Summary:
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Advocates’ Concerns Amplified: The recent global IT outage has intensified the debate about the risks of moving towards a cashless society. Ron Delnevo, chair of The Payment Choice Alliance, argues that without cash as an alternative, society becomes vulnerable to technological failures, causing potential collapse. Authorities in China and the US have already fined businesses for not accepting cash, highlighting the importance of maintaining cash as an option.
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Privacy and Budgeting Benefits: Using cash offers anonymity, preventing personal data from being tracked and sold by banks, credit card companies, and retailers. Martin Quinn, campaign director for PCA, emphasizes that cash is also crucial for budgeting, as it allows individuals to manage their finances without relying on digital transactions.
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Decline in Cash Usage: Despite a slight decline in the number of people who never use cash—from 23.1 million in 2021 to 21.6 million last year—the GMB Union underscores that cash remains essential for community operations. The outage reinforces their stance that removing cash from the system leaves people without a fallback option, impacting their ability to perform everyday tasks.
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