Iran Planning to Abolish Cash

[singular_me]

wow... it also happens where you expect it the least.
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Iran Planning to Abolish Cash, Introduce Electronic Payment Systems
28th October 2015

Iran is planning to give up cash and replace it with an electronic means of payment. The project is to be tested for the first time in a free trade zone in the south of the country.

Iranian Central Bank President Walliollah Sejf told Tasnim news agency on Monday that the plan should be tested first on the island of Kish in southern Iran.

Kish is a free trade zone in the Persian Gulf. It is a paradise for consumers, with numerous shopping malls, modern hotels and tourist attractions.

After the withdrawal of the sanctions, Iran is expecting a flood of tourists and the new electronic payment systems would significantly simplify all payment procedures.

Read more: http://sputniknews.com/middleeast/20151027/1029195598/iran-abolish-cash-electronic-payment.html#ixzz3prbOMNX2

[collector]

maybe this was part of the deal to remove the sanctions

it's a joke the way they say it should "simplify payment procedures" - it'll only complicate everything and open the door to electronic fraud.

[Sparky]

Nothing here other than the headline and the bi-line (which rarely are accurate) says anything about abolishing cash. The content of the article is basically saying that too many merchants and consumers can only deal in cash right now, and they need to modernize in order to accommodate increase in business. Here's the key takeaway:

"However, although many Iranians have bank cards, most of them still have to pay in cash. Some stores and taxis do not have necessary card readers. Moreover, it is not always possible to pay for purchases with an international credit card."

[Horn]

imo, a cashless experiment will result in loss of economic steam so as to offset any foreseen gains by international banks.

It will strip lowerend economy from functioning, I cant see a gardener or street vendor carrying around any card processor fees.

People feel stupid using for purchasing anything under $15, its a mistake for banks to even go there and risk being noticed.