Global Digitalisation – Marching towards cashless society
Cashless economy, a newly coined term, refers to the economy in which all transactions are done using plastic money, digital devices and over the Internet. Paper money is accepted as legal tender since over 300 years now. Cash has been the main mode of payment for low-value transactions involving food and personal care supplies, gifts and general merchandise since long, particularly in developing countries. Other factors contributing to the persistence of cash in developing markets are anonymity, absence of advanced payment infrastructure and limited or no financial inclusion.
Several countries in Asia-Pacific have high CIC-to-GDP ratio, presenting plenty of opportunities to increase per capita non-cash transactions and transform them into digital economies.
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