Reading a number on my phone screen is a much easier way to measure how much money I have than staring into my wallet and counting up the notes and coins. It's literally a finger tap away.
You are also eliding all the positive features of electronic payments, like being theft-proof, being much quicker to pay with, and being trackable for my own benefit.
> for-profit banks
The banks run their retail banking businesses as a loss leader for their savings accounts (the "deposit franchise"). If all the banks were mutualised transaction costs would probably go up, not down. Also, doesn't exactly the same argument apply to cash? Where do you think businesses get their cash floats from? They get them from banks.
You are also eliding all the positive features of electronic payments, like being theft-proof, being much quicker to pay with, and being trackable for my own benefit.
> for-profit banks
The banks run their retail banking businesses as a loss leader for their savings accounts (the "deposit franchise"). If all the banks were mutualised transaction costs would probably go up, not down. Also, doesn't exactly the same argument apply to cash? Where do you think businesses get their cash floats from? They get them from banks.