Governments and other parties have been urged to join the alliance. At this stage, the alliance have fourteen members and hope to entice more to join.
At a breakfast hosted by Bill Gates, the benefits of a cash-less economy was discussed (Read here). There was general agreement that numerous benefits can be achieved, but five specific benefits were highlighted. These were (quoted from the article):
- Transparency: Less corruption and theft when payments can be easily tracked.
- Security: The money gets where it’s supposed to go.
- Financial inclusion: Electronic payment is a way for unbanked people to establish a record of on-time payment of their bills.
- Cost savings: Moving physical cash around is costlier than zipping electrons.
- Access to new markets: This benefit is mainly for providers of financial services.