Community News
The War on Cash; A cashless society is imminent, but that is not necessarily a good thing!
BY SIMONE J. SMITH
Finally! Finished my shopping. I made my way up the aisle to check out. I was tired and wanted to get home and get some work done. As I neared the register, I was taken back by the fact that instead of people, I saw a row of machines, neatly lined up beside each other, waiting to take my payment. I saw two cash registers open that had two lovely smiling women waiting to help. I made my way over to them and the young lady gave me a big smile.
“Did you find everything okay,” she asked?
“I did, but I must say I am surprised that there are so few cashiers.”
“Yea, it is a little weird, but this is just the direction of the world.”
We spoke for a few more minutes as we were checking out, and that alone made me question the cashless revolution.
We’ve all heard that we’re moving towards cashless societies, but we’ve all probably brushed it off as doomsaying or too-far-into-the-future technology. Unfortunately for those who thought or are thinking that we’re getting closer to that reality. A cashless society doesn’t mean just a major shift from cash to electronic payments, it means a complete shift in that cash is no longer used for anything.
Canadians: the war on cash is real, and Canada ranks as one of the top 10 countries who will be looking to go completely cashless. Speed and convenience are driving the way Canadians are choosing to pay, but it all comes with a price — cash as a payment option is steadily declining. The spike in digital usage was fueled in part by the pandemic, as Canadians turned to virtual, mobile and online payment transactions.
According to Payments Canada, credit cards remain the top method of payment followed by debit, with Canadians reiterating ease, speed and convenience as the reasons they opt for plastic over cash.
A recent Global Payments Report projects that by 2025, cash will only make up three
per cent of all point-of-sales transactions in Canada — one of the lowest cash payment rates in the world. In some developing countries, cash is still the undisputed king of payments. The countries (out of 46 in the survey) where the least people were in favor of cashless payments were the Philippines and Egypt at 33% each and Morocco at 34%. One of the biggest reasons for people preferring cash in developing countries is not having a bank account and thus no bank card. In the Philippines, only 29% of adults had a bank account in 2019.
Outside of Canada, there are some countries who are welcoming the idea of having a cashless society. Let’s take a look at some of them.
Sweden
With a date set in 2023 to go completely cashless, Sweden is arguably the closest country to achieve this. It is currently not uncommon to see signs that say “No Cash Accepted” in various shops in Sweden.
A recent study from the European Payments Council showed that cash transactions accounted for only 1% of Sweden’s GDP in 2019 with cash withdrawals steadily declining by about 10% a year.
According to an article in SmarterTravel.com, some banking experts are predicting that Sweden will eliminate cash as a payment method by this year, and all of their transactions will use a digital payment method, such as: credit and debit cards, RFID signals, digital wallets, and so on. Should this happen, this would make Sweden the first cashless country in the world.
China
China is leading the charge in eCommerce and is the biggest eCommerce market in the world. With annual online sales of $672 billion and an annual growth rate of 27.3%, China doesn’t show signs of slowing.
In 2022, Zhongguancun Bank, which serves customers in the capital of Beijing, said it would suspend cash services, including over-the-counter deposits and withdrawals as well as cash services on ATM machines, starting from April.
Its decision comes after a similar move by another regional bank, NewUp Bank of Liaoning, in the northeastern province of Liaoning, who reported that they would stop cash services from March of 2022.
United Kingdom
The UK has embraced technology, including the digitization of money. London, specifically, has done the most so far. The country has a strong presence in online banking and it is currently in second place to just the United States when it comes to financial tech areas. This is correlated with the increase in merchants accepting more card and mobile payments.
Let’s segway a little from all the countries who feel that going cashless will be better.
There is a country that did try this, and it did not turn out well for them.
In November 2016, Indian Prime Minister Narendra Modi surprised his country with an announcement banning 500 and 1,000-rupee notes — worth about $7 and $15 respectively — in a bid to tackle corruption and terrorism.
His thought was that forcing people to exchange the country’s largest currency bills for new banknotes would allow the government to crack down on “black money” — unaccounted for cash holdings that haven’t been taxed but, under the law, should be.
He also argued that it would strike at domestic terrorist financing operations by capturing counterfeit money and rendering the legitimate cash they kept in the shadows worthless.
This initiative caused chaos across the country. People wanted new banknotes, but the current supply of them wasn’t close to meeting demand. That created headaches for people as they waited in long lines outside ATMs and banks, which routinely run out of cash. What did this mean for people who relied on daily cash earnings to survive? Well, these people were unable to take care of their basic needs.
The temporary shortage of banknotes had other far-reaching effects. Farmers looking to sow their next set of crops couldn’t buy the full quantity of seeds they needed. Property sales, which typically requires huge cash investments, slowed. The cash shortage was particularly hard on destitute Indians, many of whom don’t have bank accounts. Some of them had to choose between waiting in line for a day to exchange their defunct currency or work for a day’s wages. Many poor people ended up losing their savings because of their mistrust of financial institutions and concern about being harassed about where their cash came from.
