BROOKINGS, S.D. — Mike Lee, CEO of the ATM Industry Association,has argued in a lengthy opinion piece that cash is likely to remainthe dominant payment method for at least the next 25 years andmaybe the next century.
While he acknowledged that he has a vested interest in thequestion as the CEO of an ATM trade group, Lee argued in a pieceappearing on the ATM Marketplace.com Web site that authorities tharhave predicted the demise of cash for some time have consistentlyoverstated their case.
“It's the simplicity of cash that has resulted in its longevity.Cash produces instant results virtually anywhere on earth. That isan immense strength,” Lee wrote. “Cash is not a technology thateasily reaches exhaustion because of resource depletion. And cashhas a strong resistance to substitution,” he added.
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