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Why The Move To A Cashless Economy Could Bring On A Global Identity Crisis

– Forbes Technology Council

How the move towards a cashless world, brought about by COVID, will exclude unbanked populations

The article highlights those who have no way of proving their identity in order to open bank accounts, which includes 22% of adults in the US, despite the in-roads towards digitization being made around the world, as governments try to improve their digital identity systems.

"All these people rely on cash to survive. But if cash goes extinct, where does that leave them?”

The author argues for new ways of proving identity, such as biometrics, and argues that people should be better educated about how digital ID can enhance cybersecurity.

Whether it is shopping online, conducting banking transactions or engaging with government services, next-generation digital identity solutions can provide all consumers and businesses with safe, seamless, and digital experiences that make transactions of all kinds easier and more secure

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