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A Cash-Free Society: Whether We Like It or Not
Information technology is changing the world through automation, by bypassing middlemen and by digitization. We see dramatic effects today in the music industry, going from CDs to streaming, in newspapers, from paper to online, and in the banking industry, from branch offices to the Internet. One of the most fundamental changes is the replacement of physical cash, money and coins, by bits in a computer.
A Cash-Free Society is about this dramatic change. It shows the advantages and disadvantages and discuss how we – consumers, businesses and the society -can prepare for a new world where cash is no longer king. Banks are closing down branch offices and removing cash services. Customers wishing to withdraw money as cash are directed to ATMs. But the number of ATMs is declining. Mobile payments, either for paying bills or for person to person transactions will be the last nail in the coffin for cash
.
These changes are fed by the overwhelming advantages, both for consumers and businesses, to electronic payments. In the countries that lead this transition to a digital economy, Iceland, Norway, Sweden and Denmark, nearly all transactions, both in volume and number, are digital. Today less than 3 percent of consumer payments are in cash in Norway. Though there are some disadvantages, there are clear cheaper transactions, less crime, simpler tax processing and it will become more difficult to operate in the black-market economy.
A Cash-Free Society is about this dramatic change. It shows the advantages and disadvantages and discuss how we – consumers, businesses and the society -can prepare for a new world where cash is no longer king. Banks are closing down branch offices and removing cash services. Customers wishing to withdraw money as cash are directed to ATMs. But the number of ATMs is declining. Mobile payments, either for paying bills or for person to person transactions will be the last nail in the coffin for cash
.
These changes are fed by the overwhelming advantages, both for consumers and businesses, to electronic payments. In the countries that lead this transition to a digital economy, Iceland, Norway, Sweden and Denmark, nearly all transactions, both in volume and number, are digital. Today less than 3 percent of consumer payments are in cash in Norway. Though there are some disadvantages, there are clear cheaper transactions, less crime, simpler tax processing and it will become more difficult to operate in the black-market economy.
166 pages, Hardcover
Published August 10, 2018
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Displaying 1 - 2 of 2 reviews
May 6, 2025
As is tradition.
With everything, there are advantages and disadvantages. But we keep "advancing."
Either keep up or get left behind 🤷🏽♀️
With everything, there are advantages and disadvantages. But we keep "advancing."
Either keep up or get left behind 🤷🏽♀️
March 24, 2019
307 - 2019
Kita sudah berada di zaman di mana warteg belakang kantor sudah menawarkan pembayaran dengan digital payment (ada cashback 30%, lho mbak!). Dari POV seseorang yang belajar mengenal komputer dimulai dengan Wordstar/Foxpro dengan floppy disk 5,25 inci, teknologi memang sudah jauh sekali berubah.
Cash-Free Society...? Well, tough.
Selama masih banyak orang menyimpan uang di bawah bantal, di celengan ayam, atau di kardus Apple Washington...
Mungkin untuk sementara ini kita sebut saja Cash-Decreasing Society...
Kita sudah berada di zaman di mana warteg belakang kantor sudah menawarkan pembayaran dengan digital payment (ada cashback 30%, lho mbak!). Dari POV seseorang yang belajar mengenal komputer dimulai dengan Wordstar/Foxpro dengan floppy disk 5,25 inci, teknologi memang sudah jauh sekali berubah.
Cash-Free Society...? Well, tough.
Selama masih banyak orang menyimpan uang di bawah bantal, di celengan ayam, atau di kardus Apple Washington...
Mungkin untuk sementara ini kita sebut saja Cash-Decreasing Society...
Displaying 1 - 2 of 2 reviews