A cashless society will not happen despite predictions by economist and journalists.
In the near future some countries could legislate to ban the use of coins and notes. This will be a drastic move. Indeed, people in the United States would argue that it is a protected right in the Constitution if it passed both governmental houses there.
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| A shop would be stupid to put this sign out |
A myth is promulgated throughout the world that Singapore is a cashless society. This certainly isn't true. Ninety per cent of consumers in Singapore prefer to use cash rather than electronic payment. Just why there is a push to get rid of cash is a mystery. One can understand governments wanting to keep all transactions visible - it will stop tax evasion. However, there would be no benefit for people generally to use cards and transfers to buy everything.
Economists and journalists have got the future totally wrong. How could cash be abandoned when it has almost universal appeal? It just will not happen. A government that forced it upon its people would lose office at the next general election, unless
it is a dictatorship.
Culture has inertia. Values do not change overnight. Card payments are increasing, but it is like asking an Englishman to give up his fatty fried breakfast - there would be major resistance! Like driverless cars and delivery by drones, it is fairytale stuff.
◆ Economics by Ty Buchanan ◆
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