Momentum toward a cashless society has been building for years, driven by technological advances, convenience and public health considerations.
The COVID-19 pandemic has accelerated this trend as contactless payments, which reduce physical interaction, have been deemed to promote health and safety.
Digital payments also offer greater security against theft and loss and simplify transactions, making them faster and more efficient.
Governments and financial institutions have tended to advocate moving away from cash for its ability to reduce tax evasion and illicit activities, which are more difficult to track with cash transactions.
