Cashless Economies: Realities & Challenges
The onslaught of digitalization across multiple industries and functional areas, compounded with changing market perceptions in light of global events, has given rise to the proliferation of new-age FinTECH innovations. These large-scale shifts have set into effect a sequence of reciprocal forces where the consumer perceptions, which have precipitated FinTECH, are also being influenced by these disruptions. This is increasingly driving economy-wide movements, one instance of which is the shift towards cashless economies. As the various gears and levers of the economic blueprint transition to a digital makeup, Scandinavia and Sweden, in particular, are leading this progressive development.
Here’s a snapshot of the reality and challenges for cashless economies:-