Closing the gaps in the cashless economy
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What must governments do to transition to a cashless economy? Policymakers need to address issues by protecting access to cash and the financial system.
By Dr Michael Harrison, Senior Lecturer in Economics & Finance, University of East London and Dr Olubunmi Onafuwa, Senior Lecturer in Law, University of East London.
For many people, cash is still king; they prefer to use cash instead of card payments. The Covid-19 pandemic accelerated the adoption of card payments, with around 82% of all transactions now involving a credit or debit card1. Despite this, users of cash do remain and this makes it difficult to transition to a cashless economy.
There are a few reasons why some individuals prefer to use cash in their daily activities: firstly, this is a free choice for some people as using cash can be a very effective budgeting tool and some people may simply prefer cash.
For some, privacy and security concerns also prompt a reluctance to adopt a debit card in place of cash. Groups such ...
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