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The Enormous Dangers of a Cashless Society

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Danger 3

Reinforcement Of Income Inequality In General

In addition to the unbanked, there are plenty more people who need cash to get by ― workers in service industries who are often paid in cash, for example. Undocumented immigrants, homeless individuals and victims of financial abuse also lack access to the banking system or technological tools needed to fully participate in a cashless economy. “Without social and cultural progress in these areas, the move to a cashless society will worsen, rather than improve, the situation of many of these groups,” Prabhakar said. “These considerations are particularly important in the coronavirus (dictatorial tyranny) age.”

Notably, many of the countries with the highest digital transaction participation and least use of cash also have well-capitalized social welfare systems, high degrees of trust and low income inequality. Prabhakar pointed to Sweden as a prime example.

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