A Cash-Free Society by Kai A. Olsen

Author:Kai A. Olsen
Language: eng
Format: epub
ISBN: 9781442227439
Publisher: Rowman & Littlefield Publishers

Conclusion

A digital economy must be based on a well-functioning currency, and banks and other financial institutions must play an active part. It will also be necessary to have the technological infrastructure in place, everything from terminals to data networks, central servers, and clearing systems. We shall discuss these aspects in detail in the next chapter.

Another requirement is a population that is comfortable with using digital systems. This will be the case in most developed countries, especially as the new payment services will be well integrated with other digital tasks, such as booking tickets or shopping online. Further, it is a requirement that all customers are in a situation where they may have a bank account. If not, expensive cash services would have to be retained for a small fraction of customers.

Zero fees will be important in leading customers from cash to digital forms of payment. If not, the tradition of zero fees for cash transactions, even where cash is more expensive to handle than the digital payments, may hinder the development of a cash-free society.

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