During a recent conference, the CEO of Bank of America expressed the company’s desire to transition to a “cashless society.”
Fox Business reports that Bank of America CEO Brian Moynihan stated during Fortune’s Brainstorm Finance conference in New York this week that his company “will continue to move” toward digital banking transactions as services such as Zelle, Google Pay, and Apple Pay become more popular.
“We want a cashless society,” Moynihan stated. “We have more to gain than anybody from a pure operating cost (perspective).” He further explained that Bank of America spends approximately $5 billion just for “checks and cash to move around the company.” Moynihan further noted that many deposits to the bank are often not made at the bank’s physical branches anymore.
He did not, however, that having physical locations is still important for the bank but may soon not be the primary way that people use Bank of America’s services: “On the other hand between now and tomorrow at this time 800,000 people will walk in our branches,” he said. “It’s a high-tech business but you need both to be successful.”
Fox Business notes that many countries have already embraced a digital payment focused society. According to a survey from 2018, only 13 percent of Swedish people reported using cash for a transaction. It is predicted by Swedish retailers that they would stop accepting cash as payment by 2025.