The Standard Group Plc is a multi-media organization with investments in media
platforms spanning newspaper print
operations, television, radio broadcasting, digital and online services. The
Standard Group is recognized as a
leading multi-media house in Kenya with a key influence in matters of national
and international interest.
Kenya remains a case study when it comes to a cashless economy. [Istockphoto]
Even way before the Covid-19 pandemic hit the globe, the move to cashless transactions had been at the centre of most economies. The journey to cash-lite economies is helping economies across the world increase transparency in the financial markets while also addressing threats like money laundering. Of course, for the consumer, it is more convenient, reliable and reduces exposure to theft.
Sweden, which aims for a cashless economy by 2023, has a well-developed payment market that has been growing at a robust pace over the years. As per the latest available records, over 80 per cent of Swedes use cards, with 58 per cent of payments being made by card and only six per cent in cash. This journey has been powered by factors such as a robust card payment system, strong internet infrastructure, a popular mobile payment app known as Swish and a supportive legal framework.
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