PAYMENTS
“ ONE CAVEAT TO THIS BENEFIT IS THAT WHILE IT ’ S HARD TO ‘ LOSE ’ MONEY IN A CASHLESS
SYSTEM , PEOPLE
CAN BE MORE SUSCEPTIBLE TO THEFT THROUGH
FRAUDULENT ACTS ”
ANIL MALHOTRA CMO , BANGO
Prior to that , goods were bartered as payments , with livestock being considered one of the most valuable payment options . The word ‘ cattle ’ even originates from the Latin words ‘ caput ’ and ‘ capital ’. Essentially , transactional systems that have seen the physical transfer of goods for payments are a fundamental part of developing human history and societal behaviours .
And while ‘ moving with the times ’ is inevitable , it might be wise to stop and think about whether ditching our coins and notes entirely , which have served us well for aeons , in favour of the entirely intangible yet inarguably more convenient digital payments , is a wise idea .
Diminishing cash usage According to a 2015 survey by Pew , over three-quarters of US consumers used cash . By 2022 , 60 % of US consumers only used cash ‘ on occasion ’, and 40 % said they were completely cashless .
In the UK in 2022 , an estimated 8mn people were still reliant on cash to carry out vital transactions . Indeed , 1.7mn in the UK are also unbanked , despite the widespread mobile technology usage . As Western countries race towards an all-digital financial landscape , sections of society risk being left behind .
On a global scale the situation is less a cause for concern and cash is still king in
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