The cost of producing and handling physical cash is considerable. Smithers-Pira estimates that the global market for security printing will reach USD$35.3 billion in 2018 (McCook, 2018). Kapronasia estimated that in a typical retail value chain, cash costs participants over 13% of the face-value of paper currency (Kapronasia, 2018). What is even more surprising, is some coins cost more for the government to manufacture than they are actually worth (These Coins Cost More to Make than They're Worth - Wall Street Survivor Blog, 2018).
Physical cash can also be a source of loss for consumers. A study conducted by ING bank in Australia found on average Australian adults lose $60 in loose change a year. This equates to over $466 million annually in lost change (News.com.au, 2018). It seems that consumers are tiring of coins as well; almost half of the American population does not prefer to carry coins, a recent survey of more than 2000 individuals found. (Carter, 2018))
With benefits for governments, businesses, and consumers, a shift away from cash to digital forms of currency and payments seems inevitable and a benefit to nearly all market participants. The invention of Bitcoin in 2008 seemed to offer a pathway for this shift to digital.
This is true, most the governments are planing to shift to digital. This project sound good with great road map and potentials. I will definitely keep eye on it.
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