As technology allows for advances many never dreamed possible, the decline of physical money is probably one of the more interesting aspects. Paper cash or hard coins have served as currency for a long, long time and these items trading hands is the global language of exchanging payment for products and services. However, a 2017 study by international banking organization ING and Ipsos shows that consumer preference is shifting. According to the data that surveyed tens of thousands of adults across 15 European countries as well as Australia and the U.S., “…a cashless society is not only possible but could be accepted by at least part of the population.” That is of great interest to Andrew Phillips of Cardflex, as his efforts more than three decades ago spearheaded cashless transactions. That’s because Mr. Phillips saw the opportunity to do away with manual check-clearing and credit card processing. With Cardflex’s founding in 2007, Andrew Phillips took card-based payments to the next level – but we’ll have more on that later.
According to the study, 78 percent of respondents said that they were already using physical bills less frequently and expected to continue doing so in the near future. Another 34 percent felt that they would go completely cash-free if technology allowed them to do so. The study found that 17 percent of residents of the Netherlands had not used cash or coins in at least one month or longer; the next closest nation was the U.S. with 13 percent of those polled stating the same. Being free from having to carry around money in your wallet or purse is the minimal perk here, says Andrew Phillips. In reality, that strides that this sector is making is all about contributing to technology and that’s what Cardflex has been instrumental in. As a pre-paid card vendor, employers who enlist Cardflex technology to help with reimbursements to workers have seen novel applications in action.
Whether you’re using these cards for payroll, gratuity or pre-loaded company cards, Andrew Phillips knows that the overarching benefit is simplified payments. Have a pre-paid card on hand? Simply swipe for your purchase and go about your day. There’s no account balances or transferring of funds to worry about; the card will be replenished at regular intervals by the provider. Andrew Phillips says Cardflex, which later rebranded but offers the same first-rate services, now boasts an entire suite of prepaid products and platform solutions. This type of technology stems from what Mr. Phillips helped develop throughout the 1980s and 1990s as card-based payments became the norm and linking a bank account to a card in your pocket became the norm.