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Jakarta Post

Cashless society: Is it possible for everyone?

  • Rish Tandapany

    Singapore

Singapore   /   Wed, November 4 2020   /  01:00 am
Using cashless payment system is among the tips on how to safely go outside amid COVID-19 pandemic. (shutterstock.com/fizkes/File)

There is no escaping our evolution into a cashless society. The notion that all transactions can be executed digitally is becoming more realistic day by day. COVID-19 has accelerated the move away from physical cash, with growing concerns over transmittal of viruses and diseases. A cashless society breeds a new era for financial transactions. Key benefits should include: lower crime rates, less money laundering, easier foreign transacting and reduced risks and costs. The term, cashless society, itself appears ubiquitous and denotes a concept so pervasive and entrenched in our society. However, this is far from the reality. Economic inequality and inclusivity are fundamental issues still present worldwide. A cashless society might actually exacerbate these problems. The unbanked and poor could face significant challenges with digital modes of payment. According to the World Bank,...