Originally Posted by CJOttawa
I was watching CBC news this morning and they pointed out something like 80% of transactions are cashless already.
We're well on our way to fully cashless; if it saved time and money, I'd be all for ditching cash entirely but we need better ways to transfer money between people. (phone to phone, no fee instant transfers etc)
This is how many small businesses operate in Africa. Payments are made phone to phone from one bank account to another. The report I wrote was on leapfrogging of technologies and how Africans did pretty much just that by bypassing plastic as a way to make payments.
I wouldn't be offended if we did the same with the penny. It costs something like 1.4 cents per penny to make, so even the game of making money is losing money.