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The War on Cash; A cashless society is imminent, but that is not necessarily a good thing!

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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.

We, as humans are guaranteed certain things in life: stressors, taxes, bills and death are the first thoughts that pop to mind. It is not uncommon that many people find a hard time dealing with these daily life stressors, and at times will find themselves losing control over their lives. Simone Jennifer Smith’s great passion is using the gifts that have been given to her, to help educate her clients on how to live meaningful lives. The Hear to Help Team consists of powerfully motivated individuals, who like Simone, see that there is a need in this world; a need for real connection. As the founder and Director of Hear 2 Help, Simone leads a team that goes out into the community day to day, servicing families with their educational, legal and mental health needs.Her dedication shows in her Toronto Caribbean newspaper articles, and in her role as a host on the TCN TV Network.

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Timeless music brought to life on stage; Welcome to the Soul Nostalgic Experience

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Photo Credit: Jose Maria Elizalde

BY SIMONE J. SMITH

“Ladies and gentlemen, welcome to the Soul Nostalgic Experience! Tonight, we’re taking a journey back in time to relive the magic of an era that continues to inspire and captivate audiences worldwide. Are you ready to feel the groove?”

The audience erupts into cheers and applause as the band launches into a classic soul tune. People start swaying in their seats, unable to resist the infectious beat. A few brave souls even start dancing in the aisles.

Imagine being transported back in time to the golden era of R&B and Soul music, where smooth melodies and infectious rhythms ruled the airwaves. Now, envision this timeless music brought to life on stage with the energy and spectacle of a Las Vegas residency.

That’s precisely what the Soul Nostalgic Experience is all about. As I stepped through the doors, I was greeted by the smooth ambiance of classic R&B tunes mingling with the clinking of glasses and the tantalizing aromas wafting from our kitchen. The atmosphere was electric, alive with the anticipation of what the night had in store.

In the heart of Toronto’s vibrant music scene, there exists a figure who orchestrates brilliance from the shadows. Steve Hollywood, a name whispered among those in the know, is the unseen force behind many of the city’s musical endeavors. Despite his significant contributions, he stays removed from the spotlight, preferring the quiet hum of behind-the-scenes influence. Regardless, his presence remains enigmatic, known only to those privileged enough to collaborate with him. It’s a rare invitation to glimpse into his world, an offer extended to a select few, beckoning them to join the symphony of creativity he meticulously curates.

On Thursday, April 25th, 2024, the Toronto Caribbean Newspaper was welcome to the Acqua Supper Club, where the heartbeat of Toronto’s R&B and Soul scene will pulsate throughout the summer. Nestled in the heart of the city, the venue is a sanctuary where men and women will be able to gather for unforgettable evenings of soulful music and culinary delights.

At the helm of this musical journey is none other than DRU, a Juno Award-winning and gold record artist with a visionary passion for bringing back the magic of the 90s and 2000s R&B/Soul era. From timeless classics to contemporary hits, his performance was a journey through the soul, evoking nostalgia and stirring the spirit. Inspired to create something truly special, DRU collaborated with the immensely talented The Recipee Band to craft a show unlike any other. The Recipee Band, comprised of musical virtuosos: Jason Larmond, Otis Williams, Juwayon Clarke, and Jonathan Kerr, bringing over two decades of collective experience to the stage.

Drawing from a diverse range of genres and generations spanning from the 50s to the present, The Recipee Band serves as the backbone of Soul Nostalgic, infusing each performance with their unmatched musicality and passion. Soul Nostalgic isn’t just a concert; it’s a collective of exceptional talent coming together to create an immersive experience that will transport you back in time.

The night brought me through a ray of emotions, from high-energy dancing to electrifying live music, every moment of the show was designed to make you groove and feel good.

As the night unfolded, I found myself immersed in a world where time seemed to stand still, where the troubles of the outside world faded away, and all that mattered was the connection between music, food, and community.

I completely co-sign on this unforgettable journey. On May 30th, 2024, they are sharing this experience with the city again, so get ready to dance, sing along, and relive the magic of an era that continues to inspire and captivate audiences worldwide. This is more than just a concert; it’s the Soul Nostalgic Experience.

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Generational survival: Can our young people survive our generation?

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Photo Credit: Dr Obotdean

BY STEVEN KASZAB

The young people of the day are often criticized for not voting or participating in our electoral and public service efforts. Called bubble wrapped by some, those who attend schools of higher learning face challenges presented to them such as: professors who are not objective but espouse various ideologies of the left or right. Professorial prejudices often place the young student in academic limbo, encouraged to choose their professors preferred political outlook.

Raised to be democratically inclined, our youth often witness the actions of our establishments, which can appear to be very undemocratic. Terms like “Do as we say, not as we do,” hypocritical actions by the administration and police often lead our youth an openness towards misguided ideologies and movements of purported social change.

