[Dave Birch] Then you’ll first want to check out the top 10 places to hide it around the house.  But for how much longer will you be doing this?  There are people out there who want to create an economy free of paper money and coins.  The revolution (Money 3.0?) has already started.  Millions of consumers rolling through tollbooths without stopping, their in-car transponders beaming information to an RFID (radio frequency identification) reader and triggering a process by which tolls are transferred from a credit card or bank account to the highway authority.  Millions more use SpeedPass devices to pay for gasoline, simply waving a key fob in front of a reader built into a gas pump, paying for gas without every opening their wallets.  Millins more have started to use contactless payment cards for small purchases.  The technology is now here, but how long will the cultural change take?  Tim Attinger, SVP Product Innovation and Development for Visa USA (who describes himself as being in charge of ridding the America of cash and cheques) says that the next frontier is to delete even the plastic from "plastic".  He says "I dream of a day when kids on the corner selling lemonade will take Visa payments".

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Incidentally, Payments News pointed me to a new report from the Chicago Federal Reserve that looks into the relationship between debit cards and cash across a number of countries.  It concludes…

We find that the demand for low denomination notes and coins decreases as debit card usage increases because merchants need to
make less change for customer purchases. On the other hand, the demand for high denomination notes is generally less affected suggesting that these denomination notes are also used for non-transactional purposes

In other words, the cash is under the bed.

Talking of the demand for notes, I’m going to be speaking at SMi’s annual ATM & Kiosks conference in London in May, so perhaps I’ll see you there?

These opinions are my own (I think) and presented solely in my capacity as an interested member of the general public [posted with ecto]

1 comment

  1. I always withdraw a fixed amount of cash each week for spending money. Its a lot easier to keep track of how much money i spend. just swiping a card is way too easy.

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