How cash is becoming a thing of the past Exposing China's Digital Dystopian 2 months ago   42:26

DW Documentary
Cashless payments are on the rise. They are fast, easy and convenient. Worldwide, cashless transactions have become the norm.

But Germany’s central bank and government are still clinging on to cash. Can they stop the move towards a cashless society? Our documentary shows who is behind the worldwide anti-cash lobby. Banks want to get rid of coins and bills for cost reasons, and politicians think less cash will cut the rug out from under criminals and terrorists. Central bankers want to abolish cash because it would make it easier for them to enforce negative interest rates. And digital payment companies like Paypal or Visa simply want to profit from money transactions and collect as much financial data about consumers as they can. Their aim is to gain complete control over our buying behavior. For example, the "Better than Cash Alliance" in New York is supported by financial corporations such as Visa or Mastercard. They say the more people that are integrated into the international financial system, the more growth and jobs it will promote. But as our financial behavior becomes more and more transparent, states are also using payment data to find out more about us. The ordinary citizen’s view of cash as a store of value, independent of third party interests, is being increasingly ignored. But for them, cash is and will remain a symbol of freedom.

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Comments 1374 Comments

Neil O'Neal
Cash allows anonymity. They have to find a way to offer that in digital currency. Crypto currency fluctuates a lot so a slice of pizza may not cost the same the next day. We need the stability of national currency, the convenience of digital, and anonymity of cash.
Edward Snowedus
Gaping at the sign on a regional grocery chain - OWNED by the workers - "NO CREDIT CARDS ACCEPTED. Cash or Debit only." I never asked why. Charge back credit on groceries a problem?
Edward Snowedus
Ice Storm driving home from work, stop somewhere: "Do you have CASH our system is down." No wireless terminal 100% wired.
Ernst Eck
This is why people call it Swedumb.
Mike Point
Cash is no longer “KING”
Ildar S
Probably sooner or later developed countries will get rid of cash completely. It's just a matter of convenience - 20 years ago most people didn't have bank cards, as there wasn't much infrastructure for using it like terminals in shops, ATMs and banking apps. Now times are different. Digitalization is so embedded into economy today, that using technology to make payments more convenient is a natural thing to come. And I haven't heard sound arguments in favor of cash. And it looks like there aren't such. I understand, that it would be preferable for corrupt officials and drug traffickers to still have cash around, but that's not part of society that should have voice on such matters, honestly.

Advantages of cashless payments are numerous:
1) You don't have to have wallet anymore. Just one debit card in your pocket will carry you through the day. Come to that, no need for card too - everyone takes their smartphones with themselves everywhere, and you can pay with NFC if your phone has it. Wallet can be stolen. If your card is stolen, you have a high chance to save your money from being withdrawn by thief, thanks to bank security policies.
2) No need to calculate amount of money you have to take with yourself when going shopping, no need to calculate change.
3) Matter of hygiene also plays part. Cash money are dirty. You have no idea how many hands held your money before they ended up in your wallet. There's no such problem when paying with your own card.
4) You have cashback when paying with your card. 1-5% is the norm.
5) You can see your weekly/monthly/yearly expenditures grouped by different categories in a banking application. Most banks have developed great UIs for their apps so you can see clearly how you spend your money. So, no need to calculate these numbers yourself, which makes personal budgeting a lot easier.

The only downside I see is not all businesses accept cards yet. But that's temporary. Sooner or later they will have to, otherwise risking losing competitiveness to shops/cafes/etc which have lean payment policies. If I go into a restaurant and manager tells me that only cash is allowed, I would just go out silently and search another place, where card payments are allowed.
Ivan Broes
30:31 What happens when PayPal blocks you out -- I have had the case by making a mistake offering furniture on Ebay. Ebay blocked me over an issue of 3.94 euro, Ebay requested me to pay 11 euro, which, and ebay refused to cancel my account. And PayPal blocked me, though both claim they didn't do so. I was in business and I can smell a rat with these multinational. This is why I have always a back door for any eventuality, and we (teh naive people) are going to get caught.
Homeless people are in trouble if this happen i already been cashless for a long time
This only promotes the society of consuming and consuming until it consumes us
Ruby Abc
I‘m happy, that cash is not gonna be a thing of the past in my country (Germany)
Inyalabudbud Punjabbidaliwad
Go more panhandling bums:))
Brando Cervera
I never use cash. I work at home. Hell, I don’t even know where my wallet is. I pay for everything through my MacBook Pro, iPhone, or AppleWatch. Even before ApplePay existed, I just used credit cards. When I get paid, money is transferred to the service of my choice. I pay bills electronically. The world has been cashless for me for quite a while. I didn’t make a conscious decision, it just happened.
& Music
Will fight to the death before i get chipped or my childs!
louis foxwell
Oh, this will work out just fine. Ha ha ha ha ha.........................................
Charles Lee Ray
As long as there’s drugs sex and criminal services for sale there will always be cash
So do away with cash, then do away with cards and then insist that all must have a RFID chip, roll out the 5G and with all the secret geo engineering in play, kaboom all under control and on their way to turning into robots.
Frank Man
Thumbs up if you want more cash!!!
Frank Man
All governments have a duty to protect the people they represent. Government is to protect your right to privacy. Using cash is not criminal. Government must protect your freedom of expression. You are free to make purchases with state money. Government cannot force you to buy private bank service by eliminating state issued currency. Cashless society is corporate takeover of all nations. Shun these companies now before they. . .
I work in IT... with servers.
Never in my life will I ever use any of that shietz.
Here, this clip is a lot more interesting:
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Exposing China's Digital Dystopian How cash is becoming a thing of the past 2 months ago   27:15

China is marrying Big Brother to Big Data. Every citizen will be watched and their behaviour scored in the most ambitious and sophisticated system of social control in history. Matthew Carney reports.

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