Cashless Economy

Innovations in digital have transformed the world of banking over the last decade, but could the coronavirus pandemic quicken the shift to a cashless society? Could such a thing be possible? Pete Markey, chief marketing officer at TSB believes were are still very dependent on physical currency. Speaking at The Drum’s Digital Transformation Festival, Markey said: "Never say never [on becoming a cashless society] but I think there are sections of society who are still quite dependant on cash." Also on the panel was Sarah Ellis Davies, associate partner at You and Mr Jones and Blood, who...

Better contingency plans need to be put in place to avoid vulnerable members of society struggling to make ends meet in a cashless society, new research shows. Following the rapid increase of coronavirus cases in the UK, the World Health Organization (WHO) has warned that the virus can be transmitted to customers via banknotes and coins. This has prompted China to deep clean potentially infected cash to limit the spread of the virus. Analysis has revealed that if current trajectories towards digitisation continue, 8.17 million vulnerable members of society would suffer due to their...

Delaware lawmakers have introduced legislation to prohibit businesses from rejecting cash payments. Cash-free stores have begun popping up around the world with the promise of customer convenience and quick transactions, but their cash-free model leaves many people out, according to State Senator David McBride, the primary sponsor of the bill. “Technology can bring about exciting changes as long they are accessible to everyone, including working-class Delawareans,” said Sen. McBride. “Over 8 million U.S. households do not have bank accounts and many people cannot obtain credit or debit...

Some businesses want to stop accepting cash, but many cities are stepping up to make that illegal. That's a good thing. When I was living near the poverty line for a couple years, the only way I could keep from overdrawing my bank account was to pay for day-to-day necessities in cash. It's just easier to control your spending when you use cash. You open your wallet and can't help but see exactly how much you have, and how much you have left. When you're out of money, you're out. Since most banks I've done business with (three of the big names) will let you keep using a debit card for...

As the world continues to fight against the Coronavirus epidemic, the World Health Organization has urged people to shift to cashless transactions on the back of presumption that banknotes may be carriers of the virus. In other case, if cashless transactions are not possible, the WHO has asked people to rigorously wash hands after handling cash. “We would advise people to wash their hands after handling banknotes, and avoid touching their face,” said a WHO spokesperson while talking to Telegraph... However, the risk posed by handling a polymer note is no greater than touching any other...

It was a hot summer evening, and all Hembert Figueroa wanted was a cool drink. He watched longingly as passersby slurped on iced juice and licked ice cream cones, which they’d probably bought with a simple swipe of their credit cards or tap of their phones. But Figueroa didn’t have a single dollar in cash to buy a bottle of water. He didn’t have a cent in his bank account either. In fact, he didn’t have an account at all. Until recently, Figueroa, 44, was part of New York’s unbanked population—the nearly 360,000 households in the city that don’t have a banking account. When he first arrived...

The Queen has managed without it for years, but for most of us, carrying cash is still a necessary part of everyday life. And while it is becoming increasingly common to pay by debit card, Apple Pay and so on, cash remains the preferred method of payment for many. But with the opening of the Tesco Express store on High Holborn in central London, it seems that another step has been taken on the journey towards a cashless society. The store has fourteen till points but just two are staffed - to handle alcohol and tobacco sales - and it will only take payments from contactless cards, debit...

Last May, Burger Patch first opened its doors in midtown Sacramento with a sign that said “No Cash Accepted.” The owners of the organic and vegan burger joint were worried that a cash register might invite theft. But customers kept showing up with only cash. Sometimes the cashiers would accept it, working around the digital system; other times, they’d simply give the customer a free meal. About a month in, Burger Patch changed course, deciding to install a cash register after all. “We want to be able to have everyone come and eat here no matter what,” said Zia Simmons, who has worked at...

If Warren Buffett ever walks into your store or restaurant, he's likely to pay for his purchases in cash. “I've got an American Express card which I got in 1964,” Buffett, who’s worth more than $88 billion, told Yahoo Finance last year. “But I pay cash 98 percent of the time. If I'm in a restaurant, I always pay cash.” That's right. Warren Buffett — one of the richest guys in the world — prefers to pay in cash. In fact, he says that he pretty much always carries around about $400 with him. Is it because he's afraid of credit cards? Does he have security concerns? Is he avoiding those...