Waroncash.org, an Italian media blog that focuses on informing the Italian public about electronic payments, has initiated a public petition that aims to raise awareness about Italy’s gradual intention to eliminate banknotes and coins and other payment concerns.
The media outlet hopes that by circulating a public petition, they will be able to encourage a better approach for the cash to electronic transition while also limiting regulator’s control over the fee schemes, reports The Paypers. The petition touches upon several payment issues, appealing to European and Italian legislators. Waroncash.org has called attention to the following contentious issues:
Eradication of EUR 500 Notes
The petition requests that the 500 euro bank note cease in circulation. There are currently over 400 million notes available, equaling a value of €200 billion. The rational to eliminate the 500 bank note is that not only are they a difficult form of payment (for example in smaller stores) and easily allows for unwelcomed situations of corruption, evasion and money laundering.
mPayments Promotion
Petitioners are fighting to see more electronic payment systems installed, particularly contactless and mobile payments. They are asking government officials to encourage public administrations, municipal and controlled companies to invest in new payment technology that will further support the elimination of cash. The public wants to phase out cash in most areas including public transportation, parking, taxis, schools, libraries and more.
Limit Legislator Interventions
The petition addresses a desire to exclude regulation from European and national institution legislators. They are worried if legislators are given too much control then everyone but the consumers will benefit from the transition. It is argued the Italian people already suffer from high bank costs and losses caused by current regulations.
Motivation To Stop Cash Payments
In an effort to fight the hot topic of tax evasion in the EU and promote the war on cash, petitioners ask Italian authorities to enforce legislation that deducts duty proven expenses from consumer income. They suggest this can be done through receipts or invoices.
Promotion the Benefits of eMoney And Consequences of Cash
Lastly, the petition asks financial institutions that are local, national and central to agree on promoting the advantages of payments technology to consumers. They are asking the institutions to support this by directly participating in new payment systems or offering sponsorships and patronage.
To read the full article at The Paypers click here.
