18 October 2017
Bo Harald

Good for society at large

Bo Harald - ZEF, Transmeri, Real Time Economy Program

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Cash for crime

10 October 2009  |  4067 views  |  0

Computer Sweden writes - inspired by frequent high profile robberies - that cash is an invitation to crime. Legislators, banks and retailers are to blame for having failed to eliminate cash usage - despite cards having been around for 30 years on a large scale.

Not only are piles of cash inviting robbers - it is also the enabler of drug trade, prostitution, illegal gaming, etc. Without cash these activities would have a hard time.

I would add that EU has presented figures where cash handling adds 50bn€ costs mainly to merchants every year. Consumers pay every cent of this totally unproductive counting, protection and transportation work. Silly practise to de-electronize bank balances by withdrawing cash and re-electronizing it soon again back to another bank account. Furthermore the CO2 quantities added and  congestions caused by the daily parades of armored cars are major.

Naturally there can be some privacy issues - but these can be solved at minor cost - especially compared to the cost of crime. Now is the time for action.

The story concludes by encouraging new signs: "We do not accept cash." The technology is certainly ready for it.

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