Glimpses of a cash-free world, and how it might be avoided

Abstract

This paper explores the advantages and disadvantages of society operating with less or, indeed, no cash. While the paper has a particular focus on Sweden and India, it also draws on examples from other markets with differing views and approaches regarding the importance of cash in general and payment choice in particular. The key issues in this debate typically focus on cost, convenience/speed of transactions, crime, economic activity, employment and payment choice. After considering each of these in turn, the paper concludes that while a cash-free world might suit certain commercial interests, it would not be in the public interest. It then briefly turns its attention to steps that might be taken at governmental level to ensure that cash remains on the payment choice menu for the public everywhere.