Japan is planning the most radical monetary policy of all — the abolition of cash. Unorthodox, untried and, said one Bank of Tokyo Mitsubishi strategist, “in the realms of economic science fiction”, the recommendation has nevertheless begun floating around Tokyo’s corridors of power and economists have described Japan as particularly suitable as a testing ground.
Bank and credit union bosses say cash won’t be alone, with wallets and credit cards also likely to disappear too, replaced by computer chips embedded in mobile phones, watches or other portable devices.
Cash is no longer king in New Zealand, according to the Retirement Commission’s report.
Via: New Zealand Herald:
The report found electronic funds transfer (Eftpos) had displaced cash as the most common method used to pay for things such as groceries, power bills and mortgage. The number using Eftpos in the latest survey (83 per cent) is the same as in 2005, but the number using cash dropped from 84 per cent to 77 per cent. There have also been declines in all other methods of payment except internet banking, where users have increased from 34 per cent of adults in 2005 to 47 per cent.
Those most likely to use internet banking are households earning over $100,000 (70 per cent), people aged 35 to 44 (63 per cent), people in paid employment or with tertiary education (both 57 per cent), Asians (54 per cent), males (51 per cent) and Europeans and urban residents (both 49 per cent). The least likely internet bankers are provincial residents (37 per cent), Maori (34 per cent) and those aged 65 and over (12 per cent).