At a recent financial conference, the CEO of Bank of America expressed the company’s intentions to transition to a “cashless society.”
In a recent interview on Fox news network, Bank of America CEO Brian Moynihan stated that his company will continue to move toward digital banking transactions as services in the future. He sat down with Fox’s Maria Bartaromo during Fortune’s Brainstorm Finance conference in New York this week to discuss how BOA plans to join the digital transaction wave as services like CashApp, Zelle, Google Pay, and Apple Pay become more mainstream.
Moynihan told Shawn Tully in an interview with Fortune:
We want a cashless society…We have more to gain than anybody from a pure operating cost (perspective).
He stated that Bank of America spends approximately $5 billion solely on cash and checks that move around within the company. He also said that a large proportion of deposits are no longer made at a bank’s physical location, although having physical locations is still important. It’s estimated that roughly 800,000 customers walk into Bank Of America branch each day.
Fox Business states that internationally, a number of countries have already started embracing digital payment-friendly economies. A 2018 survey showed that only 13 percent of Swedish people reportedly used cash for transactions. By 2025, it is expected that Swedish retailers will no longer be accepting cash as a payment method. A recent NPR report stated that many Swedes are opting for implantable microchips instead.