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Cashless society — really?

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  • Putter, Eric De

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?

Suggested Citation

  • Putter, Eric De, 2016. "Cashless society — really?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(3), pages 245-252, October.
    • Handle: RePEc:aza:jpss00:y:2016:v:10:i:3:p:245-252
    as

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    More about this item

    Keywords

    cash; card; mobile payment; cashless society; payment security; bitcoin;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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