INTERNATIONAL PRACTICES FOR PROMOTING CASHLESS PAYMENTS AND THEIR EFFECT ON ECONOMIC GROWTH

Ana Cãžrlan ()
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Ana Cãžrlan: Academy of Economic Studies of Moldova, MD-2005, Republic of Moldova

European Journal of Accounting, Finance & Business, 2022, vol. 10, issue 3, 113-118

Abstract: The dynamic development of the cashless payment system, the increase in their share due to cash payments, it would seem, demonstrates the organic transition of settlements in the world economy from the cash sphere to the non-cash one. However, many developed and developing countries at the legislative level stimulate an increase in the share of cashless payments in national economies, including through restrictions on the maximum amounts set for cash payments. This article will analyze international experiences with cashless payments and their effect on economic growth. Thus, various individual measures have been adopted at the international level to encourage electronic payments and replace cash ones. The solutions presented in this study are based on diverse applicability mechanisms, some based on mandatory implementation and others focused on incentives offered to consumers or traders. Therefore, the examples presented in this article illustrate the impact of different solutions on economic growth, the reduction of the dark economy, and the improvement of public budget receipts.

Date: 2022
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