|By PR Newswire||
|August 3, 2015 09:00 AM EDT|
TAMPA BAY, Fla., Aug. 3, 2015 /PRNewswire-iReach/ -- With new legislation proposed allowing stores to refuse to accept cash payments in exchange for goods or services, Denmark is swiftly leading the way in becoming a cashless society. (1) Currently, nearly 40% of the of the population of Denmark uses Danske Bank's MobilePay which not only allows money to be used for purchases in stores or online but also allows money transfers between people. (2) Global Risk Technologies CIO Monica Eaton-Cardone predicts that the United States will follow Denmark's lead and eventually become a virtually cashless society, as well.
In the United States, nearly 70% of consumer spending is conducted through electronic payment methods. Electronic consumer spending is expected to reach $7.3 trillion by 2017. Because of the popularity of electronic payments, the U.S. Senate formed the bipartisan Senate Payments Innovation Caucus in April. The caucus will explore new and innovative technologies in the payments industry and address issues concerning data security, consumer protection and electronic payments. (3)
"We're seeing a massive shift, both globally and nationally, in the preferred method of payment among consumers," says Eaton-Cardone. "It only makes sense that governments are starting to take notice and encourage electronic payment methods as consumer trends change."
A 2003 study found that if the United States were to become a cashless society, the economy could save an estimate of 1% of its annual GDP, which would amount to a sum of $150 billion. 2011 marked the first time in history that both the penny and the nickel cost double their value to produce, resulting in more than $116 million in negative seigniorage, which amounts to approximately 11.6 billion pennies. (4) Eaton-Cardone points out that turning into a cashless society would eliminate this expenditure.
"Becoming a cashless society could save the government, and taxpayers, literally millions of dollars," says Eaton-Cardone. "We are already starting to see situations in which going cashless is paying off. For example, after switching state unemployment payments to an electronic method, the state of Maryland has already been able to save an estimated $400K each year." (5)
Eaton-Cardone is supportive of more innovations in payment technology stating that more innovations and mobile banking will increase access to financial services for unbanked and underbanked consumers. Through modernization, the U.S. can help lower-income Americans save for their future and manage their income and expenditures, per Eaton-Cardone.
Eaton-Cardone warns, however, that transitioning to a cashless society could up the ante for fraud. While Denmark is paving the way for European nations – and the rest of the world – to go cashless, fraudulent use of bank cards is rising along with it. The European Central Bank stated that card fraud reached €1.3 billion ($1.4 billion) in 2012, an increase of 15% from the prior year. (2)
As the CIO of Global Risk Technologies, Eaton-Cardone holds it as her mission to advocate for long-term solutions for diversity in the tech industry. Eaton-Cardone is in the minority of women who holds an executive position in a technical field, and has seen first-hand that gender should not stop anyone from going after their dreams. Eaton-Cardone founded Global Risk Technologies to address an unmet need in the credit card industry, and taught herself how to build the IT component required to support the business. Eaton-Cardone is responsible for putting processes in place for eMerchants and the banking system regarding ethical practices and working out resolutions where there aren't any currently.
Eaton-Cardone is available for speaking engagements. To schedule an event, contact Karla Jo Helms at 888-202-4614 ext.802.
About Monica Eaton-Cardone:
Monica Eaton-Cardone is an entrepreneur and business leader with expertise in technology, e-commerce, risk relativity and payment-processing solutions. She has co-founded a number of successful companies – including Chargebacks911.com, eConsumerServices.com and Global Risk Technologies – and currently fulfills executive management roles within each organization. Eaton-Cardone has earned a reputation for creative business solutions, helping merchants and banks to achieve sustainable payment-processing practices and supporting consumers in resolving transaction issues. She is a champion of women in IT, and hopes to contribute to an expanded presence of females in technical professions and leadership roles. For more information, visit www.monicaec.com/.
About Global Risk Technologies, Chargebacks911 and eConsumerServices:
Global Risk Technologies is best known for its role in payment processing solutions that cater to each side of the value chain: Chargebacks911 and eConsumerServices. The firm is headquartered in Tampa Bay, Florida, with offices in Ireland and Atlanta. They have approximately 350 employees worldwide, and currently manage over 150MM in transactions each month, with clients located in the U.S. and Europe.
Chargebacks911 focuses on chargeback mitigation and risk management for Internet merchants and acquiring banks, offering dispute response solutions and deep analytics. eConsumerServices caters to cardholders and consumers, providing an online mediation service that works to effectively and efficiently resolve transaction issues between merchants, consumers and banks. For more information, visit www.chargebacks911.com and www.eConsumerServices.com.
- Matthews, Chris. "This Country Wants to Ban the Use of Cash in Stores"; Fortune; May 22, 2015. fortune.com/2015/05/22/denmark-paper-money/
- Harrison, Virginia. "This Could Be the First Country to Go Cashless"; CNN; June 2, 2015. money.cnn.com/2015/06/02/technology/cashless-society-denmark/
- "Peters, Rounds, Carper and Isakson Announce New Senate Payments Caucus"; Senator Gary Peters Website; April 8, 2015. peters.senate.gov/content/peters-rounds-carper-and-isakson-announce-new-senate-payments-innovation-caucus
- Stahl, Jeremy. "Nickeled and Dimed: Would the United States Save Money by Switching to a Cashless Society?"; Slate; March 19, 2012. slate.com/articles/business/cashless_society/2012/03/cashless_society_how_much_would_the_united_states_save_by_ditching_paper_money_.html
- "Why are Electronic Payments Important"; Electran.org; 2013. electran.org/wp-content/uploads/ETAPaymentsInfographic.pdf
Karla Jo Helms
888-202-4614 ext. 802
Media Contact: Karla J. Helms, JoTo PR, 888-202-4614, [email protected]
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SOURCE Monica Eaton-Cardone
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