EP 64: The Great Cashless Society Conspiracy: The Cost Of Cash

This is episode 64 of The Truth Tank

On this episode, We will be looking at the rise in cashless payments and the decline in the use of cash aka The Great Cashless Conspiracy. Is the decline in cash simply down to the rise in online shopping? Convenience? or the by-product of an ever-digitalised world? Other factors are the repercussions of the Pandemic lockdowns, new forms of currency, digital payment providers and shifting retail markets. However, are there other reasons? We seem to have less and less choice when it comes to spending our own money.

Is there something more behind the Cashless Conspiracy? Is there an agenda being pushed? Are the germs and bacteria found on paper money really that bad? Is it that unsafe to carry cash? One of the biggest arguments against going cashless is the unreliability and safety of modern technology infrastructure. Data breaches and hacks are a everyday concern nowadays, combine that with natural disasters, regional areas, vulnerable communities, geographic locations and people in abusive relationships, and it doesn’t look like cash will be going anywhere soon.

By far one of the most anger inducing aspects of the cashless argument is the hidden Surcharges for using cashless payments, which seem to be everywhere. If it's not a scam I don’t know what is? Especially when businesses and venues are completely cashless leaving the customer with one payment option. We're living in a world where we accept extra charges for spending our own money. What's next Surcharges to breath clean air? Are Surcharges just a sneaky way to gouge more money from people or Are there other reasons for the rise in cashless venues, such as data tracking and traceable records? We’ve all seen the tech wanker struggling to get a smart watch to work in the payment line, what are we really trading for the convenience of a cashless society? Freedom of choice, privacy or more. Cash will always be king. 

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Sources:

https://www.forgov.qld.gov.au/information-and-communication-technology/queensland-government-digital-futures-and-foresight/signals/the-future-is-cashless

https://nationalseniors.com.au/news/latest-news/how-a-cashless-society-would-work

https://pmc.ncbi.nlm.nih.gov/articles/PMC5192525/

https://www.pwc.com/us/en/industries/financial-se