Dreams of a cashless society

Whether it’s brick and mortal shops or online retailers, the one unifier has to be payments. Simply put, if you want to be in business, you need to be paid. And in most cases, to pay others too. As much as the means of doing business has changed, so to have the means of settling transactions, thanks in part to the insurgence of new technologies.

Physical cash in terms of notes and coins and credit/debit card operators like Visa and Mastercard have implemented a tap to pay system for their credit cards as well as app versions for mobile phones, so there clearly is a push to move consumers away from cash.

One of the understated disadvantages of dealing with physical cash is that there’s also opportunity cost in terms of gathering data about the customer. Jeremy Tan, CEO of LiquidGroup also makes a good point when he says that e-payments would provide transaction data that would allow merchants and service providers to better understand their customers as everything is recorded in real-time.