Our world is digital and fast-paced. But it is also one that depends heavily on cash. So who is thinking of a resolution for where these two realities collide?
Any experienced world traveler knows that cash is a necessity—no matter the currency. One of the Seven Wonders of the World, the Parthenon in Athens, Greece, certainly won’t take credit cards. And any small city in the suburbs of Italy will require cash too. But even if you think that plastic will suffice inside the United States’ borders, think again. You could very easily go without your hotdog or beer at any baseball game if you don’t have cash on hand. “Pressure is mounting for us to ditch the wallet and rely on mobile apps, but we still have a way to go before this comes anywhere close to reality,” said ATM Marketplace journalist, Richard Buckle. A Ziploc bag full of quarters wasn’t nearly enough to fund his cross-country road trip in the U.S. when it came to toll booths, tips, coffee, etc.
Mastercard’s recent study on global payment trends also confirmed the relevance of cash. More than 85% of all global transactions are still cash transactions. While certain sources project that our payments might soon rely upon plastic or technology, all signs indicate that cash isn’t going anywhere. Instead of moving towards a cash-less society, it seems that ours is a “cash-more” society.
So what solutions could we even expect to reconcile this apparent conflict of cash with our increasingly mobile lifestyles? . . . Solutions that speed up the transaction and integrate it with our mobile lives. If you’re on the go, one staple you are sure to have by your side is your smart device. Imagine conducting transactions on your phone or tablet like you normally do on an ATM. How much more simply could you access your cash if, at the ATM, all you needed to do was physically gather the bills?
Our solutions have dreamed big, to do just that. You can stage a transaction before you even visit the ATM, using our Mobile Cash Access solution on your phone. Once you arrive, our Millennial-inspired ATM makes it happen by reading a QR code on your phone that communicates the transaction that you need to conduct. Even with our new Responsive Banking Concept, initiating the transaction with your phone is only the beginning. It’s a mini, banker-less branch that could increase availability for financial consulting—beyond the traditional branch, and financial transactions—beyond the ATM.
The payments world has been slow in adopting the functionality that our technology uses: near field communication. It sounds complicated, but it’s not. Think Apple Pay. NFC allows two devices to communicate through a scanner and without touch. And it’s exactly because of Apple Pay that we have hope for faster adoption. Our technology has offered the infrastructure for our payment world’s progress for a while, but now that more companies are climbing aboard, we expect to see greater utilization of it.
Our strategy has always been to create convenience in your financial world. Now our solutions are matching pace with this technocratic world by connecting you with your money in new ways. We’re bridging the digital and physical world instead of erasing the latter. That means faster payments for you, in a society that will be “cash-more” for as far as the eye can see.
What do you think is preventing a faster adoption of digital solutions that will complement cash use?