Many articles talk up ‘cashless societies’ and ask how populations can be convinced to give up cash, with the underlying assumption that everyone should want to. If the benefits to individuals are unclear and unspoken, there is a good reason: the rewards are restricted to the banking and fintech industries.
For people with access to cashless payments, using them is only a choice if there are alternatives. There are many reasons for choosing cards or mobile payments—and the financial landscape is richer for their availability—but in a world without cash, people would be forced to choose between different payment products that benefit specific companies, without the option to dip into their pocket for notes and coins issued by their government and unaffiliated with any business. Journalist and former broker Brett Scott explains the issues in his 2023 article, The Luddite’s Guide to Defending Cash.
