Cashless society not good for all
Millions of people could be vulnerable in a cashless society.
That’s according to a new report, “Access to Cash,’’ which warned that a wide swath of people, ranging from the poor to folks in rural areas with bad Internet activity to the mentally disabled, would be at risk in a world without cash, reported CNBC.
The use of cash has declined dramatically in some Nordic countries, where it’s estimated that as few as one in five payments are made in cash, according to the report.
While the report is focused on the U.K., the notion of a cashless society is also being viewed with caution by some in the U.S. In New Jersey, for example, a bill that would require all brick-and-mortar retailers to accept cash was unanimously approved by the Senate Commerce Committee and is now before the full state Senate.
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