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The diminishing role of cold , hard currency is transforming the way the world does business . We take a look at the pros and cons of a cashless economy
WRITTEN BY : JOANNA ENGLAND
A mere decade ago , a world without coins and notes as currency was unthinkable . Sure , the digitally forward among us could foresee a day when cold , hard cash was no longer a necessity . But it seemed , by and large , to be a pipe dream – because the vast majority of people , globally , held so much faith in cash .
Despite the fact that even as far back as 2012 , the lion ’ s share of transactions taking place were carried out via debit and credit card transitions , cash remained king .
Then along came COVID , and everything changed . Although digital payments had made significant inroads by 2020 , a cashless world was apparently still decades away . According to a study by the UK charity Age UK in October of that year , an estimated
68 July 2022