A mere decade ago, a world without coins and notes as currency was unthinkable. Sure, the digitally forward among us could foresee a day when cold, hard cash was no longer a necessity. But it seemed, by and large, to be a pipe dream – because the vast majority of people, globally, held so much faith in cash.
Despite the fact that even as far back as 2012, the lion’s share of transactions taking place was carried out via debit and credit card transitions, cash remained king.
Then along came COVID, and everything changed. Although digital payments had made significant inroads by 2020, a cashless world was apparently still decades away. According to a study by the UK charity Age UK in October of that year, an estimated eight million people in Britain alone would have struggled with the concept of a cashless world.
Today, with financial inclusion as a leading strategy for the vast majority of digital banks and fintechs, living…
