Working Papers

The Cashless Society Project is soliciting short working papers from both academics as well as practitioners in the financial services industry. Once accepted, these papers will be published here and made freely available. If you are interested in submitting a paper, please contact one of the project organizers.

Leonidas Efthymiou and Sophia Michael, When cards and ATM’s are the only choice: A fortnight in Cyprus with no banking system, nor trust, 2013

This paper offers insights into the remarkable happenings that occurred in Cyprus during a two-week period (15 March – 28 March 2013) when the country was left with no banking system, subsisting solely on ATMs and cards. At the same time, authors aim to provide some new perceptions into the role of ATMs, POSs and credit cards in critical economic situations where a bank run, bank insolvency, or bail-in are likely to happen. They adopt a ‘procedural approach’ and use the sequence of events method towards building up a ‘timeline analysis’. Their discussion suggests that for a number of reasons, the Cypriot bail-in case has breached the confidence of unsecured and secured depositors and investors on a global scale. Also, they suggest that during the preparations of the supposedly unexpected bail-in, which Cypriot MPs firstly rejected and then accepted the Eurogroup and IMF proposal, ATMs, POSs and credit cards played a pre-arranged role, securing a controlled circulation of money and transactions with restrictions.

bio photoLeonidas Efthymiou (PhD, University of Leicester) is a lecturer at Intercollege, Larnaca (Cyprus). His research interests and writing include elements of immaterial, emotional, affective and aesthetic labour. He is also very keen on the continuing automation of daily life and its links to workplaces. Currently, he is writing an empirical article, exploring how the application of Tachographs and GPS tracking systems in the retail-distribution industry is transforming subjectivities and counter-productivity. You can send him email at

SOPHIA MICHAEL PICSophia Michael (MA, University of Warwick) is the English Department Head at Intercollege Larnaca, Cyprus. She has always been fascinated by the automation of payment systems and has currently begun researching on the use of contactless cards in Cyprus. You can send her email at

Nurdilek Dalziel and Can Ali Avunduk, Mobile payment systems in Turkey, 2012

This paper looks into the development and characteristics of mobile payment systems in Turkey. With over 61 million mobile phone users and mobile phone ownership reaching a penetration level of 85 percent, Turkey is an attractive market for mobile payments. Initiated by the leading GSM operator Turkcell in April 2009, the driving forces for this technology are GSM operators and their technology partners (i.e. mobile payment aggregators) with no collaboration with financial institutions.

The system targets relatively young population who are frequent users of online gaming sites and chat rooms. We argue that the power of the Turkish mobile payments is related to their potential to contribute to cashless society by tapping into a market which is under-served: low value high volume online entertainment transactions. In this way, Turkish mobile payment systems supplement, rather than substitute, other payment methods. In this paper we have also discussed the strengths and limitations of the mobile payments as viewed by consumers.

Dr. Nurdilek Dalziel is associate staff at the University of Leicester School of Management with a banking career prior to academia. She was involved in the establishment of a credit cards department in one of the high street banks in Turkey in the late 1990s. Her research interest is on the evolution of retail banking with particular interest in British and Turkish banking systems. You can send her email at

Can Ali Avunduk is the mobile financial services supervisor of Garanti Bank Turkey. Can has been working on digital commerce, mobile payments and wallets since 2008. In the meantime, he is an M.Sc. candidate at Boğaziçi University’s Technology Management Program. You can follow him @canaliavunduk or send him an e-mail at

Matthew Hollow, Pre-1900 utopian visions of the ‘cashless society’, 2012. 

This article looks in more depth at the different ways in which ideas about cashless societies were articulated and explored in pre-1900 utopian literature. Taking examples from the works of key writers such as Thomas More, Robert Owen, William Morris and Edward Bellamy, it discusses the different ways in which the problems associated with conventional notes-and-coins monetary systems were tackled as well as looking at the proposals for alternative payment systems to take their place. Ultimately, what it shows is that although the desire to dispense with cash and find a more efficient and less-exploitable payment system is certainly nothing new, the practical problems associated with actually implementing such a system remain hugely challenging.

Matthew Hollow (DPhil, Oxford) is a Research Associate on the Leverhulme-funded “Tipping Points” Project in the Institute of Hazard, Risk and Resilience at Durham University. His area of expertise lies in Nineteenth- and Twentieth-Century British socio-economic history. At present he is currently researching moments of significant transition and upheaval in the British financial system so as to understand the causes and implications of such changes and to work out how to better deal with the effects of any such changes in the future.

Bernardo Bátiz-Lazo, Thomas Haigh, and David Stearns, How the Future Shaped the Past: The Case of the Cashless Society, 2011.

This paper invites readers to look into how beliefs about future events help to better understand organizational change. Our argument is that the adoption of information technology and the adoption of new organizational forms around it have been driven by shifts in collective ideas of legitimate organizational development. As an example we focus on the establishment during the 1960s of a vision within US retail financial services, namely of the “cashless/checkless society”. The article tells of the power of this “imaginaire” to bring consensus in driving actual technological developments.

4 thoughts on “Working Papers

  1. Pingback: New Working Paper: Pre-1900 Utopian Visions of the Cashless Society | The Cashless Society

  2. Pingback: New Working Paper: Mobile Payments in Turkey | The Cashless Society

  3. Pingback: Türkiye’de Mobil Ödemeler | SelfStarters

  4. Pingback: Türkiye’de Mobil Ödemeler | SelfStarters

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