Cash is king. Well, it used to be.
Few things have changed the way money works in society as much as the humble debit/credit card. Since its introduction to society in the 1960s, it has become the sole way many of us access our money and pay for things, pushing actual cash further and further to the sidelines. Nowadays, it’s more uncommon for a business to not take cash than card, and some people haven’t touched paper money in years.
Now, Albania wants to take our card-first world to a new level and become entirely cashless by 2030. In just five years, Prime Minister Edi Rama hopes that all monetary transactions in the nation will be conducted digitally, as part of a wider vision he has to improve the country’s economy and bring it into the EU, called ‘Albania 2030’.
Rama believes that the tech needed to do this already exists, describing his goal as ‘entirely achievable’. He also said that this move would ‘free the country from a heavy burden of outdated practices and inefficiencies that weigh down everyday life’.
Albania has historically lagged behind much of Europe and the west when it comes to the finance sector, with ATMs only being introduced to the country in 2004. Some experts believe that it would be near impossible for Albania to go cashless within the decade, as it would require significant investment into cybersecurity to prevent cyber attacks, which the country would struggle to facilitate.
Finance expert Arben Malaj told DW that another challenge is that ‘a high percentage of the population lives in rural areas’, and that sectors including agriculture still rely heavily on cash. Many will undoubtedly rally against the move, as large numbers of the population continue to use physical money daily, particularly older people.
There is nowhere else in the world that has ever managed to achieve such a feat. Paypal doesn’t even exist for businesses in Albania yet, so there are plenty of hurdles to overcome before cash goes extinct in Albania. If you’re visiting soon, make sure to bring some lekë.
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