The Price of Going Cashless
As coins vanish and cards rule, the right to pay becomes a privilege. What we gain in speed, we risk losing in freedom.
Down with cash — or so we’re told. Since the Covid-19 pandemic, the movement away from cash has accelerated. Virtually everywhere, we’re advised to use digital payment systems. In more and more places, we’re even denied other options.
A recent stay in Sweden, where I had to use my (foreign-issued) card, got me thinking. Back home, my bank statement showed multiple fees, totalling several euros. This may seem like a small inconvenience, but it’s a telling one.
The starting point is an equity issue: the smaller the purchase, the higher the fees, as on each transaction, a minimum fee applies (plus an amount proportional to the purchase). This leads to a paradox: cheaper goods and services are pricier for those who own standard cards than for those who can afford premium cards (with travel packages) or expensive products.
Indicting Sweden isn’t the point, though.
What we gain in speed, we risk losing in freedom
Author's summary: The shift to a cashless society raises concerns about equity and freedom.
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