Home » What does a cashless future mean? | The Economist | cashless society

What does a cashless future mean? | The Economist | cashless society

What does a cashless future mean? | The Economist


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Many countries are going cashless at great speed. What are the advantages of ditching hard cash and what are the dangers? Read more about a cashless future here: https://econ.st/2Mwhipb
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Somewhere in the near future physical money will become like these Relics of a different age. And will only be found in places like this. In other words hard cash will disappear. It will become electronic transferred by things like these.
So what’s the rush to get rid of cash? And what’s the cost?
Let’s face it money is cumbersome for consumers and banks. Operating in cash costs countries about 0.5% of their GDP every year. But cost isn’t the only incentive to move towards a cashless future. Digital payments aren’t just easy they are neat. Having every single payment automatically recorded is efficient. But there’s a downside.
Electronicmoney trails can allow governments and private companies
to access and harvest personal data. But there’s another threat that is worrying banks cyberattacks.
Still many countries are fast moving towards a cashless society. In Sweden the number of retail cash transactions per person has fallen by 80% in the past ten years. The trend is even evident in far more cashloyal societies. China’s digital payments rose from 4% of all payments in 2012 to 34% in 2017. The trend is inevitable but a gradual transition is key.
Some people may find it harder to grasp how much money they have without the physical representation of it. Not everyone knows how to use internetbanking technology. And people living in remote areas where internet cover is patchy may find they have to drive for miles for their basic needs. And there is another sector of society that relies heavily on cash.
Going cashless is just the latest evolution of money in the modern economy. But it raises a fundamental question what is the value of money if it doesn’t physically exist?
The move towards cashless societies is well under way. But governments need to ensure that, as cash is phased out, the vulnerable in society aren’t left behind. They need to navigate carefully the many pitfalls that a digital economy will bring.
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What does a cashless future mean? | The Economist

Why is there still poverty in America? | The Economist


In America almost 40m people—one eighth of its population—live in poverty. Why does the richest big country in the world still have so many people living in profound need? Find out more here: https://econ.st/2ofmd33
Click here to subscribe to The Economist on YouTube: https://econ.st/2xvTKdy
For more from Economist Films visit: http://films.economist.com/
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Why is there still poverty in America? | The Economist

The Ripple Effects of a Cashless Society | Richard Wright | TEDxPeachtree


With countries like Sweden and Denmark moving closer to becoming cashless societies, Richard Wright unveils results of a study on the unexpected consequences when less coin and currency is being used for daily purchases.
Richard Wright is Professor and Chair of the Criminal Justice and Criminology Department in the Andrew Young School of Policy Studies at Georgia State University and former EditorinChief of Oxford Bibliographies [Criminology] and the British Journal of Sociology. He has been studying active urban street criminals — residential burglars, armed robbers, carjackers, and drug dealers — for over a quarter century. \r
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He is the author or coauthor of seven books and many scholarly articles and book chapters, including Armed Robbers in Action and Burglars on the Job, which won the 199495 Outstanding Scholarship in Crime and Delinquency Award from the Society for the Study of Social Problems. He also is coeditor of the Sage Handbook of Fieldwork. Richard has written widely for the popular press. \r
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He has appeared on numerous nationally broadcast TV news programs in the US and Great Britain, and he has been interviewed twice on NPR’s Fresh Air with Terry Gross.
This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

The Ripple Effects of a Cashless Society | Richard Wright | TEDxPeachtree

Business Insight – Towards A Cashless Society


Global tech payment company Mastercard recently signed a Memorandum of Understanding with the Trinidad and Tobago International Financial Centre (TTIFC) to advance digital and financial inclusion.
The agreement will assist and support local FinTech companies as well as accelerate digitalisation in the country.
Sunil Lalla has more in this Business Insight segment.

Business Insight - Towards A Cashless Society

Living in a Cashless Society – Behind the News


The end of cash might be a step closer after the Reserve Bank announced it will soon roll out a new way of transferring money to people. They say it will help consumers buy things quickly and easily without notes and coins. But there are some groups who aren’t looking forward to the move away from money.
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Living in a Cashless Society - Behind the News

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