July 17, 2019

Cashless trend is redefining money, and a central bank’s role as printer

SWIFT“The world is quickly moving towards cashless or electronic payments. Seven countries, mostly in Europe, have already moved to an almost cashless society (over 80 per cent non-cash).”

This is the announcement made by Microsoft at the annual Swift International Banking Operations Seminar (SIBOS) in Dubai the week of September 21. “The cost of using cash can be very high indeed, so it is not surprising that banks and governments are encouraging the move to cashless electronic payments.” – South China Morning Post 092813