Cash is flourishing in the digital era, “Freakonomics” author Stephen Dubner asserts in a video the ATM Industry Association posted on YouTube and other social-media sites.
Dubner contends in the two-minute production that cash lives on because it’s fungible, meaning that it’s ‘interchangeable” when filling an obligation – like grain and other commodities.
“As good as we get with these digital systems, the fungibility is not there yet,” Dubner says in the video.
That’s why Mike Lee, ATMIA CEO, scoffed at talk of the demise of cash when he commented for a press release announcing the video.
“Reports of the death of cash have been greatly exaggerated,” Lee said, paraphrasing Mark Twain. “Watch ‘Cash Lives’ to find out why this idea is sheer nonsense.”
Cash retains its importance, even amid rampant computerization, Lee maintained in the release, emphasizing that the ATMIA presentation delivers that message powerfully.
“It’s a punchy, red-hot video about what cash means to humanity even in this digital age,” he said.
Besides its fungible nature, cash works for all income groups and thus promotes “financial inclusion” and “social cohesion,” the video’s narrator claims.
The idea for the video came from ATMIA’s ATM Cash Council, which has the mission of disseminating “the truth” about cash, the association claimed. The Cash Council tracks global cash demand, circulation and use, the release said.