Wheatley, Alan, (2017), “Cash Is Dead, Long Live Cash”, Finance & Development, 54(2), June
Fewer Nordic banks are using cash in their branches. India recently scrapped 86 percent of its banknotes. Korea plans to stop minting coins by 2020. Online payments are booming. The march toward a cashless society, it seems, is unstoppable.
Young people especially, as well as the better off and better educated, are increasingly at ease paying by card or mobile phone. In the Netherlands, for instance, the number of card transactions surpassed cash (NFPS 2016) for the first time in 2015.
But wait. In other advanced economies, including Austria, Germany, Japan, Singapore, and Switzerland, cash is still king and shows no sign of abdicating. Globally, perhaps 85 percent of all payments are still made in cash.
- Hondroyiannis, George, Papaoikonomou, Dimitrios, (2017), «The effect of card payments on vat revenue in Greece», Bank of Greece Working Paper 225, May
- Mersch, Yves, (2017), «Why Europe Still Needs Cash», Project Syndicate, 26 April