It looks like a turning point has been reached. It is now easier than it has been to conceive of a world in which banknotes are used for relatively few payments; that cash becomes a niche payment instrument,” – Philip Lowe, governor of the Reserve Bank of Australia.
With the evolution of technology and changes in regulation, many countries in the world are increasingly going ‘cashless’, instead relying on electronic payments. In this question, we will compare the experiences of Australia and India with going cashless.
a) With reference to the article below, list some of the pros and cons of going cashless.
https://www.abc.net.au/news/2018-11-26/regulators-are-pushing-us-to-a-cashless-world-rba/10555868
b) After reading this article about India’s experience with going more cashless, has your opinion changed? Do the same benefits of going cashless hold outside of Australia? https://theconversation.com/why-a-cashless-society-would-hurt-the-poor-a-lesson-from-india-79735