involves governments , regulators , financial services and fintech providers all playing an active role , rather than a rejection of the concept of cashlessness .
“ For a cashless society to be truly successful , digital payments must be accessible and appealing to everyone .”
New opportunities for financial service providers Reports suggest that an estimated twothirds of the world ’ s unbanked – so around 1bn people – use their mobile devices for transactional purposes .
Salama points out that the use of mobile technology can increase access to financial services by reducing barriers such as the need for physical infrastructure and documentation . As a result , mobile financial services have the potential to greatly increase financial inclusion for the unbanked population .
Additionally , cryptocurrency transactions can be quicker and cheaper than traditional banking transactions , making it an attractive option for individuals in developing countries for whom there may be limited access to traditional financial services .
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