Fiji’s Cashless Economy Takes Shape

The Fijian government is steadily pushing forward with its plans to establish a cashless economy, driven by global trends towards digitization, AI, and new technology.

A Shift Towards Digital Payments

According to Finance Minister Professor Biman Prasad, the country is being driven by global trends towards digitization, AI, and new technology. The recent partnership between the Fijian government and Google to establish a major subsea cable in Fiji will not only boost digital connectivity but also accelerate the transition to cashless transactions.

The Benefits of Digital Payments

ANZ Bank Fiji Country Head Rabih Yazbek echoed Prasad’s sentiments, citing several drawbacks associated with cash transactions:

• Cash can be miscounted or stolen
• It has to be transported in large sums with security
• It’s not convenient

Yazbek explained that going to an ATM or a bank to withdraw cash is not convenient, and digital payments are the way of the future. He pointed out that developed economies have already moved away from accepting cash, citing the inconvenience and potential risks associated with handling physical currency.

A Cashless Future

The developments signify a shift towards a cashless future, reflecting the evolving landscape of financial transactions and services in Fiji. As the country moves forward with its plans to establish a cashless economy, experts predict that the move will have far-reading benefits for individuals, businesses, and the economy as a whole.

Conclusion

Fiji’s shift towards a cashless economy is a significant step towards enhancing efficiency and convenience in daily life. With the government and financial institutions embracing digital payments, individuals, businesses, and the economy can expect to reap numerous benefits. As the country continues to move forward with its plans, it will be interesting to see how this shift impacts the way people live, work, and transact.