The so-called “war on cash”, carried out by most of the world governments in the West, began with the gradual but constant digitalization of the currency: starting from the 80s in fact, with the advent of the Bancomat up to the following years that saw the spread of prepaid / debit cards even without the need to have a current account, electronic money is now preferred by both banks and central governments instead of “liquid” money.
The main reasons are due to the security factor of transactions, which are much more difficult to “trace” if carried out with cash, which is why the executive has already tried to encourage the use of cards and ATMs with the State cashback, More recently “transformed” into the Bancomat Bonus.
Branches and ATMs in decline
The pandemic has forced a large percentage of the European and world population to use thehome banking, that is the management of one’s finances directly from home, using banking and postal applications increasingly present on smartphones and tablets, as well as increasingly feature-rich. Over 800 bank branches were closed in 2020 compared to the previous year, as more and more banking institutions now prefer to cut costs. In fact, there is less need for branches and ATMs used for withdrawals, which are still used for operations that can now be carried out simply with a smartphone.
“You will no longer be able to withdraw at the ATM!”
The decision of Banca ING (“Owner” of Conto Arancio, for example) goes further, indeed it has already materialized since last July 1st: in the face of almost all customers who use digital services (about 96%), the Dutch banking institution , present for years on the Italian territory, has decided to close every branch and annexed ATMs precisely by virtue of what has been mentioned. ING account holders will still be able to withdraw through the branches of other banks but it is clear that the road towards a digitization of money has now been traced, even if banks will most likely be forced to increase commissions on withdrawals.