There is also the question of privacy, with people increasingly being obliged to accept ‘tech companies track every piece of ourselves in order to micro-market and sell it back to us.’ With so much personal data routinely collected, there are obvious risks of that information being misused, either by the companies collecting it or third parties obtaining it by legal or illegal means.
Beyond matters of personal choice, there are those for whom cash is not just one option, it is the only option. The Globe and Mail reported in 2019 that three percent of Canada’s population—around one million people—have no bank account, and a further 15 percent—five million more—have no local bank branch, no credit, or are otherwise unable to afford fees or high interest rates linked to products for low-income borrowers. Among these individuals are the vulnerable and homeless, people lacking proper ID and sex workers, all of whom rely on cash to cover their day-to-day needs. Plett notes that many who depend on cash are already socially and economically disadvantaged, and these people would be further marginalised by a phase out of cash.
