World Economy

Cashing Out

Cashing OutCashing Out

Adoption of a cashless system is likely to be skewed, with more developed economies—with more affluent shoppers and more sophisticated businesses—likely to forge ahead, Xinhua reported. Within two weeks of its launch last month, TPay, a new hands-free payment system in South Korea, attracted 100,000 subscribers. The launch marks South Korea’s latest step towards all but eliminating paper cash, something it wants to do by the end of the decade. The culture of “pali-pali!” which means “faster!” is widespread in the country, where people are quick to embrace new technologies. South Korea may be leading the way, but it is not alone in its efforts to do away with paper cash. The rise of new and more convenient payment methods in the last few years is driving countries across Asia to seriously consider going cashless. “Ten years from now, most developed societies will be heavily cashless. Consumer usage models show that consumers are now pulling for a cashless society,” said Zennon Kapron, founder of Kapronasia—an Asia-focused consultancy that gives strategic advice to financial technology firms.