Cashless : A Cashless Economy Essay example

1652 Words Nov 12th, 2014 7 Pages
A Cashless Economy

Today, the emergence of cashless economy becomes one of the most debatable issues because, on the one hand, cashless economy has already become an integral part of the economic development of developed nations and is likely to become the mainstream in the development of emerging economies, while, on the other hand, drawbacks of cashless economy and its full effects may be under-researched. However, what proves to be beyond any doubts is the fact that cashless economy becomes irrevocable since the return to the cash economy seems to be virtually impossible, especially in light of emerging new technologies, unparalleled growth of e-commerce and overall progress of cashless transactions. Therefore, cashless economy is likely to become mainstream, as well-developed countries have virtually shifted toward cashless economy, while other countries are following their leads. In actuality, the cashless economy has already become a reality since the share of cashless transactions in the world has become substantial, while in well-developed countries, the share of cashless transactions has become absolutely dominant compared to cash transactions. At this point, it is possible to refer to the study conducted by MasterCard that focused on the value of all consumer payments ($63 trillion in total spend), including those that happen beyond retail point-of-sale. In 2011, 34 percent ($21 trillion) of total global consumer spend was done with cash, with cashless payments…

Related Documents