Bank of America CEO Brian Moynihan spoke this week about embracing digital payment transactions while moving toward a cashless society.
Moynihan made the comments Wednesday during Fortune’s Brainstorm Finance conference in New York. The CEO spoke about Zelle, Google Pay and Apple Pay and its increasing popularity. He said Bank of America “will continue to move” toward digital banking transactions.
“We want a cashless society,” Moynihan told Fortune’s Shawn Tully. “We have more to gain than anybody from a pure operating costs (perspective).”
He explained that Bank of America spends $5 billion for “checks and cash to move around the company.”
Moynihan pointed out that many of the deposits are not made at the bank’s branches but he didn't discount the importance of having locations.
“On the other hand between now and tomorrow at this time 800,000 people will walk in our branches,” he said. “It’s a high-tech business but you need both to be successful.”
Some countries have already embraced the cashless route.
In a survey conducted in 2018, just 13 percent of Swedes reported using cash for a transaction. The country’s retailers predicted by 2025 that they would stop accepting cash for transactions. Some Swedes have even gotten a microchip inserted into their hands as a quick and convenient way of paying, NPR reported.