Banking Woes Prove Challenging When Striving for a Cashless Country

Cashless pic
Cashless
Image: forbes.com

Longtime economics professor Antonios (Tony) Antoniou has served in a variety of capacities in academia, holding positions such as professor and chair of the economics and finance departments of Brunel and Durham Universities. With an extensive career lecturing and training on the topic of finance, Antonios Antoniou is an expert on the role and realities of money and banking in the 21st century.

Modern-day banking and the exchange of money has a decidedly different face than in decades and centuries before. Throughout the world, gradual attempts are being made to move from a cash society to a cashless one. According to a story by National Public Radio (NPR), an example includes that of India. While the Indian government works to minimize and possibly end the use of cash in its society by replacing large bills with smaller ones and limiting the amount of cash citizens can pull from their bank accounts, various factors contribute to the creation of unintended challenges.

While relying on the use of technology to make transactions, for some shop owners, the transactions are slow or do not come about at all if the connection to the card reader is not strong. It’s also not possible for everyone to own the gadgets capable of exchanging virtual money. For those small entrepreneurs who cannot afford technological devices, creating a cashless society makes it difficult for them to fully participate in the economy.

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