Now that we have had a look at how the cashless revolution has impacted certain countries, let’s take a look at some pros and cons. This will paint a clearer picture for many of you.
Pros of a Cashless Society
Convenience:
It is convenient for consumers and for merchants, especially when those are traveling and dealing with currency exchange.
Lower Crime Rates:
Going cashless would mean there would be no tangible money to steal, reducing crime.
One country that has utilized this as one of their main reasons for going cashless is Jamaica. In light of the recent attacks at automated banking machines, conversations about Jamaica moving towards being a cashless society have become prominent again.
There are even talks that commuters will soon start using cards to pay for rides on buses and trains owned by the Jamaican Government as it digitalizes the $1.8 billion generated in fares annually.
Decreased Money Laundering:
It is harder for people to launder money without cash as it is much easier to track electronic payments/spending with digital paper trails.
Time:
A lot of time will be saved from not managing cash for both businesses and consumers.
Health Benefits:
In general, cash is dirty. The spread of viruses and other illnesses can be greatly halted when germs aren’t being spread through cash.
This one I questioned a little, so I did some research to see what was being said about credit cards and debit cards.
LendEDU.com, a finance website, tested various items for their germ scores and found credit and debit cards to be near the top of the list — not as dirty as New York City Park benches and rental-bike handles, for example, but more so than a urinal handle at Penn Station and more than the city’s subway poles.
Something to think about. Let’s move to the cons.
Cons of a Cashless Society
Security:
Should your bank account get hacked, you wouldn’t have any additional funds until it’s cleared up.
Spending Habits:
Some may have trouble saving money when physical cash isn’t leaving their wallets. Think about how many times you tap without thinking about the money that is coming out of your account.
Tech Problems/Glitches:
Should there be glitches or outages, merchants may have trouble accepting payments, leaving you without the ability to purchase goods when needed.
Does everyone remember not too long ago when we were unable to use our debit cards; I have never seen panic like that. People were lined up at bank machines frustrated that they were not able to use their cards.
Digital Paper Trails:
All transactions would be easy to track, and this could be something that frequent cash users won’t like. Who wants all of their business on the street like that. I know I don’t want everyone knowing what I am spending my money on.
We might be moving towards a cashless society in the future, but today, there are still many people who are unable to make digital payments because they don’t have a bank account, credit card, debit card or smartphone.
These people are known as the “unbanked,” meaning they don’t have access to affordable banking products and must instead rely on fringe services such as check cashing and payday loans. Distrust of banks is one reason why some households are unbanked, but more often, it’s because they lack access to affordable services.
Some don’t have the income and assets necessary to meet the requirements for fee-free bank accounts, while others live in banking deserts, the communities where banks have closed branches due to low profitability. Guess which communities this tends to happen in most; Black and Hispanic communities where the households make up a disproportionate number of the unbanked and underbanked.
It doesn’t help that the banking industry has a long history of discrimination. Moving to a cashless society could potentially increase this and allow retailers and restaurants to discriminate against segments of the population by up charging or denying service completely.
Another way to think about it is this, when people want to use a card to pay, that costs the business money. So, every time you go to a restaurant and pay with your card, that business is losing money. One thing some businesses have done to oppose the idea of a cashless society is to make their business “CASH ONLY.” What they will do is put an ATM in their stores so that people can use it. Some businesses own this machine themselves or they have a profit-share agreement. That way every time someone uses the ATM, you are supporting two small businesses: the business makes money, and the ATM provider makes money.
There is so much that can be said about the society that we are being forced into, but we do have a choice. It is up to us as citizens of our individual countries to speak up; if you don’t want to go cashless, let your local representatives know. Support businesses who do take “CASH ONLY,” and start keeping cash on you.
We all have a choice, and our freedom to spend how we want should not be taken away from us.
Community News
Urban Alliance on Race Relations celebrates and highlights Racial Justice Award recipients
BY PAUL JUNOR
It has been almost 40 years since the Urban Alliance on Race Relations (UARR) has been at the forefront of: promoting tolerance, social justice, racial equity and fairness. Since it was formed in 1975, they have celebrated and recognized changemakers in the fight for racial justice in diverse sectors such as: health, labour, government, education, arts, media, environment, and justice.
On Saturday, December 7th, 2024, there was a great turnout at the 2024 Racial Justice Awards Night held at The Estate Banquet & Event Centre in Scarborough. In attendance were many community supporters, civic officials, long-time racial justice warriors, and individuals from diverse ethnic groups.
UARR is grateful for all the sponsors of the Racial Justice Awards Night Celebration. It notes in its email to its supporters on Tuesday, December 3rd, 2024, the importance of its sponsors including:
- United Food and Commercial Workers (UFCW) of Canada, UFCW, Local 175
- The International Brotherhood of Electrical Workers (IBEW) Local 353
- Unite Here! Local 75
- Toronto & York Region Labour Council
- Canadian Labour Congress
- The Coalitions of Black Trade Union (CBTUL)
“Your sponsorship plays a vital role in shining a light on individuals and organizations driving equity, justice, and change in our communities. This celebration is more than an event, it’s a movement. Thanks to your support, we’re: honoring changemakers, amplifying unheard voices, and funding initiatives that break down systemic barriers.”
