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Funding a business
The Effects of Cashless Policy on stakeholders in the Economy
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[QUOTE="Jasz, post: 300429, member: 61772"] Diverse economic stakeholders may be significantly affected by the implementation of a cashless policy. Some of the main effects are as follows: Consumers: A cashless policy may improve convenience, speed up transactions, and reduce the likelihood of theft and fraud for customers. However, it can also be difficult for those who do not have access to digital payment methods and are unbanked or underbanked. Banks: A cashless policy might encourage more people to use digital payment methods, which could make banks more money from transaction fees and other financial services. It also has the potential to raise the demand for banking services like account opening and loan products. Merchants: A cashless policy can make transactions easier, save money on handling cash, and improve security for businesses. However, it can also be challenging for businesses that are unable to accept digital payments or have cash-only customers. Governments: By making financial transactions more visible and reducing the informal economy, a cashless policy can increase tax revenue for governments. Additionally, it has the potential to improve financial stability while simultaneously cutting production and distribution costs. Providers of payments: As more consumers and businesses adopt digital payment methods, a cashless policy may present a growth opportunity for payment service providers. However, as new players enter the market and established providers face increased pressure to innovate, it can also increase competition. In conclusion, a cashless policy may have both positive and negative effects on economic stakeholders. It can be more convenient, increase financial stability, and save money, but it can also be hard for people who don't have a bank account or prefer to use cash. A cashless policy must be implemented in a way that benefits all stakeholders, especially those who are vulnerable or excluded, for it to be successful. [/QUOTE]
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