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Fletcher in the News

Where Silicon Valley Leads, But Citizens Lag: Dean Chakravorti Comments on Cost of Cash Study

Bhaskar Chakravorti is a Senior Associate Dean at The Fletcher School of Law and Diplomacy, Tufts University.

...Famous for Silicon Valley innovations and edgy start-ups, the U.S. lags many countries in consumer use of smartphones as wallets. Mobile payments will hit $235.4 billion globally this year, driven mainly by growth in Singapore, South Korea and India, according to Gartner Research.

Meanwhile, according to Lightspeed, just 1 percent of Americans use their smartphones to pay for anything. Many parts of the world are going cashless—and quickly...

...The endurance of cash is costly—$200 billion per year for Americans, including the tabs they pay for using ATMs and checks, according to a study by Tufts University. The time taken to get cash also entails costs, said Bhaskar Chakravorti, executive director of the Institute for Business in a Global Context at Tufts and co-author of the study.

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