Is a cashless society the future? | 11:FS Explores

As concerns about the coronavirus mount, health organisations are urging consumers and businesses to stop using cash and start using contactless payment methods. Those conversations have dovetailed with talk of cashless societies, which rely on digital transactions rather than banknotes.



But what are the realities of a cashless society? Would a world of electronic payments wreak havoc on financial inclusion in a country where eight million people could struggle to go completely cash-free?


11:FS Market Researcher Amy Gavin sat down with us to answer these questions and more. In addition to addressing cash’s importance to society’s most vulnerable, she discusses the infrastructure banks would need to cater solely to cards and mobile wallets and the role biometrics such as fingerprints and facial recognition play in ensuring safe and secure transactions.