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he plausibility of cashless society in developing countries the next 10…
he plausibility of cashless society in developing countries the next 10 years
YES
Pros
simple, quickly, no counting or change
less bank robberies and corruption
manage the money eassier
Decrease crime by tracking suspicious transactions
Statistic
In Asia-pacific: Number of cashless transactions in 2013 37.3 billion => 195.4 billion at the end of 2018 => fast
according to Visa.com
: in 2022, Nearly four in five Southeast Asian consumers have a plan to use cashless payment methods usually : in Thailand (89%), Vietnam (83%), Malaysia (78%), Indonesia (78%), and the Philippines (78%)
Acc VietNamnews: The rate of chip card transactions made through the NAPAS system increased from 26% in 2021 to >60% in 2022.
According to the World Bank, the number of adults in developing countries use mobile money accounts increased from 12% in 2014 to 21% in 2017. In 2019, there were 1.04 billion mobile money accounts in developing countries, with transactions totaling $1.7 trillion.
Vietnam government have a policy from 2022-2025 try to help the poor family have at least 1 smartphone => help to apply a fully cashless in the future
Economic growth
increased financial inclusion
more people have access to banking services
The government receives the data recorded => economy
Government policies: Government policies and regulations can influence the adoption and growth of cashless payments
NO
Reason
According to ThoughtWorks, three in five adults (59%) think Britain will be a cashless society by 2030.
British one of the countries have a high level of digital infrastructure, technology
the developing country will be a cashless society in 2033 => impossible
Internal difficulties
Lack of financial and technology knowledge
Financial and banking infrastructure needs lots of money to build
High levels of poverty:
External difficulties
Some developing countries may depend on foreign technology: risk of lost information
Security and privacy concerns: Developing countries may lack the resources and expert to solve this problem
Reason
Consumers may feel not comfortable <= goods or services be recorded
People
concerned about privacy and security => technology crime => hack bank account, steal information
Vulnerable populations: older people, homeless, people without access to technology, unbanked population
Consumer behavior: habit, level of trust in digital payments