It often feels like we are reaching a turning point regarding the functionality of modern economic systems. The COVID-19 pandemic has accelerated the cashless debate, with governments and central banks across the globe debating the merits of cashless societies during crises and the advantages of cashless systems to combat among other things, corruption. Advocates highlight…
The Indian government’s so-called demonetisation drive in November of 2016 was a polarising, radical undertaking. Modi and his ministers would have people believe that it was a success. However, the sudden overnight cancellation of all 500- and 1000-rupee bank notes sewed chaos across the nation of 1.3 billion people. The damage to the Indian economy…
Despite keeping the matter under radio silence, banks are steadily pushing against cash. Why would banks seek to destroy the very stuff they live off? Banking institutions, it turns out, have found new forms of money which yield far more profit, create less hassle, and secure their central positions within economies. With the appearance of…
It seems that life is pretty good in Australia. The country’s GDP rate is growing slowly but steadily, and The World Happiness Report ranked Australia tenth in the list of the happiest nations. Also, Australia comes seventh in the ranking of the most cashless countries in the world, behind only Canada, Sweden, the UK, France,…
The deal has the potential to increase its foothold in the region, home to 600 million people, and enable it to catch up with its regional rival Grab, which has its own e-wallet service. In a joint statement, Uber Technologies and Vietnamese financial technology firm MoMo stated that they have signed a strategic deal which…
With Thailand’s central bank giving the go ahead, non-cash transactions are being adopted by even street vendors in Bangkok. Technology’s ubiquity has spread to even street food vendors in Bangkok where they are now accepting payments through Quick Response (QR) barcodes that can read by smartphones. Thailand, famous for its street stall that offer everything…
The very existence of cash seems jeopardized in the world. Each country, at its own pace, has its opponents to hard currency and would like to see it go away for good. While some countries are just toying with the idea, others have already gone to great length to root out what they see as…
Is Sweden completely changing its mind about cash? For the past few years, the country had engaged in a war against cash and was to become one of the first cash-free nations on the planet. But voices were raised against it and now the access to cash could very well become a legal right in…
A very important economic transformation is under way, and it seems voluntarily to be placed at a stratospheric level, with stakeholders carefully keeping the subject away from public opinion. Several types of players are even favorable to such an economy. But the implications are many, and not all are good. A close scrutiny of the…
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