The Trend and Challenges of a cashless Society

Abstract

Advancement in Information technology over the past decades has opened new trends toward what is called a cashless society, which involve elimination of physical cash as a medium of transaction with its substitution with electronic payment system. This paper takes a look at the various technological advancements toward this technological trend and the challenges ahead. It also focuses on its implication on the global economy and the various opposition faced by its introduction and to what extent will legitimate economic, sovereignty and privacy concerns be satisfied.