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…

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POLITICS - WORLD
The empty promises of a cashless society
BY DOMINIC REED (WRITER), , MARCH 28, 2016
dollar , europe , sweden , coins , cash , atm , banknotes ,
scandinavia , cashless
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…
Some people are already calling the note to be
consigned to history, and Scandinavian countries
want to be on that frontline. Yet, despite the
arguments for a cashless society, often described
as “futuristic” and “cool”, there are many setbacks
purposefully not highlighted.
Sweden is one of the few countries to move forward the “cash-free transition.” In
Stockholm, parishioners have started texting donations to their churches and
sending money through phone apps. Street vendors carry mobile credit-card
readers, and “even the Abba Museum, despite being a shrine to the 1970s pop
group that wrote ‘money, money, money’, considers cash so last-century that it
does not accept bills and coins” (1).
Paying via apps does seem forward thinking and a much more seamless way of
completing money transactions, which is what attract Scandinavian countries to go
down that path. Many of the country’s banks already no longer accept or dispense
cash.
However, consumers already feeling the repercussions of that change.“Sweden’s
embrace of electronic payments has alarmed consumer organizations and critics
who warn of a rising threat to privacy and increased vulnerability to sophisticated
Internet crimes,” says Liz Alderman ofThe New York Times.
While it is true that less cash may decrease the odds of bank and ATM robberies, it
drastically increases electronic fraud cases. Just last year, the number of these
cyber-crimes has doubled what it was just a decade ago. Sweden registered over
140,000 electronic fraud cases, according to the Ministry of Justice.
It is also drastically changing consumers’ lives and daily routines. Some people feel
marginalized by the slow transition to a cashless country. The elderly population is
particularly concerned. “We see that our government is not taking us (the older
adults) into consideration any more. We don’t know how to use these new ways of
payment and that really scares me for our future. Last week I went to a local bakery
and they told me they wouldn’t take my cash. I will never go there again,” said
Ansgar, a 69 year old resident of Stockholm to the Nordstjernan (2).
Besides their own concerns, elderly Stockholm residents are concerned about the
youth. “Already a few young people who are used to pay everything via apps
started taking out loans via their mobile phones are falling into debt. They don’t
know the value of money any longer, only cash could teach them that,” said
Agneta, a Swedish consumer association activist.
Human rights activists view a cashless future as a threat to the most vulnerable
communities. Besides the elderly, homeless and refugees would be even more
marginalized and feel direct consequences of a cashless society. It would also
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increase the risk of new types of crimes, as these categories of people could not
have access to essential services. But besides that, going only cashless creates
major threats to people’s individual liberties and to freedom in general. Many are
wondering what happened to their right to choose what means of payment to use
and how. Others see the electronic and online payments as a threat because of the
risk of a gigantic bug that could potentially paralyze a whole economy or lead to
more citizens being robbed.
Yet, “it might be trendy” said Bjorn Eriksson, a former director of the Swedish police
force and former president of Interpol, “but there are all sorts of risks when a
society starts to go cashless” (1). As of 2015, bills and coins only represent 2
percent of Sweden’s economy, compared with 7.7 percent in the U.S. and 10
percent in the Euro area, which means that in 2015, only 20 percent of all consumer
payments in Sweden were made in cash; compared to an average of 75 percent for
the rest of the world, according to Euromonitor International (3).
In the Swedish countryside, many cash machines are being dismantled, yet many
rural area residents don’t have access to other means of payments at local
businesses.
Mr. Eriksson, who now heads the Association of Swedish Private Security
Companies, accuses banks and credit card companies of trying to “price cash out
of the marker” to make way for cards and electronic payments, which would
generate fee income and therefore more expenses for the consumers.
“I don’t think that’s something they should decide on their own,”he said. “Should
they really be able to use their market force to turn Sweden into a cashless
society?”
The voice of the Swedes are increasingly pushing back on a potential cash-free
country. Groups and associations have already asked the government to address
the issue and to hold a debate to really explore all options and consider their
consequences. So far, Sweden’s cash-based economy has been an economic
experiment for the Swedes.
But ”what if the machine doesn’t work and people don’t have cash?”says Erika, a
small business owner in Stockholm. “Believe me, there are many times that the
machine doesn't work… and I’m happy I’m still able to take people’s cash!” Now, let
it become a social experiment.
(1) In Sweden, a Cash-Free Future Nears, New York Times, December 26th 2015
(2)Swedish news in English
(3) Established in 1972, Euromonitor International is the world leader in strategy
research for consumer markets
Copyright © 2010 Dominic Reed
Read more articles on: dollar , europe , sweden , coins , cash , atm , banknotes ,
scandinavia , cashless
About the Writer
Dominic Reed is a writer for BrooWaha. For more information, visit the writer's
website.
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