Cashless society — really?

Eric De Putter

Journal of Payments Strategy & Systems, 2016, vol. 10, issue 3, 245-252

Abstract: This paper analyses the arguments of the proponents of a cashless society, who, in light of an uptake of card and mobile payments, want a focus on a cashless society. Their arguments are assessed based on where we are in 2016 (with a consideration of arguments around security that should address cyber-crime). With the overestimation of the cost of cash, it seems that the difference between this and the cost of card payments is not as big as it seems. Economists have a stronger rationale in terms of managing interest rates. The strengths of those arguments vary, and what is really missing is the transition phase, consumers’ ability to change payment methods and a risk analysis. Given the long lead times, what is wrong with giving consumers these as they are embracing new ways to pay anyway?

Keywords: cash; card; mobile payment; cashless society; payment security; bitcoin (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2016:v:10:i:3:p:245-252

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