Cashless future ? What does it means?

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May 2018
Cashless Future ?

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A CASHLESS SOCIETY …
Means no more privacy & freedom. Page 3
“Hang on to your cash. This dash to digitize payments is dangerous”
“Why we should fear cashless world”
“Cashless society, a huge threat to freedom”
“A cashless future? Sounds like a dream but don’t be fooled”
“Keep away from our money. A cashless society is one where we lose freedom”
“A cashless society would cut crime, and empower big brother”
“Going cashless the real danger is to liberty”
“One year after demonetization, cash is still king”
“Germany is still obsessed with cash”
“The empty promises of a cashless society”
“Certain swedes rebel against a cashless society”
Increases the risk of fraud and minimizes security. Page 5
“Why cybersecurity is crucial as economies take the cashless route”
“Cyber threats at a new high as India goes cashless”
“Why cashless society is a dangerous idea”
“Fraud fears rise as cashless society nears”
“Cashless eco an invitation to online fraudsters”
“Cashless society would be dangerous for financial and national security”
“Swedish Opposition to Cash-free Economy gains momentum”
Leads to exclusion… Page 6
“The rise of the cashless city: “there is this real danger of exclusion””
“Companies like Amazon and Starbucks want to kill cash – and it could be a huge blow to the most vulnerable Americans”
“Does a cashless future means exclusion for some”
“Digital ghetto” “cashless society” pose threats even beyond Orwell, journalist contends.”
“Forgotten victims of the cashless society”
“In the rush toward a cashless society, the poorest are at risk of further exclusion”
..and banks hegemony. Page 7
“No cash only” how negative rates give unexpected boost to Danish banks”
“Why big banks look forward to a cashless society”
“Going cashless? Bad for tax, cheats, privacy, poor”
“A very expensive cashless economy”
“Cashless bank services, a danger for financial elder abuse”
“Political unease around cashless economy, war on cash may turn sour”
“The dangerous shift of a cashless economy”
“The end of cash and the cost of a cashless society”
“How India’s failed note ban move taught the rest of the world what not to do”
Must be called into action. Page 9
“Why we should fear a cashless world”
“We don’t take cash, is this the future of money”
“Cash free banks in a cashless society are no joke”
“Maybe going cashless is no the best bet. Here are some reasons why.”
“We are turning from cash but demand for notes has never been higher”
“The pros and the cons of moving to a cashless society”
“Is a cash free future really in your best interest”
“India’s dream of going cashless is just that… a dream”

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Means no more privacy and freedom
“Hang on to your cash. This dash to digitize payments is dangerous.”
“Banknotes and coins are a public utility, and companies make no profit from their use. Hence the
drive for cashlessness – and with it, greater surveillance”
Read more.
“Why we should fear cashless world”
“Poor people and small businesses rely on cash. A contactless system Poor people and small
businesses rely on cash. A contactless system will likely entrench poverty and pave the way for
terrifying levels of surveillance will likely entrench poverty and pave the way for terrifying levels of
surveillance.”
Read more.
“Cashless society, a huge threat to freedom”
“Econgularity, shorthand for economic singularity, is an ugly word I created to describe an
unfortunate approaching moment in time when our current technological snooping prowess, the
ease of big data manipulation and our sprint to a cashless economy will converge. This will happen
in such a way as to permit governments to exercise incredibly powerful control over all human
behavior.”
Read more.
“A cashless future? Sounds like a dream but don’t be fooled”
“The head of Apple, Tim Cook, says all payments could soon be via smartphone apps. But there’s a
sinister side to this vision, that would lead to us losing our freedom.”
Read more.
“Keep away from our money. A Cashless society is one where we lose
freedom”
“Is science fiction a good guide to the future? It’s easy to sneer at the doomed prophecies of a
thousand bad novels, but researchers at Project Hieroglyph at Arizona State University suggest
thinking of the question in a different way. Books and films may be hit and miss at predicting the
minutiae of society 100 years from now, but they can be a brilliant means of imagining how
innovations might actually be used by humans. Will we trust driverless cars not to crash? Will we fall
in love with our robots? Ask a writer, not a scientist.”
Read more.

