Is a cashless society the future? | 11:FS Explores

As concerns about the coronavirus mount, health organisations are urging consumers and businesses to stop using cash and start using contactless payment methods. Those conversations have dovetailed with talk of cashless societies, which rely on digital transactions rather than banknotes.

But what are the realities of a cashless society? Would a world of electronic payments wreak havoc on financial inclusion in a country where eight million people could struggle to go completely cash-free?

11:FS Market Researcher Amy Gavin sat down with us to answer these questions and more. In addition to addressing cash’s importance to society’s most vulnerable, she discusses the infrastructure banks would need to cater solely to cards and mobile wallets and the role biometrics such as fingerprints and facial recognition play in ensuring safe and secure transactions.

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[entrepreneuruk]

Big business, big banks and big government want this cashless society.... What could go wrong ?

[entrepreneuruk]

Funny she should mention 2008.. People couldn't wait to get their money out of Northern Rock. Anybody remember what happens when the banks fail. Wake up and start using cash.

[sundalmurugan]

why must the banks/govt know all my transactions? what happens when you have a bail-in, as it happened in Cyprus?

[stephengill]

Ridiculous, , , they are trying to make "you" the cash chip in your hand!!!! You will be the Ridiculous!!!!

[quatie]

I honestly don't remember the last time I had cash.

[AutomataBank]

Nice insights in this video, and some great facts about Sweden and how far they have already shifted towards a cashless society.
We here at automata are definitely contributing to the idea of going cashless - we are providing debit cards with the ability of having your national currency to spend, but also assets which can be invested in and can be used to make payments. Like paying for your groceries in gold for example.
We also think that educating people about finance and fintech is important as those industries will play a huge role in future. So with that in mind, we created our YouTube channel where we take you to different fintech events and interview some bright minds about what the future might bring. Check us out if you can! 😉

[marvinhingmajin]

Difference between instant p2p
Benefit: Convenience,

[PhantomMagician]

cyber crime will be on the rise in a cashless society

[PsychicsRfake]

A Cashless Society means that banks or the government could freeze your assets if they don't like your political views