Cashless Economy: Is Society ready for transformation?

[fauzan Ichsan]

I think in the modern life in many countries, people are ready for transformation but in the other region which still grow, I don't think they are ready because there are many things to build before they are ready to accept the transformation. But soon, after the growing country can solve the main problem in their country, then they will be ready, and they will allow the transformation although it's very difficult to convince the older people to follow to accept the new transformation.

Yes.Although we can say that we are ready for a cashless society but considering the people in the rural areas,it would be hard for them to drive along with this fast changing technology.Maybe if the government will create educational programs to raise awareness to the people on how cashless economy works,then it would be the time that we can conclude that we are now ready for a cashless economy.

People will get adopted to it, but it takes some time period. We cannot experience a complete transition from the fiat usage to complete cashless access. When smartphones got into the market people weren't much used to it. Now every common men had got the knowledge to use it, in the similar way can expect change little by little. Maybe with the next generation it gets easier as everything has now come got its digital version.

logically I judge your explanation, it really takes time to achieve all that. maybe until our next descendants. for now crypto is still in the process of showing its performance, so that it can be accepted by all countries

[nerlial]

We are going in a direct course in non-cash economy. Banks are already switching to cashless payments.

[Naida_BR]

We are going in a direct course in non-cash economy. Banks are already switching to cashless payments.

The transformation has started many years ago, I render that it started since 2009 where the economic crisis hit the whole world. Cashless societies are in favor of the debt world that our economic model is built upon. More and more cashless options for us are about to come and I hope that cryptocurrencies will be one of them.

[arpon11]

"Cashless society" alot need to be done in educating the populace.  I could remember in some years back many of us did not understand how blockchain technology work but now we can do financial transactions through the blockchain technology successfully.  Many big business are still finding it very difficult to be able to make used of decentralized financial system but I think in the future everything will become easier and we would build confidence and trust on the cashless money.

[logicgate]

I think in the modern life in many countries, people are ready for transformation but in the other region which still grow, I don't think they are ready because there are many things to build before they are ready to accept the transformation. But soon, after the growing country can solve the main problem in their country, then they will be ready, and they will allow the transformation although it's very difficult to convince the older people to follow to accept the new transformation.

Yes.Although we can say that we are ready for a cashless society but considering the people in the rural areas,it would be hard for them to drive along with this fast changing technology.Maybe if the government will create educational programs to raise awareness to the people on how cashless economy works,then it would be the time that we can conclude that we are now ready for a cashless economy.

People will get adopted to it, but it takes some time period. We cannot experience a complete transition from the fiat usage to complete cashless access. When smartphones got into the market people weren't much used to it. Now every common men had got the knowledge to use it, in the similar way can expect change little by little. Maybe with the next generation it gets easier as everything has now come got its digital version.

logically I judge your explanation, it really takes time to achieve all that. maybe until our next descendants. for now crypto is still in the process of showing its performance, so that it can be accepted by all countries

  No not really so it will not take much time because crypto currency is really decentralized and legalization is not an issue, because it is still able to use at several places and this is good because it saves time and money, we can buy goods of our need even if we are at home, crypto currency will take the place of real money in our society with passage of time.

[fullhdpixel]

People will get adopted to it, but it takes some time period. We cannot experience a complete transition from the fiat usage to complete cashless access. When smartphones got into the market people weren't much used to it. Now every common men had got the knowledge to use it, in the similar way can expect change little by little. Maybe with the next generation it gets easier as everything has now come got its digital version.

This will surely be a part crypto currency will take too in near future.
Virtually everyone has a phone except one that chooses not to have, same way every soul will hold crypto currency in future.

It looks now as if not up to 1% of the world uses crypto currency as means of whatever they intend using for,  but a time will come that every country and everyone will embrace the cashless society whereby Crypto currency will be the major system to be used then.

Hence, no matter how long it seems it is taking for Crypto currency to grow, as years passes by, it will keep sending signals to other countries yet to embrace it to do so.

[incomefromcoins]

India is in first place in the cashless economy in implementing most of the payment solution in the form of digital payments and encouraging public and merchants to turn to cashless

[bering]

In my view not all countries can do it and cashless society only can be implement on the countries who have strong economy and probably India can be done with it because if i'm not mistaken India economy were pretty strong but cashless society cannot be implement on develop countries which in those countries still have poverty problem

[alisafidel58]

I don't think so. In some parts of the world, they still need to use their own currency to buy their necessity. I think more than half of the population of earth still pay for their goods in the traditional way.

Like here in the Philippines we have a store here that is called a "sari-sari store", where you can buy certain items at a single price instead of buying a whole pack or a dozen. Its paid by our own currency and our local retailers still don't know how to use cryptocurrency.

[futile-resistance]

india, maybe this country is indeed one of the countries with a large cryptocurrency circulation and even some ICOs are from this country, but I am not sure that this country can use the cryptocurrency as a whole.

This dont mean that they are cashless. There is one of countries that used the most crypto but cashless society is something where you dont use paper money you pay with cards or mobile phones. In general this king of usage is still far from being completely cashless but we are going in the right direction.

I agree. It's too early to even consider a majority in cashless transactions. Though slowly people are already seeing the benefits of it when it comes to convenience and efficiency, a lot still don't have access to either information or tools to rely mostly on cashless dealings. It may come but not yet.

