Cashless Economy: Is Society ready for transformation?

[proTECH77]

It can only work for some develop country not some country that is trying to improve their economy. Any way cashless economy is very good because it can reduce all the risk of moving your money from one place to another for purchase.
I think with time some undevelop country will like to switch to cashless where you can buy what ever you want to buy without carry money for hand.
Some country like india, and china are into cashless in their country which the citizens are really enjoying right now.

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[oHnK]

Rural areas are not a place with high economic activity. We need to see cities as places that generate more transactions and people are busier, internet shopping is the solution. Non-cash payment is the same.
In the countryside, it is still possible to make non-cash payments if the shop owners change the form of payment. I believe that people in the countryside also use mobile devices and they will prefer non-cash payments.

However, if we talk about the readiness of the society, it should be more comprehensive, not differentiating between high and low economic activity.  Where there are financial transactions, all people can experience an even policy if cashless is implemented.

[noorammak]

Rural areas are not a place with high economic activity. We need to see cities as places that generate more transactions and people are busier, internet shopping is the solution. Non-cash payment is the same.
In the countryside, it is still possible to make non-cash payments if the shop owners change the form of payment. I believe that people in the countryside also use mobile devices and they will prefer non-cash payments.

However, if we talk about the readiness of the society, it should be more comprehensive, not differentiating between high and low economic activity.  Where there are financial transactions, all people can experience an even policy if cashless is implemented.

Not using cash is just one solution to solving economic problems. Like Bitcoin, it enables faster and low-cost cross-border transfers. Cashless will save more time and skip sorting, sorting cash, depositing money in the bank.
There is no way to eliminate cash because society has people who do not use mobile devices.

[Reatim]

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Not yet I guess, even though India's technology advances are really notable; that transformation is still not yet available since people are not fully knowledgeable about what could happen if they transition into being Cashless. It would still be good to do both Cashless and with Cash transactions since people might see that it would be better to do cashless since it would bring less hassle by carrying cash and the fear of being robbed.

It's been more than 1 1/2 years since this post was created yet India is struggling in legality matters,after being declared as legal for
 crypto currencies,now they are back in this issue because there are topics that talks about banning Bitcoin again.

Anyway india is a great country that is looking for changes ,maybe not in this year but sooner cashless will be indeed,not
 only in India but the whole world.

[GDragon]

A society would need to solve a lot of issues first before even trying to live as a cashless society. Digital payments would need technologies, and we all know a large chunk of people doesn't even own a phone, or doesn't even know how to use a one. It will tackle issues of internet, urbanizations, technological advancements, poverty, and etc. A lot would still choose holding a cash than something they could not even use in the local stores on a street. So if my country is targeting to be a cashless society in the future, they need to be able to provide things and technologies to the poorest of the poor, provide quality internet, provide educational tours to the rural, provide electricity to the farthest place who couldn't even reach a signal for a single text message.

So yup, in case of my country, we are not yet ready if these problems will not be solve, if they would push it, its great but make it slower. Adapt and let others have the ability to grasp to the changes. Give solutions to the problems they should prioritize first. They should not make fiat be forgotten cause some people can't afford to leave with cashless yet.

[reliable]

It will take a long way in our country as at places even basic facilities may lack . So using digital currency will take long years. Having said that but since now pandemic we will have various changes in system and using fainmay start getting reduce so this give chance of having more of digital payment .

[int03h]

Sure, cashless is now the trend, people prefer credit cards, electronic money, or pay with only QR codes. This trend is developing and spreading in Asian countries. China has used less cash since Alipay, Wechat .. was introduced. The neighboring countries of China are actively developing banking applications.
I find that not using cash has more incentives and saves a lot of things.

[Ludmilla_rose1995]

Sure, cashless is now the trend, people prefer credit cards, electronic money, or pay with only QR codes. This trend is developing and spreading in Asian countries. China has used less cash since Alipay, Wechat .. was introduced. The neighboring countries of China are actively developing banking applications.
I find that not using cash has more incentives and saves a lot of things.

Yes, it is true. Using physical money is an ancient way and I think that one day cash payments will no longer be used, because using electronic payments is more efficient and easier to use.

[abhiseshakana]

Sure, cashless is now the trend, people prefer credit cards, electronic money, or pay with only QR codes. This trend is developing and spreading in Asian countries. China has used less cash since Alipay, Wechat .. was introduced. The neighboring countries of China are actively developing banking applications.
I find that not using cash has more incentives and saves a lot of things.

