Trinidad and Tobago not ready for cashless

THE EDITOR: The concept of a cashless society has gained traction globally, with many countries moving toward digital transactions and reducing reliance on physical currency. However, in TT this transition faces significant challenges.

While technological advancements and mobile banking solutions are on the rise, many citizens remain hesitant to fully embrace a cashless system due to limited internet access, lack of financial literacy, and varying levels of comfort with technology.

Additionally, there is a long-standing cultural preference for cash transactions, particularly among small vendors and in rural areas where many individuals may not have access to the necessary digital infrastructure.

This cultural resistance – coupled with economic disparities – creates a landscape where the idea of a cashless society feels more aspirational than achievable.

Moreover, concerns about security and privacy in digital transactions persist. Many citizens worry about the risks of cybercrime and data breaches.

For TT to transition toward a cashless society, a multifaceted approach is required. This includes increasing access to secure digital banking options, enhancing public education on the benefits and safety of cashless transactions, and building trust in technology.

Additionally, addressing infrastructure gaps, especially in underserved communities, is crucial to ensure that all citizens can participate in this evolving financial landscape. Without these measures, achieving a cashless society will remain a distant goal.

GORDON LAUGHLIN

via e-mail