From less cash to cashless: What lies on the road ahead?

With all these exciting stories of growth and expansion comes the question, is the trend towards cashless going to sustain? Even before the outbreak of the pandemic, Sweden had started implementing a well-concerted strategy to go cashless.

Sweden's policy is also seen as an ideal example of a country "Dangerously sleepwalking to a cashless society."

Why are the efforts to drop cash from the system facing such severe doubts and concerns? Because, for many people, cash still means greater control over their funds.

A wilful adoption of cashless transaction systems will only be possible when people experience the benefits of a digital economy for themselves.

The proponents of a cashless society should be mindful of the divide between the high-income countries and low-to-medium income countries.

A cashless society is the safest bet to wipe out financial transactions.

A cashless society can never be about increased control and surveillance.

The removal of cash should mean the removal of the evils associated with cash.

Striking the right balance between convenience and self-control should be the aim of an ideal cashless society.

Only then the travel from a society with less cash to a cashless society would be a smooth sail.