Two weeks into his cashless challenge, Jones Mrusha has a few insights to share on the benefits of a cashless society.
With cash, consumers need to pay withdrawal fees and opportunity cost of the time spent collecting cash, he says.
“Businesses spends money on handling, securing and transporting the cash,” says Mrusha.
There are also overhead costs that banks and financial institutions pay for operating, maintaining and insurance of ATMs and branches.
And let’s not forget the cost of re/printing money and foregone tax revenue on the majority of cash transactions.
“What are your cost on attaining, handling and spending cash,” says Jones.
In the video below, Mrusha shows us what a cashless economy looks like.