Why are more stores going cashless? The International Monetary Fund (IMF) recently published a report by two researchers from India which may shed light on what’s happening to cash supplies in America.
The researchers, Manasa Patnam and Weijia Yao, conducted research on mobile money transfers in India during India’s demonetization policy.
They found the demonetization period precipitated a surge in mobile money transfers. They also found the surge in mobile money transfers was enhanced by a targeted intervention program giving incentives for businesses to adopt the new economic model.
Is America experiencing a similar, targeted intervention? Could this explain the sudden rise of cashless transactions?