Top Cash Stories of 2022: Part Two
Jan 5, 2023
July: Irish Bank Abandons Planned Cashless Branches
Allied Irish Banks’ (AIB) announcement that 70 of its 170 branches would become cashless was met with outrage from politicians, local businesses and rural communities alike. Responding to strong, widespread calls for it to reconsider the move—led by Ireland's Prime Minister Micheál Martin—AIB very quickly agreed to retain cash services at all 170 branches.
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August: Lyft Introduces Cash Payment Option
As cash is increasingly recognised as an indispensable aid to budgeting—especially among young people—as well as being the most inclusive payment option, transport service provider Lyft added the option to pay with cash at thousands of retailers across America.
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September: TikTok Trends Celebrate Cool Cash
Following the financial challenges of the pandemic and subsequent surging inflation, Gen Z is turning to cash to help manage squeezed budgets, and TikTok users are finding ways to make it fun.
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October: Korea’s Kakao Crash Causes Chaos
The crash of South Korea’s widely-used Kakao platform—which provides a range of services including payments—raised questions around the wisdom of allowing technological monopolies, and served as a reminder that back-up payment options are essential when using cashless options.
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November: South Africa's Informal Economy Runs on Cash
A sizable group of South African workers who rely on cash to earn a living are finding it harder than ever to make ends meet as cashless payments gain popularity. The hope is that, ultimately, cash and cashless options will coexist.
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December: Bangladesh Benefits from New Cash Machines
Bangladeshi banks are deploying new cash machines that not only offer withdrawals but also deposits, enabling retailers and cash-based workers to pay in their daily earnings more quickly and conveniently than ever.
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