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Go Green - Less Paper with Less Cash.. all Online or Card?!

With most of the population in developed world using Internet, if banks can lure them to use Internet banking and plastic cards would Paper Cash cease to exist in coming decade? Imagine terms like Dollar, Pound, Euro just in books and there is no actual currency!!  Has all these central banks reduced their Currency printing forecast? So less paper..and more trees J If not shouldn’t they?

Well there are lots of reasons they should consider... its Paper, high risk of money laundering hence terrorism, can be lost, torn & stolen and costs double than electronic use.. so why use currency? But on the other hand, plastic money would be easy to use, though provokes spending, risk of losing (it’s just a number!). I would say, most vendors/shops i have been to, do accept cards, then who uses cash?

So with variety of cards available debit, credit, cashless, phone, miles, etc do we need CASH anymore?

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Siddharth Udani
Blog group founder

Siddharth Udani

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Consulting

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28 Aug 2008

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London

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This post is from a series of posts in the group:

Banking Architecture

A community for discussing the latest happenings in banking IT. Credit Crunch impacting Risk Systems overall, revamp of mortgage backed securities, payment transformations, include business, technology, data and systems architecture capturing IT trends, 'what to dos?' concerning design of systems.


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