Join the Community

22,039

Expert opinions

43,969

Total members

395

New members (last 30 days)

177

New opinions (last 30 days)

28,688

Total comments

Join Sign in

Demise of cash

08 December 2010 Be the first to comment

Bo Harald

Chairman/Founding member, board member

Trust Infra for Real Time Economy Prgrm & MyData,

Nick Jones blogged about cash. We managed to eliminate private cheques in Finland in 1983 by putting a charge (8c) on the cheque forms (picked up or mailed). At the same time there was a big drive for debit cards and this lead to a very positive negative trend for cash already then.

Another positive effect was that the debit card could be used for login to bill payment terminals - and this habit (to key in payments) again paved way for PC-home-banking (launched in 1982) which paved the the way for the internet version of homebanking in 1995.

Also bad for the environment: https://www.finextra.com/blogs/fullblog.aspx?blogid=2261

and a crime enabler and booster: https://www.finextra.com/blogs/fullblog.aspx?blogid=3399

Cash usage is declining steadily - as illustrated by ATM-withdrawal statistics here:

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

7720

Report

Channels

/payments

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Join group

1713 opinions 233 members 22 November 2024