According to an article from PYMNTS.com, Denmark is the next country making the transition toward a cashless society. During the transition, retail locations such as restaurants and clothing stores will have the option to refuse any sort of cash payment, while supermarkets and post offices will still continue to accept cash.
Denmark is only a recent example of a global trend toward abolishing physical currency. Other countries that already have begun shifting toward cashless alternatives include Sweden and Canada.
What are the benefits of a cashless society?
Cashless alternatives to payment make transactions more quick and efficient. Through the use of participating devices, such as smartphones, funds can be transferred instantaneously, streamlining the payment process. Any individual's payment information is linked directly to their device, eliminating the need for pocketfuls of cash, credit cards, and debit cards. A cashless society also means that money no longer has to be printed, saving valuable resources, such as the paper, chemicals, and metals that go into the production of physical currency.
Businesses can also benefit from cashless societies. Cash places a heavy administrative burden on retail locations, which can save time and money through the switch to cashless alternatives.
How can Netclearance help your business go cashless?
At Netclearance, we are proud to provide our clients with mobile payments technology solutions. Danske Bank MobilePay POS, which is spearheading Denmark's transition to a cashless society, is powered by our very own mBeaconPay technology, which works with and operates on a wide variety of POS and smartphones, allowing customers and retailers to exchange payment information in a quick and efficient manner.
It's never too late to take advantage of the worldwide trend toward cashless societies. Contact us today to help your business transition to cashless mobile payments.