The long trumpeted vision of a cashless society is not set to become reality in the foreseeable future, with notes and coins remaining the primary method of retail payment, by volume, for many years to come, claims tech analyst Ovum.
This makes no sense. The volume of cash out there is, indeed, increasing. But it is increasing at 20 times the rate of increase of retail sales. The extra cash is NOT being used for retail payments, it is being used for tax evasion, drug dealing, corruption
and other anti-social purposes.
© Finextra Research 2013