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On 4 August, Austrian Chancellor Karl Nehammer announced plans to enshrine the right to pay with cash into the country’s constitution as card contactless payments become more popular in Europe.
Nehammer proposed the amendment after the Austrian Freedom Party, which is currently surging in the polls, accused the current government of conspiring to ban cash to track its citizens. Nehammer is the leader of Austria’s conservative People’s Party, which rules in a coalition with the left-wing Green Party.
“In Austria alone, 47 billion euros are withdrawn from ATMs every year and on average every Austrian carries 102 euros in cash,” Nehammer wrote in a tweet (original in German). “That is why I… am committed to ensuring that cash is constitutionally protected as a means of payment.”
The plan would guarantee cash as a payment option and instruct the Austrian Central Bank to secure a basic supply of paper currency. Nehammer has tasked Finance Minister Magnus Brunner to lead the effort while collaborating with other government ministries and representatives from the private sector.
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Credit card companies sell your data to advertisers
Suspicions about big banks and financial institutions tracking their customers and mining personal data have raised alarm bells about the transition to a digital currency, with activists arguing that cash is the only way to ensure privacy.
Increasingly, credit card companies – including Visa, American Express, and Mastercard – have turned to compiling and selling personal transaction data to advertising companies as a major profit source. The data behind a majority of digital transactions are now passed along to marketers, companies, and other firms that mine that data to monitor trends and create personalized ads.
This invasion of privacy is legal because of a loophole known as tokenisation, a financial technology pioneered in the 90s that anonymises personal data from transactions with a unique identification code, that can later be correlated by a firm with a bank’s individual customer file.
These systems have become so sophisticated that they are often predictive. For example, many stores are able to find out that their customers are pregnant through their shopping habits, accurate to within days. In 2012, The New York Times reported on a father who found out his teenage daughter was pregnant through targeted home mailers advertising maternity clothing and nursery furniture.
Additionally, non-cash payments place a financial burden on businesses, with major financial institutions charging a credit card processing fee. These fees can be as high as 3.5%, affecting both merchants and customers.
The above is an extract from an article published by Quartz. Read the full article HERE.
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Categories: Breaking News, World News
What a fabulous thing to hear. The banks must be stopped from dictating to their customers!!!!!! For then they dictate the terms. May this work for Austria.
temporary- remember the lockdowns.
how are you people still so gullible its truly beyond me.
I think they call it “wishful thinking”. A ‘good’ politician is a master of chicanery.
Great news!
Even one Euro country demanding cash could be enough to stop the evil ECB to finish cash.
I hope more Euro countries will follow this.
Great news well done Austria
This is why they’re going to try to crush Europe by ensnaring them in ww3. Europe has already made banking a human right which cannot be denied too
They hate that.
No Commonwealth of Nations countries will dare do that and nor will America. Which of course is because every president is related to the House of Plantaganet.
To be reneged on at a later date.
Look at the trashing of the US Constitution to know that a promise from a corrupted soul (politician) is worthless..
Somehow I don’t think Rishi Sunak will be announcing that the UK is going follow Austria’s example. I would think that he is chomping at the bit to get rid of cash.
Really hope the Austrians aren’t daft enough to stick with the same old because of this electioneering, guarantee nothing will change if they fall for it.
Ooh! Don’t have any credit cards, just a visa debit card, very likely they sell data transactions from people like me too.
You’re not one of slickos that pay with a ‘SMART’ gadget then!
Hell no Islander, traditional cash or straight debits for me. Nor am i the type who’s glued to my mobile, which is never connected to the web.
Also, i use ethernet to connect my rigs to the web, don’t have or use wireless anything, haven’t had a tv since the early millennium. Do my best to limit such evil, harmful frequencies bouncing round our home.
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When will the corrupt governments in the USA and the UK do,the same?
When is the UK going to do the same?
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[…] Austria to enshrine the right to pay with cash into constitution On 4 August, Austrian Chancellor Karl Nehammer announced plans to enshrine the right to pay with cash into the country’s constitution as card contactless payments become more popular in Europe. […]