Our youth are encouraged to insert themselves into local, national and international politics, only to be witness to the horrible events, misinformation and the manipulative nature of global media who present their own interpretation of said events. Media is in fact a business manipulated by corporate and politically friendly owners. So, how can our youth truly believe what is in fact real, truthful, honest and objectively presented?

Our youth will often develop a sense of “Stockholm Syndrome” like attitudes, actions and desires. Desire to change a society that is obviously unacceptable but have an attitude to accept no other message except that which is given by their governments and institutions.

Our youth find the idea of voting in a system that remains the same, changes nothing and has players who all look and act alike to be a waste of time and effort. There will always be bad guys, taxes, raising prices, and diminishing opportunities. One’s outlook can be deflated, filled with nervous tension and even fatalism. War, addiction, premature deaths, abortion, women rights, democracy while supporting and doing business with dictatorships.

To be young, means to create, grow and aspire to positive things. Our national and global experience is seen as the opposite of that approach. There is simply: too much going on, too many people being harmed, too little opportunity, too much misinformation, too much greed to allow our young to develop in a well-balanced, mentally positive manner.

Mental health concerns for not only the youth, but our own as adults challenge us to change our ways, assist each other with an: empathetic, charitable manner, open minds and hearts.

Our young people are our treasure and future hope. If they are screwed up, so too are our future expectations and future goals. We have to continue to work on getting it right.

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The Black Business and Professional Association (BBPA) scandal: Is there room for corrections and restoration?

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BY MICHAEL THOMAS

After over 40 years of upholding a legacy of integrity and excellence, accusations and allegations of mismanagement of public funds and conflict of interest have raised its ugly head at the Black Business and Professional Association (BBPA).

As I investigated the meat of information surrounding this case it is easy to see why many buzzards are circling this prey. One of the main allegations I have noticed is that BBPA management awarded contracts to companies controlled by the former President and CEO, Nadine Spencer, without appropriate due diligence. Again, if this turns out to be true, an organization that has been in business for four decades must have seen this coming.

If the rules of receiving the funds, or government grants say that you must put out tenders to hire workers, then by all means do so. We have to remember that bad news travels twice the speed of good news.

There is more; on November 5th, 2021, the BBPA’s President at the time, Nadine Spencer became the CEO where she was allegedly paid in the range of $250,000. This was used to make the comparison that a bigger organization was thriftier with their money than BBPA, here is how. As an example, the Executive Director of Tropicana Community Services, a much larger non-profit organization, earned a salary of $163,671 in 2023.

My job in this article is not to throw BBPA under the morality bus, but to shed a bit of light on how as a people we must realize that all eyes are on us. Something I quickly spot is how many mainstream media took the opportunity to jump at this alleged scandal in BBPA, yet, for over four years now Canada has been led off the cliff, and because these same mainstream media folks were paid and funded, they looked the other way.

Do I condone the misuse of public funds? Hell no! If these allegations are proven to be true, should BBPA be held accountable? Hell yes!

That said, I went to BBPA’s website to have a bird’s eye view of what this organization is all about, and after reading I must say I was impressed.

I am hoping that BBPA realizes that to whom much is given, much is required.  An organization that has kept such a sterling reputation over the last four decades need not look only in its rearview mirror, but in blind spots as well.

Misappropriation of funds is no laughing matter regardless of how big or small an organization is, nor is conflict of interest. These are tantamount to having blood stains on white garments. If proven there needs to be public apologies, and most importantly “a complete cleaning of the house.”

The Boards of Directors of the BBPA released a statement on Friday, April 26th, 2024, in response to the call for their resignation in the midst of the allegations of financial mismanagement. The statement was addressed to BBPA members/supporters. It states, “We want you to know that we have been listening to the concerns that have recently been raised. The BBPA has hired independent professionals to undertake the appropriate reviews. The current BBPA Board has and continues to proactively take steps to strengthen governance and compliance practices. We are all dedicated to learning, improving, and continuing to work together through this process. We, as Directors, also want you to know that you can reach out to us any time for a conversation.”

Now in the case of Mr. Harry Jerome’s daughter, when one engages in asking an organization that has upheld her father’s name for four decades to quit using the name. I would like to think that this individual has solid proof of wrongdoing, or if proven wrong is ready to apologize as well, but with all these wolves circling the wagon. I understand her plight.

Starting from a small gathering that honored just six Black Canadian athletes who excelled at that year’s Commonwealth Games in 1983, to an organization that built an endowment fund of close to $600,000, and in the last 24 years the fund has granted over 650 scholarships totaling close to 2.5 million dollars, BBPA has a lot to be proud of.

However, if these allegations are found to be false, I am hoping that the accusing parties will do the right thing and apologize. On the other hand, if BBPA is found to be in the wrong, then the organization should be wise enough to rock the boat and throw those found guilty of tarnishing BBPA’s and Mr. Harry Jerome’s good reputation completely overboard.

According to news sources, BBPA has categorically denied all allegations. Whichever way this cookie crumbles, BBPA, your decision should and must make your people, and the late sprinter Mr. Harry Jerome’s name and family proud.

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