The phenomenon is only just coming into debate but has been underway for many years: as time goes by, economies resort less and less to cash for payments, and increasingly to digital means. If cash is no longer king, what can we expect our societies and economies to look like tomorrow?
Visa has launched the Cashless Challenge, in which it will give 10 000 dollars to 50 selected shops across the US, if they completely stop accepting cash payments. Its goal, pushing the cashless evolution of the economy to the brink, and killing cash off completely, so as to conquer the entire market. But many ethical questions lie in the way of the campaign, which Visa seems uninterested in acknowledging.
After what slowly became a real build-up to the decision, Sweden is opting for a last-minute turn-around. Cash-killing supporters around the world are much disappointed with the change of heart, as Sweden was expected to be the champion and testing ground for the socio-economic experiment.
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.
