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I found this interesting...

post covid biggest ever financial govt debt - remove cash sme's dodging tax as per sweden...

Even so, Chan believes there is much work to be done. “Today, the digital payments transacted in the market make up only 10% of total retail transactions. The rest is cash. We have not reached the maturity stage, where everyone is on a digital payment platform … So, the question is how are we going to help the country to turn into a cashless society?”

Gopi believes there are lessons that can be drawn from the experience of other countries. “South Korea saw adoption accelerating after introducing end-of-year tax credits for up to 30% of spending on debit cards. Sweden rolled out an array of policies encouraging cashless payments, from eliminating infrastructure such as ATMs while putting in place enabling measures such as electronic know-your-customer (e-KYC) capabilities and real-time payments and by granting stores the right to refuse cash. A tangential impact has been a surge in tax receipts, with value-added tax rising nearly 30% over five years.

“The Reserve Bank of Australia has taken action to address the high cost of digital payments, capping interchange fees and putting a ceiling on card surcharges for small businesses. These led to an US$11 billion decline in merchant payment costs and acceleration in the growth of card transactions.

“The Central Bank of Nigeria kicked off a ‘cash-less Nigeria’ policy in 2012 that introduced cash-handling charges for large cash withdrawals from banks — aimed at reducing the amount of physical cash in circulation and encouraging more electronic transactions to achieve a range of goals, including greater financial inclusion and economic growth. The volume and value of electronic transactions increased substantially in subsequent years. In addition, Ghana, which initiated an effort to drive the adoption of electronic payments in 2003, recently mandated that customers should receive interest on e-wallet balances,” he says of some of the success stories around the world.

https://www.theedgemarkets.com/content/advertise/payment-gateways-the-backbone-of-a-cashless-society