A cashless state is the way to go

Only few countries around the world can boast of being a cashless state although several nations are making moves to eliminate cash in the system.

Notable among countries which are said to be cashless societies are Sweden and India.

For instance, in Sweden, it is common to see signs that say “No cash accepted” in shops and some banks, whilst in India the government, since 2016, has banned the usage of 500 and 1,000 Rupee notes in an effort to push the country towards a cashless society.

It is important to state that many countries view Sweden as the model for a modern cashless society and are instituting measures particularly structures that enable them achieve their aim.

Ghana is one such country that is making efforts to become a cashless society.

In furtherance to this effort, the Vice President, Alhaji Dr Mahamudu Bawumia has hinted of steps being taken by the government to push towards a cashless state.

Speaking at the introduction of a universal QR code payment system in Accra on Tuesday, he said the evolution towards a cashless society has led to introduction of many reforms undertaken over the years to promote financial inclusion, and was confident that the QR code system would consolidate all efforts made in that direction.

The Ghanaian Times associates itself with the efforts been made towards going cashless because that is the way to go.

We support the view that going cashless is possible with sufficient infrastructure and has benefits as well as disadvantages for any country.

Those who support the cashless economy argue that it lowers crime because there is no tangible money to steal, and launder as there is always a trail.

Besides, time and cost associated with handling paper money as well as storing and depositing are absent.

But critics of the system also say that the cashless system exposes personal information to a possible data breach and technological problems can leave one with no access to money.

They say the poor and those without bank account would have difficulty paying and receiving payment.

For us, all the arguments are valid but since society is growing and technology is improving, we have no doubt that the cashless system would be more beneficial to the country.

A country like Sweden can be a source of learning for our country to become a cashless state.

We commend the government and hope that the citizenry and financial institutions would lend their support so that together we would succeed.