A world without cash?

秋云飞

ECONOMICS ● GLOBAL
May 2017
Executive Summary  1
A world without cash?  5
What is a cashless society?  5
Why use less cash?  5
Where is going cashless?  9
Sweden: Technology  10
India: Policy driven  12
Kenya: Skipping a step  14
Korea: a bit of both  16
Where next?  18
Cashless or cash-lite?  18
Next in line  18
In DM, willingness matters  19
In EM, it’s about skipping a step  20
Implications  22
Monetary policy: Greater
flexibility for negative rates  22
Fiscal policy: Cutting tax
evasion = better balances  23
India’s impact  24
Social implications  25
Conclusions  28
Disclosure appendix  29
Disclaimer  32

汇丰银行