'We want a cashless society' -BofA

Written by Staff Writer

credit card 1080074 640Bank of America CEO: 'We want a cashless society' -Yahoo Finance
"Bank of America 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, Zelle, and digital wallets. A 2018 San Francisco Federal Reserve report found that 'cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10.'....The banking sector has 'already digitized,' Moynihan said on Wednesday. 'The business has moved digitally and it will continue to move that way.'"