Why do we need bank notes, when we have flat world money?

When I opened the newspaper today, i read the next article in ‘De Tijd’ (a Belgian  financial newspaper)

Until late November, the Belgians have paid 1.174 billion times with their debit or credit card. This means that only 55.6 million electronic transactions need in December to the previous record of 1.23 billion transactions break. With the holiday season in prospect, it is therefore “very likely” that the record is smash, it sounds at Atos Worldline.
The Christmas period is traditionally a peak in the number of electronic payment. Last year, Atos Worldline has reported a double record on December 23: a record number of transactions per day and a record number of transactions per minute.
How many electronic transactions ultimately afklokt 2010, remains to be seen. But during the first eleven months of the year the number of electronic payments is 5.5 percent higher than the same period last year. If they rise over the years is confirmed, it comes number of electronic payments at around 1.3 billion.
The amount of purchases that were paid electronically, is on the rise. In the period ending in November gave the Belgians 7.4 percent more than the same period one year earlier. The average amount per transaction experienced a modest rise in February , 1 percent. In 2009, the average amount per electronic payment yet.
It is expected that the increase in electronic transactions will still continue in the coming years. The Belgian banks seek to increase the number of electronic transactions to 2 billion in 2014.

And each year they post the same story over and over again….we’re using more and more debet and credit cards to pay in stores, on line and off line.  Although many people are still ‘in love’ with their bank notes and coins, I think it’s time to get dump all the physical notes and coins and stick with the digital card. Much safer, isn’t heavy nor big, …. and easier to use (no more counting the coins etc)! This combined with modern technology of the cell phone and the flat world technology and communication, is the future!

Again I feel the urge to launch a flat statement (or is it a challange this time):

Are you ready to drop your money?

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Posted in Flat Business, Flat Lifestyle, Flat Statement
2 comments on “Why do we need bank notes, when we have flat world money?
  1. Maria says:

    I agree that debit or credit cards are comfortable in terms of different currencies, no need for an ATM, etc. but it’s also quite easy to lose track of the own spending. Bank notes that “vanish” from one’s wallet are stronger reminders that money is usually not an endless resource than a credit card that postpones payments for this month’s shopping into the next month. Out of sight, out of mind?

  2. Rosa Solà Roca says:

    On the one hand it is true that is easier, safer and more comfortable to pay with credit or debit card than in cash, and also if you travel abroad (although the fact that banks can charge some commissions). It is also really useful for Internet purchases.
    But on the other hand it is also true that is easier to “forget” that you are paying, or to lose the track of how much you have spend in a certain period, as you cannot see the money disappearing from your wallet. I think that using the credit card we have the mentality “buy now, pay later”, so we end up spending more.
    Anyways, I believe that credit or debit cards are the present and the future and that cash will end up disappearing, and this will happen sooner than we think (although there are still some places where you cannot pay with card, incredible!)

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