Professor Biman Prasad, the Finance Minister, has highlighted the country’s ongoing and focused transition towards a cashless economy. He mentioned that the government is consistently moving forward with cashless transactions to boost efficiency and ease in everyday activities.
Prasad pointed out that we are in an era of digitization, artificial intelligence, and innovative technologies. These global trends are influencing developments in Fiji, with the government leading the way, especially in the area of government payments.
Furthermore, Prasad mentioned the recent collaboration with Google to set up a significant subsea cable in Fiji. This project is expected to improve digital connectivity and accelerate the shift to a cashless society.
Rabih Yazbek, ANZ Bank Fiji’s Country Head, also commented on the transition to a cashless society. He mentioned the drawbacksassociated with cash, such as the risks of miscounting, theft, and the inconvenience of transporting large sums with security. He also noted the inconvenience of using ATMs or banks for withdrawing cash, emphasizing that digital payments are the future. He remarked that in developed economies, many retail outlets no longer accept cash to avoid the hassles associated with it.
These statements from Prasad and Yazbek reflect a significant change towards a future without cash, mirroring the changing dynamics of financial transactions and services in the country.