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“A cashless society would cut crime, and empower big brother”
“The Bank of Korea is planning a cashless society by 2020. Swedes are making the shift. I’m intrigued,
but also troubled.
There’s a lot to like about the idea of a cashless society, starting with its effect on crime. The payoff
to mugging people or snatching their bags has already declined dramatically, simply because fewer
people are carrying cash.”
Read more.
“Going cashless the real danger is to liberty”
“As demonetization unravels into a spiraling disaster the government is looking for new narratives
to justify the policy. The latest justification that it will enable a quick transition to a cashless society
seems to be gathering steam but it too is baked in fallacy. It is disappointing that the opposition is so
intellectually depraved that Mr. Modi has gotten away with every canard he and his government
have thrown to justify the policy.
Read more.
“One year after demonetization, cash is still king”
“Cash scarcity led to spike in digital payments post demonetization, but the trend reversed as
remonetization picked up pace.”
Read more.
“Germany is still obsessed with cash”
“The national disdain for plastic has become a proxy for profound concerns about trust, privacy and
the role of the state.”
Read more.
“The empty promises of a cashless society”
“To proponents of a cash-free society, the survival of the $100 bill is at best an anachronism, at worst
a gift to organized crime…”
Read more.
“Certain swedes rebel against a cashless society”
“In Sweden, there's a name for it: Kontantupproret. That translates to "Cash Rebellion," the name
chosen by a group of Swedes who are speaking out against the country's determined move toward
cashlessness.”
Read more.

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Increases the risk of fraud and minimizes security.
“Why cybersecurity is crucial as economies take the cashless route.”
“IMAGINE the total death of the physical economy, a world where loose change and crumpled notes
become only as valuable as today’s vintage antiques”
Read more.
“Cyber threats at a new high as India goes cashless”
“As India shifts to a cashless economy, cyber threats are at a new high with the number of such
incidents occurring in banking systems increasing in the last five years, a study here said on
Tuesday..”
Read more.
“Why cashless society is a dangerous idea”
“Sir, – Conor Pope bemoans how Ireland lags behind Sweden in moving away from cash in favour of
electronic payments without considering whether this is truly the path we should be taking”
Read more.
“Fraud fear rise as cashless society nears”
“New findings from Osborne Clarke reveal concerns over data privacy and security are rising, despite
a reduction in the use of cash across UK”
Read more.
“Cashless eco, an invitation to online fraudsters”
“Mumbai: The international standards body for the payments industry has called for a cybersecurity
breach notification law to raise awareness of online criminals. According to the Payment Card
Industry (PCI) Security Standards Council, the move towards a cashless economy post-
demonetisation has also sent an invitation to online fraudsters of a new market opening up.
In information security circles, any unauthorised access to an individual’s data is called a breach.”
Read more.
“Cashless society would be dangerous for financial and national
security.”
“Cash is under attack in the United States, and elsewhere around the world. The very idea of physical
currency is being challenged by businesses and intellectuals alike. But they couldn't be more wrong.”
Read more.

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“Swedish opposition to cash free economy gains momentum”
On the front door of a bank only a block away from Stockholm’s Centralstation is a sign that reads
“Inga kontanter” with an English translation below: No cash available.
Read more.
Leads to exclusion…
“The rise of cashless city ‘there is a real danger of exclusion’.”
“Cities from Sweden to India are pushing for a totally cash-free society. But as more shops and
transport networks insist on electronic payments, where does this leave the smallest traders and
poorest inhabitants?”
Read more.
“Companies like Amazon and Starbucks want to kill cash -and it could
be a hug blow to the most vulnerable Americans”
“The US could be on its way to a cash-free economy. And, while going cashless has some distinct
upsides in the tech-obsessed world of retail, it could be a dangerous development for some of the
country's most vulnerable people.”
Read more.
“Does a cashless future mean exclusion for some?”
“Cashless payments and the plight of cash in society has been something of a subject over the past
few years, but a conversation many aren’t having is that of financial exclusion; something that has
happened in the past is likely set to happen again. Below Jack Ehlers, Director of Payments
Partnerships at PPRO Group, delves into the details.”
Read more.
“Digital ghetto, cashless society pose threat even beyond Orwell”
“One of the biggest threats facing the U.S. today is the “algorithm ghetto, the digital ghetto, the
electronic ghetto,” Chicago journalist and Jewish historian Edwin Black told a group of Flint residents
Friday while on a statewide tour as part of Holocaust Remembrance Day, April 12.
Read more.

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“Forgotten victims of the cashless society”
“Let’s call him Denny. My six-year-old daughter will tell you that he lives on Bourke Street. The Paris
End. Right near Pellegrini’s. He sits on the footpath in front of the bookshop and begs for change.”
Read more.
“In the rush toward a cashless society, the poorest are at risk of further
exclusion”
“Indian Prime Minister Narendra Modi has a grand ambition to make his country into a cashless
society. In 2014, he launched a scheme to provide bank accounts to the nearly 40 percent of the
population with little or no access to financial services. In November 2016, he withdrew 500 and
1,000 rupee notes ($7.80 and $15.60), the country’s two most common banknotes, from circulation.”
Read more.
… and banks hegemony.
“‘No cash only’, how negative rates give unexpected boost to Danish
banks”.
“In their ever-going race to profit from wealth creation, banks may be inches close to closing a last
gap in Denmark. Following the path of Sweden, Denmark has a stated goal of eradicating cash
payments. The shift has been seen as neutral, or even an improvement. But the only ones who will
benefit this, in the end, are banks.”
Read more.
“Why big banks look forward to a cashless society.”
“Banks are like any other business, but they have a particular position on the market. They permeate
every other kind of business, as an intermediate agent in almost every type of transaction, except
one: cash. Thus, banks are trying to close the loophole, through the slow deletion of cash from our
societies.”
Read more.
“Going cashless? Bad for tax, cheats, privacy, poor”
“Do we need cash? Humans have used all sorts of things to exchange items of economic value -- rare
metals, strings of shells and even sunken boulders. Those objects have gotten more ephemeral, with
paper money replacing most coins, and digital forms increasingly supplanting paper. Could physical
cash go away entirely?”
Read more.

