Sweden is a very advanced example in this area, where cash payments are less than 1%, thanks to the advanced digital infrastructure and the adoption of applications such as “Swish” in payment and instant transfer operations. Digital payments are characterized by ease of use, speed of transaction completion, and a high level of security, but they are still vulnerable to technical and security risks, in addition to their non-acceptance in some stores.
Globally, Sweden, Finland, China, and South Korea are at the forefront of the countries most distant from cash. In the Arab world, the Gulf countries have made remarkable progress thanks to their technological infrastructure, led by the UAE, Bahrain, Qatar, Saudi Arabia, and Kuwait. In contrast, countries such as Lebanon, Iraq, Nepal, and Pakistan still rely heavily on cash due to the weakness of the banking and digital infrastructure.
The transition to a cashless society is no longer an option, but a global trend that countries must keep pace with to ensure that their economies remain competitive in the era of rapid digitalization.
(Al Jazeera)
