Today No Cash Day® number seven was announced, the original format of the day against cash that can boast several imitations around the world. 2017 will also see European involvement from the two cities of Bergamo (IT) and Copenhagen (DK) that will be the driving force of the initiative: the first as unique example of an Italian city with a cashless project; the second as the definitive location of Money2020 Europe, the continental edition of the most important payment event that takes place every year in Las Vegas.
After five years of being exclusively Italian, No Cash Day® follow to be celebrated throughout Europe, a territory in which the payment card is used 86 times a year; The most virtuous are the Nordic countries, Sweden being in the lead with 250 operations per capita a year, while Bulgaria is at the bottom with seven operations a year. Among the most industrialised countries that record low usage of payment cards we find Italy with 30 operations per capita a year (source Statistical Data Warehouse, BCE).
In the face of this not very encouraging data, on 27 June next year, the No Cash Day® invites every European citizen to use only cashless methods of payment. The invitation is also intended to stimulate specific initiatives to promote a culture of digital payments.
Because, in contrast to the freedom and speed of electronic payments, cash money is expensive.
A study by the European Central Bank has shown that Europe today spends 0.46% of its GDP (60 billion euros) just on money every year. And in Italy, where paper money is more widespread than elsewhere, the costs amounts to more than ten billion euros, the equivalent of 0.52% of GDP (about 200 euros per person annually).
Very expensive. The industrial manufacturing cost of low-denomination coins, the one and two euro cent coins that often get lost, is emblematic: minting a one cent coin costs 4.5 cents, while to manufacture a two cent one costs 5.2 cents.
Perishable. The average life of a low-denomination banknote is about 18 months, while a high-denomination one passes from hand to hand for seven and a half years. Unless one leaves it in one’s trousers that then end up in the washing machine.
Unsanitary. 18% of the coins and 7% of the banknotes in circulation are carriers of potentially dangerous bacteria such as Escherichia coli and Staphylococcus aureus.
No Cash Day® is conceived and organised by CashlessWay, the association for the promotion and development of a digital culture associated with the economy that also organises the #NoCashTrip, a trip to Europe without using cash.
The CashlessWay initiatives are often supported on the institutional level by the Presidency of the Council of Ministers, the Ministry of Economics and Finance, the Ministry of Economic Development, the Ministry for Simplification and the Digital Italy Agency (AGID).
The association is headed by Geronimo Emili, a business communication expert for more than seven years, has chosen the ePayments market as the sole field of action.