5 ms·

The primary cited reason for the cashless trend is the security against money laundering. My government has done every policy and regulative action they can to

• FabHK 8y ago
  It is worth noting that the article describes how private sector decisions are crowding out cash, how the government (specifically the central bank) is concerned about this, and considering to deliver a solution (namely digital cash issued by the central bank).
  • incompatible 8y ago
    The system is still based on central bank currency in the background. What is being lost is direct consumer access to central bank currency: they must rely on private-sector intermediaries.
• o-o- 8y ago
  The primary cited reason for the cashless trend is the ability for shops to simply say no. Anti-money laundry laws trickle down from EU level.
  • dr_dshiv 8y ago
    And the most obvious reason for the cashless trend is that cashless is easier and more fruitful for buyer and seller. Buyer just touches their card/phone to the machine. Who likes dealing with cash? (Answer: Germans)
    • eftychis 8y ago
      Also Greeks, Italians and most the Europeans I know. Cashless is a Northern European thing I would say. Edit: Please comment if things are different in your non-Swedish country (considering Europe here, but curious about other countries of course).
      • punnerud 8y ago
        It’s almost the same in Norway, but I think/hope it is easier for foreigners. You link your VISA to use Vipps, where you can pay is most bars, restaurants, taxi etc. One reason that Vipps (came before Swish?) is not booming in Norway could be because we have almost 0% fee on our cards. This is because all the banks have come together to make BankAxccept, just to avoid the fees that VISA and MasterCard use. I see no need for using Vipps or ApplePay. I place my bank card on the terminal and it is paid, with no fees. If it is over $20 I have to enter the pin. Super simple.. Me and my wife actually laught when we find coins in old jackets, because we haven’t seen coins in months. Almost forgot how they look and feel.
      • tormeh 8y ago
        That's mostly tax dodging though. Many EU countries have that baked in to the tax regime. If it was actually enforced (a la cashless) the entire e.g. Belgian restaurant sector would disappear overnight. Everyone there knows it. It's kinda weird.
• tokyodude 8y ago
  The first time I experienced a cashless store was Amsterdam in 2013. It was a fast food restaurant. Of course at first I was a little upset but it did get me thinking what are the advantages to the store The store no longer has to go to the bank to get heaps of change The store no longer has to take money to the bank The store will have no money on premises so less of a target for robbery The store will have no money on premises so no having to trust employees not to take some. Nothing to account. Just read the total. In almost every way, as long as there are enough customers it's a win for the store. Many customers love it too. Most of my western friends visiting Japan get annoyed they can't go cashless in Japan because they're used to being cashless where they are from. I did run into my first no-cash accepted store here recently. It will be interesting to see how it goes in Japan as they are more privacy oriented. I agree with all the issues of going cashless. It scares the crap out of me, especially when traveling. But, I can't see it not happening relatively quickly.
  • TazeTSchnitzel 8y ago
    Japan has electronic money cards which can be bought and refilled without any identifying information, and they are widely accepted. They're in a better place for privacy than the West.