Finance Minister Professor Biman Prasad has emphasized the gradual but determined shift towards establishing a cashless economy in the country.

Prasad says the government is steadily progressing towards cashless transactions, with the aim of enhancing efficiency and convenience in daily life.

“This is a time of digitization, AI, and new technology, and throughout the world, in other countries, these things happen, and in Fiji too, this is being driven by global trends. We have a lot of government payments, for example.”

Prasad says the recently announced partnership with Google to establish a major subsea cable in Fiji will not only enhance digital connectivity but also boost the cashless transition.

Meanwhile, ANZ Bank Fiji Country Head Rabih Yazbek says a cashless society would address many drawbacks associated with cash.

“It can be miscounted or stolen; it has to be transported in large sums with security, and it’s not convenient. Going to an ATM or a bank to withdraw cash is not convenient; everyone’s busy these days; digital payments are the way of the future; and if you look at developed economies, retail outlets now don’t even accept cash because they don’t want the hassle of having to count it, lose it, or have it stolen.”

According to Prasad, these developments signify a shift towards a cashless future, reflecting the evolving landscape of financial transactions and services in the country.