There has been a lot of discussion recently both on this forum and in the news about the decline in cash use. Quite rightly there is a lot of concern about how this impact the elderly who rely on cash. Particularly with the decline in ATM machines and of rural post offices.
The response seems to be we need to safegaurd access to cash and the ability to pay by cash to protect the groups who rely on cash.
It is obviously essential that the banking industry does not leave anyone behind or make financial transactions difficult for anyone.
However I have been thinking whether safegaurding access to cash is the best long term solutions. Donât we need to make debit cars and contactless more accessible to groups that donât currently use it and donât have a smartphone.
How can we break down the barriers to having a society with less cash. One main concern is how people who donât have internet/ smart phone keep track of their money if they donât use cash.
Here are some of my ideas and would be interesting in knowing if anyone else has any ideas. I can see challenges and issues with all these ideas though.
Print bank balance info on shop receipt (issues with privacy here)
Device in shops for viewing bank info. As would not contain cash would not need to be as expensive or bulk as ATM
large as possible E-ink display on card that displays balance (expensive, technology and battery issues)
A simple device for the home where you touch you debit card and it shows banking infomation. Large screen, text to voice etc,
Or making sure access to banking apps is as simple as possible, with minimum requirements for usernames and passwords.
Like Monzo does with email logins and simple screens etc.
@robsug - Yes that is certainly important but I was mainly refering to people who have no access to a computer or smartphone and donât know how to use one.
@Eden I have certainly heard the concerns about freedom and depending too much on two companies (VISA and Mastercard). I personally have no concerns about this but understand why some people do.
Which is essentially why âcashâ as a concept of promissory exchange, social trust, and storage of value, wonât ever go away, no matter how often everyone barks on about the âcashless societyâ.
There will always be a need or desire to transact privately outside of the banking system. Thatâs how âcashâ evolved, and if âcashlessâ is ever forced, society will simply just re-invent a system of promissory exchange, social trust and storage of value, aka âcashâ again.
