Will Cash Soon Be Obsolete? First Shops Plan To Ban It In 2016
Writing could be on the wall for paper money
Rev 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
The future could well be a cash-free place, with all transactions done via cards and smartphone payments instead.
This week, the Danish government paved the way for the world’s first cash-free shops, where paper money will not be welcome.
Backed by a UN fund, the move could be mirrored by other countries around the worlld.
In a landmark move, the Danish Chamber of Commerce recommended that shops be allowed to ban cash.
Instead, retailers would switch to using debit and credit cards and smartphone payments only.
If the measure is approved by Parliament, retailers could reject customers who try to use cash from January 2016.
‘We’ve recognised what merchants have been telling us for some time now,’ said Sofie Findling Andersen of the Danish Chamber of Commerce.
‘Using cash is expensive, because it takes time for salaried employees to handle, and it’s also a security concern.
Denmark’s move is supported by the UN Capital Development Fund’s Better Than Cash Alliance, which hopes to accelerate the shift towards electronic payments worldwide.