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The objective of this 3 part series is to examine in brief the barriers and motivators for the key players in a Journey towards a cashless society. In part 1 the role of retailer in this journey was shared and can be checked at part 1 in blogs section @
Consumer : Cash “The King” the acceptance ubiquity makes it the first and foremost medium of consumer transaction. In India it enjoys more than 80 % in value terms of the total transactions and it’s a long journey to reach Belgium wherein
the Non Cash Transactions as share of total value of consumer payments stands at 93 %.
To answer what will take for any other mode of payment to get even remotely close to cash . The mode will have to address
Suburban train/Metro/Auto/Taxi/Bus/Electricity/Gas/Water/Milk/Newspaper/Grocery/Prepaid recharges (Mobile, DTH)/Key G2P Payments (Property Tax’s)
And the start on above front will be a catalyst to cashless . This is where the initial investment/long term efforts will be required to educate, activate and incentivize consumer towards journey from cash to Cashless.
To reach above we need simultaneously address below mentioned barriers (If removed) and motivators (If provided) on a long term the consumer adoption story
The key driver to start the consumer journey will be
Vodafone m-pesa Ltd
22 Sep 2015
This post is from a series of posts in the group:
Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.