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Demise of cash

Nick Jones blogged about cash. We managed to eliminate private cheques in Finland in 1983 by putting a charge (8c) on the cheque forms (picked up or mailed). At the same time there was a big drive for debit cards and this lead to a very positive negative trend for cash already then.

Another positive effect was that the debit card could be used for login to bill payment terminals - and this habit (to key in payments) again paved way for PC-home-banking (launched in 1982) which paved the the way for the internet version of homebanking in 1995.

Also bad for the environment: http://www.finextra.com/community/Fullblog.aspx?id=2261

and a crime enabler and booster: http://www.finextra.com/community/Fullblog.aspx?id=3399

Cash usage is declining steadily - as illustrated by ATM-withdrawal statistics here:

 

Demise of cash
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Comments: (1)

Bo Harald
Bo Harald - Transmeri, Demos, Real Time Economy Program,MyData - Helsinki Region 11 December, 2010, 11:46Be the first to give this comment the thumbs up 0 likes

Off course cash usage would decline faster if ATM withdrawals would be charged for - also in Finland.

Bo Harald

Bo Harald

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

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.


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