FINANCIAL SERVICES benefit from the new possibilities of the digital world .
“ As our society becomes increasingly cashless , some advocacy groups have raised concerns about the inclusion of vulnerable groups in the digital economy . While these concerns are warranted and it ’ s true that not enough is being done to include everyone in the digital economy yet , the solution should be a collaborative one that 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 .”
The challenge of eradicating cash So , while technology is innovating at warp speed , making digital payments faster and more efficient than ever before , it is the reticence of consumers on the ground that makes going completely cashless currently impractical .
Mueller says : “ Consumers still see cash as an important part of the payments landscape with research showing that 28 % of customers wouldn ’ t consider shopping in a store that didn ’ t offer cash payments . Not only would a cashless society require a complete economic overhaul to ensure significant groups of the population weren ’ t left behind , but it would also require a
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