Twenty-four hours without cash to encourage the use of digital currency in all the different modes, card and mobile payment. This is the sense of the #NoCashDay initiative, now in its sixth edition. The initiative’s slogan is “Do not forget: forget cash” that wants to highlight the positive aspects related to the electronic payment systems, which can encourage the development of a financial inclusion policy across Europe.
I was always been in favor of the gradual replacement of cash with new digital payment methods. That is why I supported the idea of Mr Boccadutri to spread Pos also for micro-payments. The reason is simple: the use of payment cards or smartphone systems allow the user to associate the payment operation with a number of advantageous services, such as coupons and electronic ticket, that results in a greater convenience already at the register. Furthermore, paying with a card attached to a circuit of loyalties, the user has the possibility to receive instant discounts in all participating shops.
But that is not all: digital payments have other significant benefits, not only economic, but also about safety: without cash in the wallet there is no possibility of being robbed; and thanks to the tracking of transactions there is an active fight against counterfeiting of banknotes and illegal trade. Consider that in the Netherlands, the Marqt supermarket does not accept cash, but only payment with card.
The main barriers to increase the use of electronic money in Italy, unfortunately, remain the high cost of fees on electronic financial transactions. That is why I am convinced that financial providers have a key role in this time of transition. If they reconsider and reduce the cost of transactions, it really would be a major incentive to stimulate the use of the “cashless” downward.
Electronic money is the present and it has to become the everyday life for each commercial operation, not an exclusive of the biggest realities. And since the economic Italian fabric consists for the most part of SMEs (PMI), we must reflect on how we can make this type of transaction beneficial to all parties involved, as small businessmen, consumers and the reality of the sector of payments.