BUSINESS

Challenges of the cashless society

Asia focus, SCB Economic Intelligence Center, Published on 12/03/2018

» Payment is an integral part of our daily lives but the way we are making payments is changing. Society is gradually moving from the use of fiat currencies to virtual ones. Many people who used to pay for their favourite cup of coffee using banknotes or coins are now swiping debit or credit cards. But a growing number of people are neglecting physical objects entirely in favour of smartphone-based applications. A barcode in an e-wallet is tapped, and the transaction is completed within a few seconds.