The futuristic cashless society is marketed as being ultra-modern and at the forefront of technology.
Seoul is a largely cashless society, with many people using debit and credit cards.
The enthusiasm for the cashless society overlooks the effect of privatised currencies on the state.
Police and intelligence agencies will advocate a cashless society in order to limit or prevent crimes associated with cash.
We will probably have a de facto cashless society in about 5 years.
Obviously, the cashless society people do not want this because full transaction traceability is the unstated motivation behind eliminating cash.
These are brutal, important lessons in why a cashless society should not strip everyone of their transactional and financial privacy.
Identity theft is becoming more common as we become a cashless society.
The limits are incrementally lowered and lowered until one day, people wake up and realize that only fully traceable transactions are permitted in the new cashless society.
Banks and most businesses will want a cashless society because it will substantially lower their costs, by not having to deal with cash on a daily basis.
Not only will a cashless society make paying at any retail point a quicker process, it will also make payment cues either shorter in length or non-existent.
Does this represent the next step toward a cashless society?
In an eerie glimpse of what a cashless society enables, the government of Argentina has taken the drastic step of mandating banks to report every credit card purchase to the tax authorities, AFIP.
What I think will happen is that we will have a de facto cashless society first, where a majority of transactions will be done without cash, both in numbers of transactions and in the quantity of money involved.
Tayo recently granted me an interview during which he talked about the idea behind his company, the benefits of a cashless society, the Nigerian opportunity, and reiterated his mission to transform lives by delivering innovative and universal access to financial services to Nigerians.
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