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A Cash-Free Society

Whether We Like It or Not

A Cash-Free Society cover

A Cash-Free Society

Whether We Like It or Not

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Description

Information technology is changing the world through automation, by bypassing middlemen and by digitization. We see dramatic effects today in the music industry, going from CDs to streaming, in newspapers, from paper to online, and in the banking industry, from branch offices to the Internet. One of the most fundamental changes is the replacement of physical cash, money and coins, by bits in a computer.
A Cash-Free Society is about this dramatic change. It shows the advantages and disadvantages and discuss how we – consumers, businesses and the society -can prepare for a new world where cash is no longer king. Banks are closing down branch offices and removing cash services. Customers wishing to withdraw money as cash are directed to ATMs. But the number of ATMs is declining. Mobile payments, either for paying bills or for person to person transactions will be the last nail in the coffin for cash
.
These changes are fed by the overwhelming advantages, both for consumers and businesses, to electronic payments. In the countries that lead this transition to a digital economy, Iceland, Norway, Sweden and Denmark, nearly all transactions, both in volume and number, are digital. Today less than 3 percent of consumer payments are in cash in Norway. Though there are some disadvantages, there are clear benefits: cheaper transactions, less crime, simpler tax processing and it will become more difficult to operate in the black-market economy.

Table of Contents

Preface vii

1. Moving to a Digital World 1

Part One – Computer Applications 7
2. Computer Applications 9
3. Complex Computer Applications 25

Part Two – The Cash-free Society 41
4. Money 43
5. Uncle Joe’s Island 53
6. From Analog to Digital 57
7. Fundamentals for a Digital Economy 65
8. Infrastructure for Digital Payments 71
9. Digital Payments 81
10. Internet Banks 87
11. Virtual Currencies 93
12. Advantages of a Digital Payment System 101
13. Disadvantages of a Digital Payment System 111
14. Case: Norway 123
15. New Systems 141
16. The Cash-free society 147

Index 153
About the author 157

Product details

Published 10 Aug 2018
Format Hardback
Edition 1st
Extent 166
ISBN 9781442227422
Imprint Rowman & Littlefield Publishers
Illustrations 18 b/w photos; 7 tables
Dimensions 236 x 159 mm
Publisher Bloomsbury Publishing

About the contributors

Author

Kai A. Olsen

Kai A. Olsen-- Professor, Molde University College…

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