The Death of Cash

A cash­less so­ci­ety is just around the cor­ner

Augustman - - Dollars & Sense - IN­TER­VIEW FARHAN SHAH PHOTO GETTY IM­AGES

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.

Newspapers in English

Newspapers from Singapore

© PressReader. All rights reserved.