Cashless Economy

Last week, I returned from a two-week trip to Europe where I didn’t spend any money at all. Or at least not any cash. To be clear, I visited Finland, Sweden and Denmark without using any paper money (or coins). I never used any euros or krona or krone. And not only that, I never saw anyone spending money, period. Meaning I didn’t see anyone fumbling around in their pockets for bills, or heaven forbid change. (Not even that drunk guy at the 7-Eleven in Copenhagen.) Everyone used cards and phones. It really hit me, and so I decided to explore this notion of an increasingly cash-free world....

Consumers will continue to be able to use cash and will not be forced to use electronic payments, the Central Bank has insisted. Research carried out by the regulator shows that predictions of the imminent demise of cash have been exaggerated. It comes after a leading consumer group warned the Government to make sure shoppers will always have the option of paying with cash, as contactless and card payments become increasingly popular. Read more

Is cash still king in 2021? The past couple of years have seen a trend away from cash towards digital and contactless payments. The ongoing pandemic has only increased this switch, with many business opting out from accepting germ-ridden folds of paper bills and instead allowing only card payments. Besides the pandemic, crazes over different bitcoin, Apple’s introduction of the “apple wallet”, and the subsequent release of phone wallets for every smartphone, are all symptomatic of a societal shift away from cash. Having to carry around clumps of bills, counting coins when trying to...

In December 2010, the Pennsylvania Turnpike Commission (PTC) set out to determine the feasibility of converting the Pennsylvania Turnpike toll-collection system, including all Turnpike extensions, to an all-electronic tolling (AET) system. This was no small feat for this legacy toll agency dating back to 1940 as America’s First Superhighway. Today, the PA Turnpike remains one of the nation’s largest toll systems and operations in the US with 564 linear miles. In 2010, PTC selected McCormick Taylor of Philadelphia, PA, and Wilbur Smith Associates of Columbia, SC, to conduct a year-long study...

The 21st century is already proving to be different. There has been a worldwide push to make society "cashless." Cyber money appears to be everywhere, while transactions in physical cash appear to be diminishing. The worldwide coronavirus pandemic could have accelerated moving in this direction. Are coins and bank notes really on their way out? Developments all over the world indicate this isn’t about to happen. According to a Nov.10 Central Banking magazine article, “In some regions, COVID-19 has accelerated the transition to a cashless society. In others, it has underscored the importance...

As we head into one of the busiest shopping weekends of the year, the issue of how consumers are allowed to pay for goods has come to the fore. One side effect of the Covid-19 pandemic has been the rapid acceleration of the transition from physical cash to digital payments. Many consumers say they’ve ditched coins and notes altogether and some businesses have even stopped accepting them. However, this has prompted fears that people who are unable to use digital banking will be isolated. Read more  

“Euro banknotes are here to stay. They are a tangible and visible symbol that we stand together in Europe, particularly in times of crisis, and there is still a strong demand for them,” ECB President Christine Lagarde said in a statement. The currency was introduced in 1999 and banknotes launched in 2002. The current banknotes are based on an “ages and styles” theme that is represented by windows, doorways and bridges. He went on, “After 20 years, it’s time to review the look of our banknotes to make them more relatable to Europeans of all ages and backgrounds.” Read more

The genesis block of the world's first cryptocurrency - Bitcoin - was released in 2009. At that time, only a few enthusiasts were interested in the technology, and the word ‘cryptocurrency’ itself was puzzling at best. 12 years later, digital coins have become a common means of payment, and governments around the world are in love-hate relationships with the technology, from El Salvador making Bitcoin a legal tender to India banning cryptocurrencies in pursuit of its own coin. The popularity and adoption of cryptocurrencies is growing every year, but cash still offers opportunities...

This city rule makes no “cents,” according to Big Apple businesses suffering under a ban on cashless establishments. Upscale ice cream parlor Van Leeuwen has been slapped with $12,750 in fines across its NYC locations for not accepting legal tender, one of the many city merchants dinged for violating the year-old ban. The city has gone after 23 businesses for violations. The Department of Consumer and Worker Protection received 152 complaints about cashless businesses across the city, the agency said. So far 16 businesses have been found guilty by the city Office of Administrative Trials...