Page 39 - January2019Spectrum_Neat

Marketing Expert

What would a cashless

society look like, and why

would you want to do it?

With the rise of the smartphone, it has become more and Some technological advancements would not be out of place
more common in many countries to not only pay by credit or in a futuristic film: as many as 4000 Swedish residents have
debit card, but by using the “tap” function. This function on even implanted a microchip into their hand that allows them
smartphones allows the user to pay for items and services to scan into buildings, log into computers, and load financial
by waving their phone in close proximity to the checkout information to purchase various goods with a sweep of the
machine. hand. Eventually, even taking out one’s phone from one’s
pocket may be a relic of the past.
In Sweden, half the nation’s retailers are predicting that
they will stop accepting cash and bills before 2025. While the The idea of a cashless society is also advancing quickly in
central bank is trying out a digital currency Canada. Running a cashless business is an
called the e-krona, financial authorities have attractive option for small business owners;
asked banks to continue keeping bills and it could streamline dealings with a supplier
coins in circulation until experts can better or bank, and make day to day transactions
determine what a cash-free society would more efficient since employees won’t have
mean for money supply, and security of one’s to spend time counting and sorting tender. It
accounts in the event of hackers or electrical could also eliminate thefts by employees or
failures. While using a card instead of cash criminals. This has already been implemented
is undoubtedly more convenient than rifling amongst large fast food chains, where
through one’s wallet in the checkout line, someone can pre-order their food through an
such quick changes may put those who are unfamiliar with app or electronic kiosk inside the restaurant. After ordering,
the country’s technology (such as seniors and immigrants) the customer can simply walk up to the counter and collect
at a disadvantage. their food. This process has even been streamlined further

www.cambridgechamber.com 39
Winter 2019