CEO of Bank of America: “We Want a Cashless Society”

[Leyss]

Banks are really interested in introducing non-cash forms of payment, but they are not at all interested in the development of cryptocurrency. They will provide services in cryptocurrency only if it is economically advantageous to them.
In this case, the representative of the bank says in general about non-cash forms of payment, because banks are actually completely engaged in cashless payments, a full transition to non-cash payments will provide them with a constant good profit.

[mazdafunsun]

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

You are just interpreting the news the way you would like it.
Banks want to do more credit card payments because.
A. They make money on every transactions
B. They harvest data and then use it to profit.

[denasha92]

This is very interesting, because when this happens the shift of transactions from physical transactions to digital transactions that occur in almost in all segments of the business so inevitably the world of banking should follow the trend intended to develop its business. In addition, it can reduce the cost for the printing of paper money or metal so it is more efficient with digital money.

[EdvinZ]

Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.

[barlo357]

I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.

[peter0425]

I think this CEO of bank of America just wants to have some incentives or beneficiaries from cryptocurrency. They really can't get hold of cryptocurrency and they can't make it theirs that is probably why even though they want to take control of it, they can't do anything but resort to just wanting some benefits.

Who wouldn't? Banking system is a business, so definitely the CEO wanted to tell the world that "hey we love cash less society so we can also take crypto as well". At the end of the day those bankers will slowly ride the hype because people are now going into crypto. And as other who are into this market, money talks so it's better to include it as well and have a slice on this billionaire dollar 'internet money'.

[superscommessebitcoin]

Yes, this news looks very optimistic at first glance. But there are also pitfalls. As people wrote above, banks most likely just want to use crypto for their purposes, they want it to belong to them. So I don't even know if we should be happy about the news.

[coinholic]

I wouldn't be surprised if this actually happens anytime in the future coz it seems that a 'cashless society' is where the world's monetary system is headed considering the booming of digital currency lately or even via wireless transactions on line. Certainly it seems that the need for cash is diminishing bit by bit as the economy is gearing towards a more advanced digital age.

[creeps]

Yes, I think classical money and digital currencies will exist in parallel. At least now cryptocurrencies are accepted in many places as a means of payment. Cash can not disappear completely, but the percentage of their circulation can be significantly reduced.

Many bank are making a statement like this, they are feeling it that they can no longer stop cryptocurrency and that’s why they have to adopt and support it to save their company. Yes, fiat money will never be gone because its a currency of every country, but in the future the transactions will be more digitalized where banks and cryptos are both working together, under the blockchain technology.

[EdenHazard]

But it doesn't mean cryptocurrency will be used as payment system for all forms of transaction. I doubt cryptocurrencies be used as payment system since the price of them still have volatile. There is no merchant who will accept it, they will think cryptocurrencies is so risky to be accepted. However, I guess the merchant will be easily accept the stable coin like USDT, TEATHER or LIBRA coins as a tool of payment system since those prices are not volatile. The cashless society will be happen soon, since many of facility to support it, such as you can buy everything with online.

[shield132]

Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has “more to gain than anybody” from the booming trend of non-cash transactions.

“We want a cashless society,” Moynihan, who heads up the second largest U.S. bank, told attendees at Fortune’s Brainstorm Finance conference.

He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.

The banking sector has “already digitized,” Moynihan said on Wednesday. “The business has moved digitally and it will continue to move that way. It’s just figuring out how to add the value.”

https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.html

Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.

Despite the fact that I love digital technologies, everything has it's pros and cons. I don't prefer cashless society and one main argument is that they want it. And guess what government wants? To have control over people and digital transactions are best for them to know where and how we spend our money + how we get it. They can easily freeze your bank account if something happens but can do nothing to your cash and bitcoin. The fact that they say how welcome growth of bitcoin is, can be considered as masked lie. Cash is and will always be needed to leave ourselves some control on our money without technologies.

[jonaire99]

Some wealthy countries has been using cashless transaction by turning the fiat into digital money. Atm, credit or debit card and others was already the norm of transactions for these countries. But it is better to use bitcoin rather than the digital fiat that controlled by the banks because it is decentralized and can't manipulate by the banks and governments. The coming of cashless society is inevitable but not all countries are prepared for it.

[Pursuer]

the statement is missing a small part which is: "a cashless society .... that we fully own and control....". they are not going to let people throw them away and go to bitcoin since they can not control or own bitcoin thanks to its decentralized nature. so their goal is to have more centralization introduced into the system which they can increase their control and prolong their life some more without becoming obsolete this fast because they fell behind the technologies and the advances that the world is making.

[MonsterV]

Maybe they will be more interested in digital currencies like libra later. Yes, I understand their intentions, they want all transactions to be done in non-cash so that the bank gets a commission from the payment. But I'm sure in the future the blockchain will be the adoption of all digital currencies.

[BlackFor3st]

It will benefit the both parties if they will embrace crypto currencies legally but I am hesitant whether the other parties will accept crypto currencies.
Cashless can be defined also by using atm card, visa and other card that are issued by the banks.

But I am still hoping that most of the countries will adapt and legalize crypto currencies in the future.

[Lizzylove1]

Banks are realizing they have actually been doing their business a great disservice by been adverse of cryptocurrency. I just hope he will not think of creating a stable coin lile JP Morgan, that is if this is what he has in mind by praising cryptocurrncy.

[Sirait]

to be able to create a society without cash it takes a long time and a lot of capital. and certainly, there will be many rejections that occur because we also know that there are still many people who are afraid and reject changes in technology and systems. I personally fully support this because after all people without cash (Cashless Society) are tangible evidence of developing technology.

[vladimirhf]

we need a bankless society, we need to stop financial parasites that don't produce anything

[metalglowd]

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

[pooya87]

This has a very high impossibility. Why ? The reason is that today still the majority if people don't know the digital currency or payment gateway. They are still accustomed to using cash payments, which of course is still an obstacle.

maybe somewhere in Africa that they don't even have electricity but in the rest of the world even in under developed countries, the world is moving towards more digitization and part of it is the usage of "digital" money which consists of digital banking, payment processors, credit cards and recently bitcoin which introduced concept of cryptocurrency and blockchain technology and is becoming more and more popular every day.
of course what this bank means is that they want to get in and create their own centralized blockchain based token.