The categories and names of the awards and recipients were:
Racial Justice in Arts: Hannia Cheng
She is an artist and cultural worker who co-founded Unit 270, a DIY gallery and multi-purpose grassroots community hub in Chinatown Centre.
Racial Justice in Labour: Vanessa Story
She is the founder of the Black Youth York Region and co-founder of the York Communities for Public Education coalition.
Racial Justice in Education: Shannon Simpson
She is Senior Director of Indigenous Initiatives at the University of Toronto.
Racial Justice in Environment: Dr. Ingrid Waldron
She is a Professor and HOPE Chair in Peace and Health in the Global and Peace and Social Justice Program in the Faculty of Humanities at McMaster University.
Urban Alliance of Race Relations Agent of Change Award: Kirk Mark
He is the Equity, Diversity and Inclusive Consultant at KIRK Mark & Associates.
Racial Justice in Media: Amanda Parris
She is an award-winning writer, tv host and producer, and former host of CBC Arts Exhibitionist.
Racial Justice in Health: Camille Orridge
She is former CEO of the Toronto Central Local Health Integration Network (TCLHIN).
Racial Justice in Government: Amira Elghawaby
She is a journalist and human rights advocate who was appointed in January 2023 as Canada’s Special Representative on Combating Islamophobia.
Racial Justice in Justice: South Asian Legal Clinic of Ontario (SALC0)
This legal clinic supports low-income South Asian people in Canada.
The funds raised from the Awards night will be going toward the work of the Diversity Youth Fellowship Program. This innovative and creative program is directly involved in enabling racialized youth to get paid experience working in municipal governments and at various public policy making organizations across Canada.
The performers at the event included: Katheen Zaragosa (a Filipino music performer), Rithika Jeristus & Maya Jeristus (Bharatanatyam dancers) and Yasmin Said (spoken word artist)
UARR is looking forward to its 50th anniversary celebrations in 2025 and shared five of its strategic priorities for the next 10 years including:
- Employment and economic opportunity: The goal is to foster inclusive workspaces and economic opportunities.
- Education: The goal is to promote racial equity in education and research.
- Communication: The goal is to expand public awareness and reach to amplify our stories.
- Community engagement and outreach: The goal is building community capacity and convening towards change.
- Truth and reconciliation-relationship building and supporting calls to action. The goal is to strengthen our solidarity and action towards truth and reconciliation.
Community News
What is it about those short videos that keep us captivated? Oh! Yes! Our short attention span
BY KAHA GEDI
As our attention spans decrease, short form videos are becoming more popular. From TikTok, to YouTube Shorts, to Instagram Reels, these “snack sized” videos have positive qualities alongside the bad. Mainly we want to know what makes them so effective, and why are they becoming the go-to choice for both viewers and marketers? In this article, I will be discussing how these videos have received such popularity worldwide.
First, we need to understand what counts as and what is short-form content. According to blog.hubspot.com, “Short-form videos are videos that are less than 60 seconds long.” However, some marketers and content creators agree that short-form videos can be up to 3 minutes. “They are videos that deliver information in a ‘digestible’ format so that viewers can quickly watch and save content if they’re in a hurry or enjoy it.” Now, I’ll talk about the main reasons why these videos are so popular.
First, our attention spans have gone down exponentially. Dr Gloria Mark has written a book called “Attention Span,” and she says her research indicates people’s attention spans have been shrinking over the last 20 years. According to the same article Dr. Mark said that “Back in 2004, we found the average attention span on any screen to be two and a half minutes on average. Throughout the years, it became shorter. So, around 2012, we found it to be 75 seconds. Then in the last five, six years, we found it to average about 47 seconds.” So, it’s notable that our attention spans started out longer but then decreased over time.
Secondly, these videos have become cheaper and easier to make. Unlike long-form videos, which require extensive: planning, editing, and storytelling, short-form videos are simpler. To the point where they can even be shot on a smartphone. For example, DuoLingo, the app that helps learn new languages, went viral on TikTok a long time ago by posting funny, low-budget videos that resonate with millions. Like a video of a DuoLingo plus being: tossed down the stairs, sitting outside on a rainy day, or being soaked by the shower with the title “When you ignore my notifications.”
Lastly, they provide valuable information in a short amount of time, and they are easily accessible. According to a recent Adobe Survey, two in five Americans use TikTok as a search engine, and nearly one in 10 Gen Zeers are more likely to rely on TikTok than Google as a search engine. This isn’t always reliable for real news because anyone can claim to be an expert, and you wouldn’t know if they’re telling the truth. So, even though they give valuable information in a short time, they can also give misinformation or mislead you.
Short-form videos have changed how we watch and learn things. They fit our short attention spans, are easy to make, and share information quickly. Even though they’re fun and helpful, they can also spread false information or leave out important details. Even with these problems, short-form videos are here to stay, so we should use them in proportion, but also enjoy the benefits.
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