For these people, we must provide help for them to transit to cashless payments, and leave cash as an option. For instance the law on cheques and dishonour and how they are dealt with are well established. If technology investments and e-payment transaction costs for merchants can also be reduced towards zero, we will also see more small merchants come onboard, as more will substitute cash payments with e-payments.
Views From The Top How far should society go cashless.
While there are clearly many benefits in going cashless, there will be the need to maintain cash transactional infrastructure for some time to support those in society who might need to rely on cash as the mode of payment.
The government can step in and unify all e-payment systems on one single platform with security features monitored by official regulatory bodies for instance.
For instance, most Singaporeans are banked. Well-designed cashless payment solutions collect data quickly and securely to improve productivity, making it easier to track business and economic performance. The goal to reduce cash makes sense for commercial and large payments.
Nevertheless, going completely cashless may be unnecessary. At Equinix, we believe that interconnection between fintech and traditional financial services institutions FSI companies is critical to evolving the ecosystem to meet consumer demand for a seamless e-payment experience.
Olive Tai Co-founder and Managing Director beautiful. There is also a need to make the scanners and billing devices at checkout much easier to use, and with a better sense of security.
Cheques today are still one of the largest sources of fraud - the adoption of cashless systems might counter that problem. Lance Ng Founding CEO Searix Solutions International FOR businesses with lower transaction frequency or high transaction value, setup and transaction fees will have to be a lot lower, or close to zero, for higher adoption of e-payments to happen.
All above systems are simple, however people can opt any one according to their need or facilities available. The ease of conducting financial transactions is probably the biggest motivator to go digital.
I see many advantages. At Wirecard, we are committed to creating a more inclusive environment which enables businesses to accept all payment methods, including those created by new entrants in the fintech industry.
Everyone can inculcate commitment towards sincere business. “We should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue.
should aim for a cashless society.” Analyse the arguments for and against this contention and formulate a judgement on the issue. While there is no definite answer for how "cashless" we should be as a country, a good place to aim for might be where financial systems can allow ecosystem players to seamlessly and consistently switch between cash and cashless solutions across everyday transactions, between merchants, and even over national boundaries.
LONDON — For kids growing up in today’s cashless society, the piggy bank is going virtual. Father of two Roland Hall turned to a British startup’s digital pocket money app because his kids were still too young to get bank cards from traditional banks. An anonymous reader writes: Dominic Frisby writes with a very interesting, albeit heavily opinionated, article from The Guardian discussing why we should all fear a cashless world.
He argues "it will hand yet more power to the financial sector in that banks and related fintech companies will oversee. While there is no definite answer for how "cashless" we should be as a country, a good place to aim for might be where financial systems can allow ecosystem players to seamlessly and consistently switch between cash and cashless solutions across everyday transactions, between merchants, and even over national boundaries.
The rise of the cashless city: 'There is this real danger of exclusion' We might not be able to create a completely cashless India, but we can aim to .We should aim for a cashless