Microsoft Word - ECCU Creative Youth Competition Essay KAH

Towards a Cashless Society: Challenges, Opportunities, and the Realities for the

Eastern Caribbean Currency Union

The world revolves around money. Or is it the other way around? Whichever side of the

statement you choose to land on, the fact is that money is the necessary evil by which we all live

and die. I have not met a person so did not appreciated the comfort of having money-barely just

enough, or in abundance.

In recent years, paying digitally, predominantly with debit and credit cards, was in vogue

and there is increased interest in a cashless society. Forbes contributor, Vishal Marria, describes

this cashless state invariably as one where the physical representation of cash, for example coins

and banknotes, are no longer used and only abstract currency is utilized, such as credit cards

and crypto currency. This has already fascinated millennials and techno geeks alike and is not

surprising considering the incessant pace of technological progress. Accordingly, both the seller

and buyer have had to adjust or get left behind. However, before we can totally give up cash, it

is necessary for us to address the attendant difficulties that accompany the realities of that

decision.

Carla is a vendor selling fresh, sought after produce on the weekends in the town square

of St. George’s . She does have difficulties, but is very satisfied with the amount of money she

makes. Carla likes the simplicity of her system, the customer makes a choice and she is paid the

price she decides. It’s easy, comfortable and convenient, confirming the belief of author,

Dominic Frisby, “in the marketplace, convenience usually wins.” Let us imagine for a moment

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