Cash is King

Medicins Sans Frontieres have an annual collection here in Denmark, and I was one of the volunteers going house-to-house to collect donations.

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I experienced quite a few people who didn’t have cash but still wanted to contribute. This is in alignment with recent surveys who show 21 percent of Europeans rarely use cash.

However, the belief that the cashless society will be a boon is utter techno-arrogance. It takes the average user approx 5 seconds to drop a few coins into my collection jar, and 10 seconds to fold a bank note and insert it. But nobody managed to complete an SMS transfer or mobile payment in less than 30 seconds.

It might be in the interest of shops, banks, and the tax collector to get rid of cash. But does it justify wasting 4,000 years of time globally every day? Consider the total cost to everyone in money, time and effort before you add technology to a process.