May 2023 The Newstart OnLine Journal 1 Page
Why bother keeping cash alive?
I bet you’re thinking, “Tapping my phone, card or smart watch is so easy, why would I bother using cash? It’s too inconvenient.”
You’re right, it is inconvenient, but what if it’s worth the effort?
No one expects you to use cash for everything straight away. Have a quick read and decide for yourself.
What impact does using cash have on small to medium businesses?
• Businesses save money instantly on transaction fees.
• They have more control over their profits.
• If you can help save that business money, they are more likely to keep staff employed and give back to their local community.
• Small to medium business are an integral part of keeping your local economy and community thriving and growing.
What’s wrong with a cashless society?
1. Cash jobs on the side will no longer be an option, which create economic hardship and higher debt.
2. Tech companies have invested heavily in making electronic transactions secure but hackers are always one step ahead. In a world of 100% electronic payments, the risk of falling victim to fraud rises significantly.
3. If cash dies, your location and purchases will be tracked automatically. You won’t be able to opt out or unsubscribe.
4. If you are on any government funding whatsoever, they could restrict you from spending that money on certain things that the government does not condone.
5. Cash allows you to make anonymous purchases or donations. If cash dies, there will be no such thing.
6. People in abusive situations are often financially reliant on their abuser. If cash is removed, their way out will be that much harder or close to impossible.
7. Elderly, blind and people with disabilities will struggle. Many people can’t or don’t know how to use technology. They would also be vulnerable to scams and other technological difficulties.
What are the technological implications of a cashless society?
• We will be reliant on technology every day. If you want access to funds, you will need the latest devices and software to enable payments. If you are not a very tech savvy person, this could become a big problem. It is also extremely expensive and inconceivable for some households.
• You won’t be able to leave your home without some sort of device.
• Cash protects you from being at the mercy of electronic forms of payments during power outages and looming high energy costs.