Cashless Society

The world is slowly moving towards being cashless:

• Sweden expects to be 100% cashless by 2023 (only 13% cash transactions in 2018)
• Digital payments have been growing by 10%/year since 2012 (2018)
• India has plans to go cashless

Cashless Benefits to Financial Institutions

• Save costs (handling cash is expensive)
• Opportunity to generate fees from electronic transfers
• More deposits (all $ within the system in deposit accounts)
• Less people in branches to deal with cash = less expensve
• Lower compliance costs

Cashless Benefits to Governments

• Every transaction can be traceable - reduce crime
• More tax revenue and less tax evasion
• Better data
• More control over the economy
• Faster & more efficient financial system