Failure of popular payment system exposes vulnerability of cashless society
‘It should be noted that this situation is why a cashless society that relies on digital currency is doomed to be a massive failure. Cash is king.’
Note from LifeSiteNews co-founder Steve Jalsevac: This article illustrates the extreme importance of citizens making a strong effort to revert to using cash for as many purchases as possible instead of credit cards or any of the services listed in the article. Those warning about the dangers of the coming Central Bank Digital Currency system have been emphasizing that if many citizens go back to using cash it will become much harder for globalists to force us into their digital social credit slavery system. It has now become urgent to do this to protect our freedoms.
(World News Daily) — The days appear mostly to be over when people routinely used a check to pay for their mortgage, utilities and various products and services like groceries, shoes and car servicing.
Likewise it appears to be rare that a group of friends all pitch in $20 after dining together at a restaurant.
So many of those transactions now are electronic.
But those systems are not infallible, and when they’re down, there are problems.
A new report in the Federalist pointed out the problem for small businesses this week when the popular payment system, Square, failed.
Millions of business had to halt doing business with their customers, unless those customers were carrying cash.
“An estimated 64 million small businesses use Square to facilitate credit card transactions, pull sales reports, review profit percentages, and manage inventory. A disruption that began midday on Thursday, however, left those customers without the ability to run their businesses effectively unless clients paid cash.”
The company, hours later at the close of the business day, did in fact, admit that it was “experiencing issues with multiple Square services.”
It explained, “We understand how important it is for your business that our services be up and running, and we are actively working toward a fix.”
No explanation for the system failure was offered.
READ: Ex-Pfizer VP foresees central bank digital currencies being mandated within a decade