Electronic transactions are winning the battle against cash
The rapidity offered by new technology for digital payments is gaining more ground to paper money
Is it really possible to achieve a “cash free” society? It is a question that economists, businessmen and the general public ask themselves. It seems the ideal of today’s society, where the use of new digital technologies has considerably reduced the need to go to the bank to make payments, transfers or obtain a statement of accounts.
For some sectors of society, the process of change aimed at completely eliminating metallic money goes too fast and can represent a risk. Undoubtedly, the transition period is necessary for them, since today, businesses such as restaurants, kiosks and stores are strongly refusing to receive cash payments. Being forced to use a debit or credit card, even if you have bills or coins with the correct amount, is annoying for the public.
However, the change seems unstoppable. Sweden is one of the countries that strongly supports the “cash free” society. The main argument is that electronic transactions are faster, cost less and allow a more efficient financial system. Anyway, some analysts say that the strongest defenders of the disappearance of metallic money only seek an organizational benefit.
What is certain is that making payments electronically in cases such as taxes reduces the risks of the most common crimes in this area. Financial security seems to be the main driver of regulatory authorities in countries such as Sweden.
Another reason defenders of this trend settle is the difficulty of establishing banking entities in remote areas; a situation that can be resolved by using devices such as the cell phone to make payments, check balance or receive statements.
M.Pino
Source: BBC
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