The Government Perspective towards a Cashless Economy in Malta

Abstract

Advancements in technology throughout the years have led to the emergence of cashless societies, in which most of the payments are conducted electronically. In Malta, the accessibility of different payment methods started to increase in 2013, when people started increasing their use of online payments, direct debit, and prepaid cards. Although these cashless systems are convenient and efficient, the Maltese population still use cash as their main payment instrument. Therefore, local banks started to make single payments easy by introducing contactless systems and mobile banking applications. The Government of Malta together with the Central Bank of Malta, are working to move towards a cashless economy which is accessible for everyone. This research focuses on the government’s perspective towards a cashless economy in Malta. The results show that a local cashless economy is achievable, but it is something that can be achieved over a longer length of time, rather than being a short term objective. The findings indicate that a cashless economy will have a positive effect on the Maltese economy, and further growth can be expected.