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The global movement towards a cashless society

It is predicted by the year 2025 you will start seeing the emergence of a truly cashless society, this is a slow march towards a cashless world with its prevalence coming as a result of growing online and mobile payment system impacting businesses, finance and the technologies being developed.

The COVID-19 pandemic has also served to fast-track this sea change, encouraging people to purchase goods and services online using credit cards and app payments systems in efforts to avoid physical contact. 

The country right now touted as being the most cashless society is Sweden, which is projected by the Resilience Replacement and Renewable Report to be the first country that will be running solely on digital and card payments by 2025.

Developed nations are said to be leading the way to cashlessness with emerging economies not too far behind. In the US, Facebook, Google, Apple and Twitter all have some investments or are developing online payment systems clearly indicating the future of their platforms.

China also has WeChat and Alipay which are two of the biggest mobile payments systems in the world representing its investments towards a cashless society.

Africa is also making headway towards cashlessness, with Rwanda planning to be a cashless society by 2024 and mobile payments systems being the main way Africans prefer to transfer money. 

Africa also holds some of the largest unbanked populations and the push toward more mobile payments is seen as a way for then to leapfrog into the future.

The Pro and Cons of Moving to a Cashless Society

Image from www.thebalance.com

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