The financial encyclopedia uses cookies to improve your user experience. Find out more here!



 

 


 

Cashless economy
 

 

An economy that operates without notes and coins. When the concept was first introduced it was envisaged that cheque and credit card transactions would steadily replace cash. This has not occurred, and despite the growth of electronic money the demand for cash and the amount of banknotes in circulation have remained stable.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.