There are costs associated with cashless payments, some of which are readily apparent while others can go unnoticed until a problem arises. ABC News has explored some of these costs, and how ‘a cashless society raises concerns about financial exclusion, privacy and safety.’
Among the more obvious cashless costs are card transaction fees, which an increasing number of businesses are passing on to customers amidst rows over the fast-growing percentages demanded by card companies, despite improvements in technology that most would assume might lower fees.
Less immediately obvious are the ramifications of ‘transparency’ in transactions, often cited as a positive for cashless transactions. Dr Chris Vasantkumar, an economic anthropologist as Macquarie University, points out that any external oversight of transactions also means surveillance by third parties.
