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In a cashless society, financial transactions are conducted digitally. As digitalization progresses, cryptocurrencies, digital payments, and ecommerce are more common. A cashless society helps reduce business risks and costs, increases transaction speed, and facilitates the collection of economic information and digital connection. It also creates concerns over users’ privacy, marginalization of those without digital technology access, and concentrated control of information, as indicated in a 2022 report of the Royal Society for the Encouragement of Arts, Manufactures and Commerce of the UK.
As APO members promote digital upgrading and the development of a cashless society, a review of how to maximize the benefits and reduce negative socioeconomic impacts is necessary. The APO Sustainable Productivity Summit in 2018 explored cashless society concepts, and this study mission will examine its development in the Asia-Pacific region and identify strategies for its sustainable development.
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