Currency Research Busts Myth: Society benefits from convincing people cash is bad
Aug 31, 2017
Start spreading the news, we're reading today... Frank Sinatra sang the sentiment best, or so he would have, had he read the cash-happy report by Currency Research titled: The Case for Cash Part I: Myths Dispelled (released July 2014).
Granted, it's a commitment for the casual reader, but luckily there's a summary article by The Cash Repository: Myth: Society benefits from convincing people cash is bad to give you a quick understanding.
Excerpt from Myth: Society benefits from convincing people cash is bad by The Cash Repository
It is interesting to note that both [Visa and Mastercard] express an intention to pursue and increase business in emerging markets. What better way to capture more of this profit-boosting business than, as in the case of the Nigerian identity cards[...], to persuade governments that cash is somehow “bad” and to promote the use of their cards as universally beneficial?
Our conclusion is that the more the major banks and card companies can convince governments and consumers that the myths surrounding cash are true, the faster their profits will grow – mostly for the benefit of investors to the tune of “almost $17 billion” to date.
Catch Up: Visa pays businesses to use their product exclusively at the cost of customers
In Visa’s own words, this is part of the company’s "strategy" for “putting cash out of business”.