–– Mark Christopher

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Recently as I returned from a bike ride with my cycling mate, we stopped at a new café that recently opened for a cup of coffee and some stimulating conversation. When it came time to pay the bill, much to our surprise, the waitress announced that they were a cashless business. While we both carry a bit of cash for such an occasion, neither of us had a bank card with us. Fortunately, the establishment in question accommodated us. Not two weeks later Woolworths publicly announced that their coffee shops, attached to their stores, were going cashless. 

Whether we like it or not, technology is moving us to a more cashless society. The Payments Association of South Africa is currently implementing strategies to make South Africa cashless by 2030. It remains to be seen if such an ambitious goal is reached in such a short time. The justification for this move toward a cashless culture is that it is much safer for all concerned and it is less expensive for businesses if they do not handle cash. The banking sector certainly agrees with this. But while there is a great deal of truth in such rationale, there are numerous pitfalls to a cashless society. Here are but a few challenges in this rush to a cashless destination: