The Death of Cash
A cashless society is just around the corner
THE LAST BIG REVOLUTION in the finance industry was when the world progressively moved from gold and silver tender to legal tender at the start of the 19th century, giving rise to new fields such as foreign currency trading and money changers. Now Rakhil Fernando, CEO and co-founder of mobile payment startup Kashmi, believes we are on the cusp of the next radical change ‒ the death of paper money. He shares his thoughts with us. incentives or personalised shopping information. This can lead to better customer service and satisfaction.
With so many advantages to gain from the better transparency and monitoring that comes with going cashless, governments are eager to propel in this direction. The Monetary Authority of Singapore (MAS) has committed $225 million over the next five years to grow the startup fin-tech segment in Singapore.