By Peter Coy
Billionaires are known for not keeping a lot of spending green in their wallets. But that’s not why Bill Gates hates cash. He hates it because of its effect on people at the opposite end of the wealth spectrum—the world’s poor and unbanked.
The Better Than Cash Alliance, which was founded last September and is partially financed by the Bill & Melinda Gates Foundation, hosted a breakfast at the World Economic Forum in Davos, Switzerland. Speakers from the Philippines, Colombia, and the U.S., among other countries, made the case for why electronic transactions are better than cash payments.