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How Cashless Payments Help Economies Grow
Report

How Cashless Payments Help Economies Grow

Markus Massi, Godfrey Sullivan, Michael Strauß and Mohammad Khan
Boston Consulting Group, 2019
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Editorial Rating

7

Qualities

  • Analytical
  • Overview
  • Background

Recommendation

Cash may still rule, but other claimants aspire to the throne. Digital payments are making significant inroads in economies around the world, according to Boston Consulting Group professionals in this incisive look at economic development. To promote global growth and a more transparent financial system, governments, financial institutions and businesses must address barriers to digital cash that include high costs, governance issues and cyberfraud. Financial industry leaders and policy experts would benefit from the many insights in this concise yet thorough analysis.

Take-Aways

  • Cash is still the most prominent form of payment around the globe, but it is ceding ground to electronic payments.
  • Because noncash transactions simplify money transfers, they boost economic growth.
  • Policy makers, financial institutions and businesses need to collaborate to create a well-functioning payment ecosystem. 

About the Authors

Markus Massi et al. are professionals at the Boston Consulting Group.

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