I recently wrote a post talking about our use of money….a sort of historic perspective…..
Then I went on to talk about how it seems that there is a movement to replace cash with a plastic card of sorts…..the first I heard of it awhile back when Great Britain was replacing some of the their paper money…..
The prospect of living in a cashless society has grown steadily for decades but it might have now reached tipping point, after cards became Britain’s number one payment method for the first time.
According to data released by the British Retail Consortium (BRC) on Wednesday (12 July), cards now account for over 50% of payments processed in the UK for the first time. The landmark achievement was largely driven by a boom in contactless payments, which now account for approximately a third of all payments, compared with 10% in October 2015.
The so-called “tap and go” cards were introduced a decade ago in the UK and after a somewhat unimpressive start they appear to have finally won over British shoppers. An increase in the number of stores accepting “tap and go” payments has also contributed to the sharp rise in popularity of contactless cards.
When I first read about this I thought that it was an interesting experiment…but how far would it really go?
I had to ask, huh?
Looks like the IMF (I never thought the IMF was all that important) has a program in place……
The International Monetary Fund (IMF) in Washington has published a Working Paper on “de-cashing”. It gives advice to governments who want to abolish cash against the will of their citizenry. Move slowly, starting with seemingly harmless measures, is part of that advice.
In “The Macroeconomics of De-Cashing”, IMF-Analyst Alexei Kireyev recommends in his conclusions:
If this attempt is successful then you will be at the mercy of the government…..I do not like that feeling…..I like the feel of CASH!