Fully agree on that. I’m seeing this with my parents. They are doing fine with technology in general but with banking they still wanted to be on the save site. However, it’s getting more and more complicated for them to use analog solutions and cash payment. Their banking solution (UBS) is providing a very bad service right now (could not provide them the login for e-banking for 4 weeks) and hence they wanted to change but when I explained them how neo-banks works they got scared which I can understand. In my opinion this way we open all doors for the fraudsters to scam elderly people.
Cash is very difficult to monetize (from a capitalist perspective) or control (from a totalitarian perspective). So cash is absolutely in the best interest of consumers and democracy, but absolutely not in the best interest of business (big business, in particular) or anti-democratic governments, in my opinion.
Ultimately it is up to consumers/citizens to decide, as keeping cash is only in their interest. Nobody else will defend that interest for them.
Since a while now, I’ve been wondering whether cash as a service would be a viable business model. I believe it could be. But it would only be possible in very liberal countries.
Crypto wallets the likes of Tangem could be another option, if bitcoin ever achieves wide adoption. I personally see this as the best-case scenario.
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Another example (in German!) of getting rid of cash in Switzerland… Like the author, I see big probelms with this developments, especially in terms of democracy, liberty and protection of data. Bargeldbeseitigung mit Lug und Trug in der Schweiz – Geld und mehr
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