"Grabbing hold of our funds once more": Demand for cash settlement on September 10th announced
In a move that has sparked conversations across the financial landscape, a citizen's movement is encouraging people to withdraw cash and pay in cash on September 10th. This symbolic gesture is a response to a growing distrust of the banking system among some members of the population, who view it as too intrusive and too powerful.
The movement does not pose an economic threat to the banking sector, according to economist Michel Ruimy, a professor at Sciences Po. He states that this movement does not threaten the financial stability of banks, and the impact of a day of cash payments would be minimal compared to the diversity of banks' revenues.
The aim of this movement is to weaken the financial system by depriving banks of commissions earned on card transactions. However, these commissions only represent a tiny fraction of banks' overall revenues compared to interest on loans or savings products. Commissions on card payments range from 0.2% to 1.5% of the amount, and they represent about 10% of the turnover related to payment methods.
Cash payment supporters argue that cash is the only truly free and instantaneous means without surveillance or tracking. This sentiment is echoed by the strict regulations set by the General Data Protection Regulation (GDPR), which strictly regulates the use of personal data by banks. Banks cannot sell personal data obtained from card transactions, and they have an obligation to monitor and trace certain operations, but they are not allowed to use these personal data for commercial purposes.
The movement is more symbolic than threatening to the financial sector. It primarily reflects a desire for financial autonomy and freedom. The citizen's movement does not provide information about the leader or head of the forum that promotes regular cash withdrawals and the preferred use of cash.
While the movement does not pose a significant economic challenge to the banking sector, it does highlight a growing concern among the public about the role and impact of the banking system in their daily lives. As the financial landscape continues to evolve, it is essential that banks remain aware of and responsive to these concerns to maintain public trust and confidence.
