The Move Toward Becoming A Cashless Society

CBS DFW | June 24, 2013

It seems Texans, like most citizens around the world, are moving toward becoming a cashless society.

Dennis Simmons, the president and CEO of Dallas-based SWACHA, one of the largest not-for-profit electronic payments associations, referred to the new rules requiring that all social security recipients born after 1921 get direct deposit and that almost all public assistance payments are now done electronically. “There’s been a huge growth in the amount of monies that are being put onto these prepaid cards for people to have access to mainstream banking services,” he said.

Simmons said handling large transactions is easy, but there still needs to be work on developing ways to handle small, everyday purchases. “There’s some movement in those areas to make those so-called P to P, person to person payments, more electronic.”

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