Do we really need cash anymore?
As many countries head towards a cashless future, some warn the poor will be left behind.
In this digital age is cash necessary anymore? Depends who you ask. Sweden certainly doesn’t think so and hopes to go completely cashless by 2030.
But the trend to ditch paper money isn’t exclusive to Sweden, or to Europe for that matter. Singapore, Canada, Australia and the United States are among the top 10 cashless countries according to credit card company, MasterCard.
Banks and credit card companies are among those pushing to go paperless. Visa, world’s largest payments network operator, has announced it will give restaurants in the US $10,000 to go completely cash free. Back in Sweden, 900 of the country’s 1,600 banks don’t accept cash – meaning you can’t even withdraw or deposit it.
Proponents of the push to go paperless say ditching paper money would lower electronic transaction fees and help prevent money laundering and tax evasion. But critics say a cashless society could hurt the poor and threaten privacy.
So in this war on cash, who will win? Join the debate and decide the future of currency.
Joining us:
Tavneet Suri @SuriTavneet
Professor, MIT Sloan
mitmgmtfaculty.mit.edu/tsuri
David Levine @davealevine
Founder, Odin River
odinriver.com
Jeff Berwick @DollarVigilante
Chief editor, The Dollar Vigilante
dollarvigilante.com
Abhishant Pant @AbhishantPant
Founder, Cashless Journey
each1teach10reach100.com
Who seems to lose out the most in a cashless society? Leave your thoughts in the comments below.