Microsoft Word - ECCU Creative Youth Competition Essay KAH

At the end of the month, there are still long lines at various business houses even though

they allow for easier methods of bill payment such as online or via their application. This is

because people have still not adjusted to a lifestyle that includes technology and all of its

advancements. Many persons still have not even migrated to cheques. How would they adjust

to a fully technological currency?

On a global level, the financial sector is undergoing rapid technological innovation. In

the United Kingdom, only 34% of payments are now made in cash. Debit cards overtook cash

as the most popular payment method for the first time in 2017. In Sweden, cash accounts for

2% of the value of all transactions and is predicted to account for half a per cent by 2020. A

cashless society provides the opportunity for more efficient, secure alternatives to traditional

cash transactions, increasing access to financial services. But here in the Caribbean, our

traditional economies, the unbanked sector and many more factors make the transition to a

cashless society an uphill battle.

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