The Perils of a Cashless Society

Many experts believe cash is going away. However, a cashless society is not a good idea. Going cashless would have a negative impact on many segments of society including the poor – millions of unbanked and underbanked, many of whom are minorities that rely on cash. Cash represents the best form of payment to maintain privacy, it is resilient where digital payments are not, and it is an integral part of many cultural practices like tipping and gift giving.

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