'Hier Alleen Pinnen' or "Debit Cards Only" signs have become a common sight in the Netherlands as cash becomes a scarce commodity at retailers, restaurants and transit. Now the Dutch Central Bank has issued a caution on the trend.
With over 61% of transactions being made with debit cards in recent months, and 77% among under-24 customers, it's getting harder and harder to use cash, including on Amsterdam's transit system. But bank chief Coen Voormeulen is worried about the trend.
He told the AD newspaper that ‘Lots of people have difficulty using a direct debit card, including the elderly and the visually handicapped.' and also pointed out that 'Hacking and computer breakdowns are also an issue...Going cash-free makes a society vulnerable.’
He asked banks, shops, social clubs and governments to keep cash payments as an option. ‘We hope to reach agreement by consensus but if that does not happen, rules could be introduced,’ he said. ‘It is up to politicians to decide if the rules should be changed. But if large supermarket groups or big retail chains stop accepting cash, we will view that as a major problem.’
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