In some countries it’s difficult to find a cashpoint that will not charge to take out money.

With a bank transfer it is possible to send money to an account anywhere in the world.

A commercial bank provides services such as making loans, and offering mortgages.

An investment that yields 2% per annum is a good return with a 1% inflation rate.

It’s easy to imagine a cashless world, in which all payments would be made electronically. This would imply that more and more individuals are equipped with portable card readers to accept virtual payments, even your kids when you want to give them pocket money, but this is a fair way off yet. Until then, it’s still pennies in the piggy bank.

Some people like the idea of a cashless economy, if only because it would lead to a safer society. Indeed, electronic payments have caused the rate of burglary, assault and larceny to fall recently. It would drop dramatically if we got rid of cash altogether. Also, all transactions would be visible — if digital money were to take over — , which would be a good thing for the overall economy. It would also mean the end of undeclared work.

However, many experts say it’s important for young children to have coins, as they’re tangible and they really mean something to them. And then you have buskers and wishing fountains to consider…