The Power of Cash

Prof Jay Zagorsky from the Questrom School of Business at Boston University and author of a book, ‘The Power of Cash’, has spoken at a number of conferences recently, and now at the ATMIA’s Europe and Emerging Markets summit. He is an advocate for cash.

He started his talk by explaining that he had heard somebody at the table next to him in a London restaurant the previous evening ask, ‘Am I allowed to use cash here?’ Both the question and the phrasing of that question demonstrate the need to advocate for cash.

His talk introduced some new arguments for the sustainment of cash, pointing out that a sign that says cash is not accepted effectively says, ‘poor people keep out’. He also pointed out that credit card reward travel schemes are a form of reverse Robin Hood, ie. the poor subsidising the rich since only the well off can afford both the cards and the purchases that accrue airmiles.