In India, the prime minister recently announced that two of their largest cash denominations — the 500 rupee and the 1000 rupee — will be removed from circulation.
In London, you can’t buy a bus ticket with cash. And some cafes there have also started refusing cash payments.
Government officials are in love with the idea of a cashless society because it gives them the power to track everything. They promise it will put an end to corruption and bring in a windfall of new tax revenue.
They’re forgetting something, though.
There’s a whole segment of society, the poorest among us, who aren’t part of the banking system. Who don’t have access to credit cards and debit cards and bank accounts linked to their smart phones.
These people often depend on cash to accept payment for their goods, not having enough capital to set up the merchant accounts needed to take credit card payments.
If the governments around the world continue to push for a cashless society, they’ll also continue to push those people living on the fringes, just getting by, closer to the edge. That’s a recipe for social unrest. Find more on the far-reaching effects of cashless society when you click here.