Why has it been so hard to get rid of cash?

2 03 June 2014 6,692 1 comment

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Vincent Brennan, interim deputy chair for the EBA, discusses the policy roadmap behind the electronic alternative payments working group, why it has been so hard to get rid of cash and the vision for 2020.

Join us for a panel session looking at alternative payments at EBADay 2014 in Helsinki.

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Melvin Haskins Managing Director at Haston International Limited

03 June 2014

Surely one reason is the black economy, which accounts for about 8% of the UK economy and more in Italy & Greece. It is not unusual in the UK for a builder to offer to undertake a job for cash. If you want to pay by any other method, then he will charge you VAT at 20%. There are no financial objectives to pay any other way than cash.

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Why has it been so hard to get rid of cash?

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