A post relating to this item from Finextra:
03 June 2014 | 7226 views | 0
Standard Chartered Bank has partnered with Singapore's SingTel to launch a mobile money service that lets customers access and save their money, make payments, apply for loans, and even purchase insur...
Cash may be losing ground to alternatives but it is still 47% in Australia and 85% of all retail transactions globally. It comes down to:
1/ Anonymity - Many segments of the economy are still cash and we love it
2/ Speed and experience compared to banking products – cash is still way faster and more convenient than bank alternatives.
Standard Chartered Bank's DASH release is a good example. It still takes time to get the phone out, open the wallet, enter the counter code, enter the money amount etc etc. During the course of which a customer could have either paid with cash or "Tap and
Go" It appears not only to have not solved a problem but to actually have created one.
eCommerce will shift the proportion of transactions being conducted cashless as cash doesn't currently work online, forcing people into scheme based payments, such as credit and debit cards but as digital cash becomes better understood this tide will turn
This tide is also in direct contrast to initiatives such as the New Payments Platform (NPP) project in Australia which demonstrates a continued willingness by central bodies to create payments hubs with central addressing service and an ignorance of the
trend towards decentralisation and networked economies