Cashless society and its underpinning digital economy should provide opportunities for most stakeholders in many economies, including the financially excluded. Yet, the topic is divisive due to clashing stakeholder interests. This has led a research group to highlight the importance of identifying and addressing substantial risks and issues for any successful transition.

The research volunteers discovered there was a lack of impartial and independent reflection on the cashless society. Nor was there any research that pulled together the varying strands of the argument, for example from specialist organisations, or international developments. This will become increasingly important as international media coverage has exposed polarised opinions on the desirability of moving towards a cashless society - something that already appears to be happening by stealth in many countries.

This interim paper reveals a number numerous layers of conceptual and practical implications for the topic, particularly with regard to international developments. It contains practical examples of near cashless societies, and of new payment methods that are already revolutionising developing economies.

It also explains the difference between electronic and digital currencies and discusses  difference between electronic and digital currencies and discusses their benefits and risks.