative ways to spend money. Even if you’re protected under federal law, it will still be inconvenient to restore your financial standing after a breach.


Technology Problems Could Impact Your Access to Funds

Glitches, outages, and innocent mistakes can also cause problems, leaving you without the ability to buy things when you need to. Likewise, merchants have no way to accept payments when systems malfunction. Even something as simple as a dead phone battery could leave you “penniless,” in a sense.


Economic Inequality Could Become Exacerbated

Unless special outreach efforts are made, the poor and unbanked will likely have an even harder time in a cashless society. If smartphone purchases become the standard way to transact, for example, those who can't afford smartphones will be left behind. The U.K. is experimenting with contactless ways to donate to charities and homeless individuals, but these efforts may not be developed enough yet to substitute cash donations.


Payment Providers Could Charge Fees

If society is forced to choose from just a few payment methods, or if one app becomes the standard payment app, the companies who develop these services may not offer them for free. Payment processors may cash in on the high volumes by imposing fees, eliminating the savings that should come from less cash handling.


The Temptation to Overspend May Increase

When you spend with cash, you recognize the financial impact by physically taking the cash out of your pocket and giving it to someone else. With electronic payments, on the other hand, it’s easy to swipe, tap, or click without noticing how much you spend. Consumers may have to rethink the ways they manage their spending.


Negative Interest Rates Could Be Passed Onto Customers

When all money is electronic, negative interest rates could have a more direct effect on consumers. Countries like Denmark, Japan, and Switzerland have already experimented with negative interest rates.


Over-dependency over one system:- In many cashless economies, the entire population (like Sweden) is dependent on one app (like Swish). Because of the popularity of the app, there are not many other wallet players in the market and this app had reduced the usage of ATMs for cash withdrawal also. Less dependency on ATMs, less cash in circulation and relying on one app can be catastrophic. Something like Android. Today Android is present in 85% of the smartphones in the world, if one virus attack happens and the entire payment-to-cab-to-retail ecosystem comes to an halt.


Transaction tax and negative interest rate:- Transaction tax is a fixed percentage of fee paid for transfer of money from one person to another for any purpose. In some countries where all the money is present digitally (no cash), the citizen gets an interest of -0.5%; i.e., citizens pay for parking their money in the banks. Will these two things be welcoming for a country where people have a savings mentality? I doubt citizens would be happy to pay taxes two times on income (income tax and transaction tax) along with a negative interest rate.

A totally cashless society is a society under total surveillance. It is also a society where your participation in the economy is limited by approval for a bank account or a cell phone plan. I'm in favour of the added convenience of digital payment channels but not to the point of a totally cashless society. Like many other pieces of tech, what's healthy in small doses turns destructive without a check.


What about the people that do home personal jobs on the side for cash because they depend on putting f food on the tables.

You won't even have the ability to pay a kid to shovel your driveway without the government knowing.


Farmers roadside markets selling produce, Independent artist selling and vending in merchants environments , anyone that works in the service industry will have their tips garnish from the government, and the building owners, because all gratuity will be going through the system.


I am compleatly aganst it !

BUT THAT'S JUST MY TWO CENTS WORTH


-ANTHONY-


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