Questions and Answers
What is the reason behind Sweden's move towards a cashless society?
To reduce crime rates
What is the main advantage of mobile banking in Kenya?
It allows people to transfer money without a bank account
Why are some small businesses in Sweden unhappy about the move towards a cashless society?
They have to pay a fee each time a customer pays by card
Study Notes
Sweden's Cashless Society
- Sweden is moving towards a cashless society, with many businesses no longer accepting cash payments
- This shift is driven by the increasing use of digital payment systems, mobile payments, and contactless transactions
Advantages of Mobile Banking in Kenya
- Mobile banking in Kenya has been successful, with many people using mobile phones to make financial transactions
- The main advantage of mobile banking in Kenya is that it has increased financial inclusion, especially in rural areas where traditional banking infrastructure is limited
Concerns of Small Businesses in Sweden
- Some small businesses in Sweden are unhappy about the move towards a cashless society, as they fear that they may lose customers who do not have access to digital payment systems
- They are also concerned about the increased costs associated with digital payment systems, which may negatively impact their profitability
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