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“A very expensive cashless economy”
“After the March 2011 earthquake and tsunami that struck the coasts of Japan, one of the most
important difficulties faced by the survivors was to buy their daily groceries. Most of them had left
with their credit cards and phones but those proved to be useless in a post-disaster society. A few
weeks after the tragedy, an old man was asked what he would have done differently to prepare from
the evacuation “I wished I had packed a decent pair of shoes, my toothbrush … and some cash” he
said. Here is why a cashless society can put us all in that same situation.”
Read more.
“Cashless bank services, a danger for financial elder abuse”
“Advocacy group for older people concerned about impact of closures on rural communities”
Read more.
“Political unease around cashless economy, war on cash may turn sour”
“As the public opinion carries on being uninterested in the slow depletion of cash in its everyday
transactions, various studies are shedding more and more light on the potentially catastrophic
consequences it could yield on our economies and democracies. Clearly, this topic deserves far more
attention than it is getting.”
Read more.
“The dangerous shift of a cashless economy.”
“A very important economic transformation is under way, and it seems voluntarily to be placed at a
stratospheric level, with stakeholders carefully keeping the subject away from public
opinion. Several types of players are even favorable to such an economy. But the implications are
many, and not all are good. A close scrutiny of the pros and cons brings useful insight on the stakes
for consumers, all the more reason for citizens of a free world.”
Read more.
“The end of cash and the cost of a cashless society”
“India has withdrawn 86% of its paper money in a bid to eradicate tax evasion, but a world that
follows suit may not be very democratic, writes John Hearne.”
Read more.
“How India’s failed note ban move taught the rest of the world what not
to do”

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“Almost a year on, India's ban on large-denomination bills has been deemed a "total failure." That's
not quite fair. True, the primary goal of flushing out tax cheats has been a flop. But a secondary goal
-- "to move toward the cashless society," as India's finance minister put it -- still has real promise. The
rest of the world, in fact, could learn a lot from this botched experiment.”
Read more.
Must be called into action.
“Why we should fear a cashless world”
“Poor people and small businesses rely on cash. A contactless system will likely entrench poverty and
pave the way for terrifying levels of surveillance.”
Read more.
“We don’t take cash, is this the future of money”
“Bad for terrorists, good for hackers: what life is really like in a cashless society”
Read more.
“Cash free banks in a cashless society are no jokes”
“In Stockholm, you can pay a street hawker with a credit card; in Copenhagen you can buy a single
shot espresso with a smartphone; in Helsinki, you can go grocery shopping without a wallet… Yet
while this futuristic utopia and cashless society may benefit financial institutions and big businesses,
customers won’t be included in that.”
Read more.
“Maybe going cashless is not the best bet, here are some reasons why”
“Not so fast with banning cash — that’s one of the messages coming out of the payments and food
service world this month. Though variations of it have been heard for years, the newest iteration of
the cash-is-dying idea provides a chance to see just how deeply entrenched this traditional form of
money remains.”
Read more.
“We are turning from cash but demand has never been higher”
While Australians opt more and more for tap-and-go payments, the demand for cash has never been
higher. It is a situation that suits organised criminals looking to disguise the profits of international
drug crime as legitimate revenue.
Read more.
“The pros and the cons of moving to a cashless society”

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“A cashless society might sound like something out of science fiction, but we’re already on our way.
Several powerful forces are behind the move to a cash-free world, including governments and large
financial services companies. Even critics of the mainstream financial system and government-issued
currencies favor doing away with cash.”
Read more.
“Is a cash free future really in your best interest?”
“Scandinavia is set to be the first “cashless society”, and according to its Governments and financial
institutions, it could transition much faster than expected. However, people in Scandinavia are
increasingly motivated to hide stacks of cash at home, fearing particularly less access to cash and
negative interest rates.”
Read more.
“India’s dream of going cashless is just that…. A dream”
“That darned demonetization did rock the boat last November, but India’s love affair with cash is
well and truly back on track.”
Read more.

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