Very correct Mate. Assuming that a country has become cashless because of its huge crypto usage is not correct.
To be cashless means fiat to be completely erased and digital money the only accepted means of exchange. This is still a work in process, It will be achieved but for now not yet, and you have basically hit the nail on the head to mention that it is too early.

Let’s just keep spreading more news on the adoption of BTC rather than getting on a baseless argument. A cashless society which will be based on digital fiats will be a testing phase of crypto society to study pros and cons of adopting bitcoins. We need to spread awareness on bitcoin adoptions in between time cashless society also will groom to the state of adopting cryptos instantly on first hearing.

[Ispep]

India is in first place in the cashless economy in implementing most of the payment solution in the form of digital payments and encouraging public and merchants to turn to cashless

This will help in transforming and developing the country as well as the propagation of virtual payments systems(cashless society)
More and more developed countries are switching gear to cashless economy, the more this happens, the more it favors cryptocurrency

[Finestream]

I don't think so. In some parts of the world, they still need to use their own currency to buy their necessity. I think more than half of the population of earth still pay for their goods in the traditional way.

Like here in the Philippines we have a store here that is called a "sari-sari store", where you can buy certain items at a single price instead of buying a whole pack or a dozen. Its paid by our own currency and our local retailers still don't know how to use cryptocurrency.

For now,it's really hard to tell that we are now ready for a cashless economy knowing that most of the countries are still into fiat currencies.But seeing China who has been able to survive a cashless economy,i think other countries would be able to do this also as long as the government itself will provide programs to make the people be aware about cashless economy.

[slocker]

Assuming that a country has become cashless because of its huge crypto usage is not correct.
To be cashless means fiat to be completely erased and digital money the only accepted means of exchange.

Not necessary to be just crypto. Cashless system is where no physical cash is in circulation. Well its should be like this in theory. Payments are made through credit and debit cards, bank electronic fund transfers or virtual wallets and if necessary crypto (hopefully in some near future). Still in general this is very hard and bold move to take by many. We have countries that are already into cashless system or in system that use less cash.

[jrrsparkles]

We are already very much prepared for it,but still it is not convenient in all the places and emergency situation because we were taught to use paper money everywhere when compared to other type of payments.

And governments saying they were going towards cahsless economy just doing nothing other than speading false promises,just for their political benefits.

[Vaskiy]

We are already very much prepared for it,but still it is not convenient in all the places and emergency situation because we were taught to use paper money everywhere when compared to other type of payments.

And governments saying they were going towards cahsless economy just doing nothing other than speading false promises,just for their political benefits.

Society needs time for a transformation, the people around were much adoptive to the cashless economy. Same time there is lack of security concerns and scammers who easily get the users funds. In my country people who are little knowledged use the debit/credit cards. Common people began to use cashless transactions, but scammers tried to get the keys through phone calls and transfer to other accounts. This loosen the trust of people over digital medium of transaction.

[Dasha88fed]

I believe that countries with a high standard of living and a strong economy have long been adapted to cashless payment between people and in stores using payment cards and Internet banking. Therefore, in these countries it will not be difficult to integrate cryptocurrencies into society. Digitalization is now active in many countries and it is not surprising that the government of India has also decided to make its country actively using cryptocurrencies.

[kyucryp]

very brilliant idea. at present, technological developments are very rapid including in the fields of economy and finance. all countries have used technology in all sectors. we must follow the development of technology in all fields in order to continue to grow. but the security aspect must be improved in terms of financial technology such as e-bangking, crypto and others.

[toast]

it seems not because to change the lives of people in the world without cash it is very difficult because cash has become a daily necessity for making payments, and not all markets or stores use non-cash payments

[jrrsparkles]

We are already very much prepared for it,but still it is not convenient in all the places and emergency situation because we were taught to use paper money everywhere when compared to other type of payments.

And governments saying they were going towards cahsless economy just doing nothing other than speading false promises,just for their political benefits.

Society needs time for a transformation, the people around were much adoptive to the cashless economy. Same time there is lack of security concerns and scammers who easily get the users funds. In my country people who are little knowledged use the debit/credit cards. Common people began to use cashless transactions, but scammers tried to get the keys through phone calls and transfer to other accounts. This loosen the trust of people over digital medium of transaction.

The blame should be on the government here because they were failed to teach the people how they should be before implementing a new system but most governments don't care about their citizen,all they were looking for the taxes.

[slocker]

It’s no surprise that digital payments are moving fast was it crypto or not cash transaction. Some say that now its more cashless rather then cash transaction. This is more of technology advancement, ease of use, high levels of security, lower cost and many more. For some example digital payments are connected to smartphones which is an exploding industry. With this we could expect in next five years maybe less that we will have more the 3/4 of world population using smartphones as payment, now is around 60%.

Then we could say that digital payment is smarter and safer to use. They can be tracked. Also this can be use in some developed countries as tax collecting system, they could easily have info about it (maybe this is bad side). But what about some countries that have low internet or they have restriction on it, will this be good for them or not. Probably they dont think about it in any way.

So what can cashless bring.

Can be safer, smarter and more accessible. But in the mean of completely cashless we are still far away. Also many love to have good old cash in wallet or pockets. But rapid development of digital platforms and payments can provide the speed, security, transparency and cost efficiency needed to increase financial inclusion universally. And this is what is most important in this. Most will have to adopt but eventually we will be cashless.