ATM

ATM

A very expensive cashless economy

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After the March 2011 earthquake and tsunami that struck the coasts of Japan, one of the most important difficulties faced by the survivors was to buy their daily groceries. Most of them had left with their credit cards and phones but those proved to be useless in a post-disaster society. A few weeks after the tragedy, an old man was asked what he would have done differently to prepare from the evacuation “I wished I had packed a decent pair of shoes, my toothbrush … and some cash” he said. Here is why a cashless society can put us all in that same situation.

A cashless society won’t happen tomorrow

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‘Do you trust cash as a mean of payment?’ Most of us have never asked ourselves this question as cash is deeply rooted in our daily lives; sometimes we use it without even noticing. Yet, behind all of our coins and banknotes there is a world of professionals who work to keep cash secure and accessible to all of us. Many of these professionals met in Paris in April to discuss the future of cash. If you believed that your banknotes were slowly disappearing, you are probably mistaken.

Why big banks look forward to a cashless society

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Banks are like any other business, but they have a particular position on the market. They permeate every other kind of business, as an intermediate agent in almost every type of transaction, except one: cash. Thus, banks are trying to close the loophole, through the slow deletion of cash from our societies.