Kaylie McRea

Senior Project Advisor

Clayton Pierce

Document Type

Project

Publication Date

Spring 2024

Keywords

cashless revolution, cashless payment, digital payment, cash transactions, socioeconomic inequality, inequity, cashless global society, banked, unbanked, bank account access, central digital bank currencies, cash transaction threshold

Abstract

This paper analyzes the evolution of cashless payment, known as the cashless revolution, and its complex contributions to socioeconomic inequality. While a cashless global society is ultimately inevitable, it will contribute to significant inequity. People who cannot access bank accounts will struggle to participate in the buying and selling of goods and services. In societies with a weak social welfare net and a low percentage of overall banked citizens, there must be multifaceted solutions to mitigate effects of the ongoing cashless revolution. These solutions include the issuing of central bank digital currencies, financial literacy programs, and economic incentives to offset the cost of accepting cash in a retail establishment below the 'cash transaction threshold'.

Department

Fairhaven College of Interdisciplinary Studies

Type

Text

Rights

Copying of this document in whole or in part is allowable only for scholarly purposes. It is understood, however, that any copying or publication of this document for commercial purposes, or for financial gain, shall not be allowed without the author’s written permission.

Language

English

Format

application/pdf

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