Collectors for the Paralympic Games carried donation buckets ahead of the recent Santa parade in Auckland, asking for gold coin donations. Onlookers shrugged them off: “Sorry, no cash on me!”
To the rescue, a charity volunteer waved a contactless “tap-and-go” machine that could connect straight to users’ bank accounts. But only a few people reached for their wallets to pull out their cards.
This anecdote reflects a global trend. As the Salvation Army reports, the usual American holiday fundraising drive has struggled in 2020, with 50% fewer donations than last year.
Cash is changing hands less frequently than ever before. In the US, it accounted for 30% of retail purchases in 2020, down from 40% in 2009. In the UK, the change has been even more rapid: only 23% of payments are made in cash, down from 60% in 2009.
Read more
To the rescue, a charity volunteer waved a contactless “tap-and-go” machine that could connect straight to users’ bank accounts. But only a few people reached for their wallets to pull out their cards.
This anecdote reflects a global trend. As the Salvation Army reports, the usual American holiday fundraising drive has struggled in 2020, with 50% fewer donations than last year.
Cash is changing hands less frequently than ever before. In the US, it accounted for 30% of retail purchases in 2020, down from 40% in 2009. In the UK, the change has been even more rapid: only 23% of payments are made in cash, down from 60% in 2009.
Read more
Debating cashless economy in Ireland
