January 27, 2020
...AND CHEAPER...:
A cashless society is nothing to fear (Sam Dumitriu, 1/27/20, CapX)
The drawbacks to cash are unavoidable. It needs to be physically handled, taken to the bank, and kept secure. The latter issue can be a major challenge. My local coffee shop went card-only a couple of years ago after three break-ins. When insurance costs spiked, they were forced to make a change to stay afloat in challenging high street conditions. It's a similar story for the breweries opening taprooms on quiet industrial estates.The decline of cash and rise of contactless payments has been rapid. Cash accounts for just 22% of all transactions, with over three-quarters of all transactions being made by some form of card payment (including e-commerce). By 2022, cash is forecast to be used for just one in ten payments.
Posted by Orrin Judd at January 27, 2020 12:00 AM