War on cash goes into full effect. Citibank stops accepting cash at multiple branches.
See, governments hate cash transactions because they're private and hard to tax.
As a result, some countries are taking drastic measures to reclaim their banknotes.
The French premier in 2014 drew a parallel between the war on terror and the war on cash.
See, they're using the war on terror as a cover to get at cash.
See, the war on cash has already begun in the United States, and as this guy Salerno points out,
he pointed this out in 2015, Citibank's new policy, they have a policy that disallows patrons to use cash to pay their mortgages and credit cards with cash.
See, if you have a mortgage or a credit card, you cannot go to the bank and pay your bill with cash.
So this is just to confirm that I'm here trying to make a mortgage payment in cash.
I have $1,380 sitting in front of me for a $1,371 mortgage payment.
And Bank of America is rejecting a cash payment of my mortgage here in Lakeport, California.
Is that correct?
So you need to turn that off.
Is that correct?
You need to turn that off, sir.
This is what I've just been told.
Bank of America has just refused to accept my mortgage payment in cash and is insisting on a wire transfer.
Apparently, in America, cash does not pay the mortgage anymore.
The world is now witnessing the first major bank to announce it will no longer accept cash deposits or deal in cash.
Citibank Australia's head of retail bank, Jeanine Copeland, offered an explanation saying,
We have seen a steady decline in the demand for cash services in our branches.
In fact, less than 4% of city customers have used the service in the last 12 months.
The company stated it will no longer handle currency as a result.
This move to cashless branches reflects Citi's commitment to digital banking.
And we are investing in the channels our customers prefer to use.
While the number of customers visiting our branches to access cash handling services has fallen,
the branch network remains an important component of how we serve our high net worth customers.
Maybe no one's eyebrows are raising after Citibank made its declaration because some advanced societies have quite naturally moved away from hard cash transactions.
Preferring the ease of pay-by-phone, debit cards, or credit card purchases.
After all, someone in the United States can very easily live without cash. Many do already.
According to the Guardian, Sweden leads the world when it comes to not using cash.
Sweden leads the race to become cashless society.
This person says, I don't use cash anymore for anything.
You don't need it. Shops don't want it. Lots of banks don't even have it.
Even for a candy bar or paper, you use a card or phone.
Swedish buses have not taken cash for years.
It is impossible to buy a ticket on the Stockholm metro with cash.
Retailers are legally entitled to refuse coins and notes.
And street vendors and even churches increasingly preferred card or phone payments.
Cash transactions made up barely 2% of the value of all payments made in Sweden last year.
A figure drops to 0.5% by 2020.
In shops, cash is now used for barely 20% of transactions.
Half the number 5 years ago and way below the global average of 75%.
About 900 of Sweden's 1600 bank branches no longer keep cash on hand or take cash deposits.
And many, especially in rural areas, no longer have ATMs.
Circulation of Sweden krona has fallen from around $106 billion in 2009 to $80 billion last year.
This guy estimates that Sweden will pretty much be a cashless society within about 5 years.
Because cards are now the main form of payment.
According to Visa, Swedes use them more than 3 times as often as the average European.
Making an average of 207 payments per card in 2015.
And now mobile apps use phone numbers to allow anyone with a smartphone to transfer money from one bank to another in real time.
Swish, the mobile app, has pretty much killed cash for most people.
As far as person to person payments are concerned.
It has the same features as a cash payment, real time clearing, the same as handing over a bank note.
And it's now making inroads into payments to businesses too.
So as we can see, all over the world, slowly we are moving towards a cashless society.
We're moving towards a digital currency.
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