Is the Move Toward a Cashless Society Racist?

#perspective

The transition toward a cashless society isn’t inherently racist, but it does raise important considerations. Let’s explore both sides:

1. Benefits of Cashless Transactions:

• Security: Digital payments are generally more secure than cash. They reduce the risk of loss, theft, and counterfeiting.

• Tracking and Budgeting: Digital transactions provide detailed records, helping with budgeting and proof of purchase.

• Environmental Impact: Cash and coins consume natural resources, while digital transactions are resource-efficient1.

1. Concerns and Discrimination:

• Exclusion: Going cashless can exclude socioeconomically disadvantaged communities, particularly people of color, immigrants, and the elderly who may not trust banks or have access to them.

• Business Discrimination: Retailers and restaurants could potentially discriminate by up charging or denying service based on payment methods. This could disproportionately affect certain groups.

• Privacy and Safety: Some worry about financial exclusion and privacy in a cashless society, especially when bank branches remove cash-handling facilities3.

We have come way too far as a nation in terms of civil rights to go back. source