Many are not aware that the cashless society campaign also poses an economic threat to many unaware countries. Cashless is known for its convenience and wide reach, if not put close attention, it can disrupt a country's economic growth.

For example, China makes an OBOR project in Maldives in the tourism sector. So China will make a one-stop vacation service there, starting from ticketing companies, tour and travel, hotels, restaurants, and souvenir centers and, of course, tour guides are also from China and don't forget that payment uses Alipay. You can imagine that even though Maldives tourism becomes crowded because of the arrival of tourists from China but very few return to Maldives, the economy is rotating in China because tourists pay by Alipay. China will only pay a small overhead in Maldives but in the end, China got more benefited than Maldives.

[Ozero]

Rural areas are not a place with high economic activity. We need to see cities as places that generate more transactions and people are busier, internet shopping is the solution. Non-cash payment is the same.
In the countryside, it is still possible to make non-cash payments if the shop owners change the form of payment. I believe that people in the countryside also use mobile devices and they will prefer non-cash payments.

However, if we talk about the readiness of the society, it should be more comprehensive, not differentiating between high and low economic activity.  Where there are financial transactions, all people can experience an even policy if cashless is implemented.

Not using cash is just one solution to solving economic problems. Like Bitcoin, it enables faster and low-cost cross-border transfers. Cashless will save more time and skip sorting, sorting cash, depositing money in the bank.
There is no way to eliminate cash because society has people who do not use mobile devices.

Refusal to use cash will not solve any problems, and even more so in a country like India. Even while high-income countries, in my opinion, are not yet ready to give up cash. In a relatively poor country like India, this will cause an economic collapse, people will return to the barter system of payments.
You shouldn't give up cash altogether. In some cases, this is the simplest and most convenient way of making payments. It should also be remembered that non-cash payments are easily tracked by states, only cash is almost impossible to track.

[int03h]

Sure, cashless is now the trend, people prefer credit cards, electronic money, or pay with only QR codes. This trend is developing and spreading in Asian countries. China has used less cash since Alipay, Wechat .. was introduced. The neighboring countries of China are actively developing banking applications.
I find that not using cash has more incentives and saves a lot of things.

Many are not aware that the cashless society campaign also poses an economic threat to many unaware countries. Cashless is known for its convenience and wide reach, if not put close attention, it can disrupt a country's economic growth.

For example, China makes an OBOR project in Maldives in the tourism sector. So China will make a one-stop vacation service there, starting from ticketing companies, tour and travel, hotels, restaurants, and souvenir centers and, of course, tour guides are also from China and don't forget that payment uses Alipay. You can imagine that even though Maldives tourism becomes crowded because of the arrival of tourists from China but very few return to Maldives, the economy is rotating in China because tourists pay by Alipay. China will only pay a small overhead in Maldives but in the end, China got more benefited than Maldives.

Certainly, that is why countries, organizations, and companies are racing to create wallets and force customers to pay through their payment channels.
In my country, too, the government prevents money from flowing back to China through payment apps from China and POS machines.

[Natsuu]

Sure, cashless is now the trend, people prefer credit cards, electronic money, or pay with only QR codes. This trend is developing and spreading in Asian countries. China has used less cash since Alipay, Wechat .. was introduced. The neighboring countries of China are actively developing banking applications.
I find that not using cash has more incentives and saves a lot of things.

Yes, it is true. Using physical money is an ancient way and I think that one day cash payments will no longer be used, because using electronic payments is more efficient and easier to use.

Sure thing that cashless would be efficient and easier to access for you don't need to carry heavy loads and crates to have a millions in your pocket. Instead, you will only need a card or electronic wallet that be accessed anytime anywhere. But having this concept of generalizing that doing this is better for everything, then that will be wrong, maybe for different scenarios, cashless would be better, and for some aren't. There are different countries in the world, and we can't just erase the fact that there is the difference between the developing and developed country. Cashless society in developing countries might hinder its growth, and might result for that country to sink deeper than before.

[rhodelmabanal]

I think cashless economy is really a great convenience to all, but there are still people that is ignorant about cashless economy and how it works. Because at first our grandparents is really using fiat in a very long time, i believe  our grandparents belong to the people who are not ready for the cashless society. So then i can really say that not everyone is ready for the transformation maybe in the near future we can transform into cashless economy but not today it takes time.

[lienfaye]

I think cashless economy is really a great convenience to all, but there are still people that is ignorant about cashless economy and how it works. Because at first our grandparents is really using fiat in a very long time, i believe  our grandparents belong to the people who are not ready for the cashless society. So then i can really say that not everyone is ready for the transformation maybe in the near future we can transform into cashless economy but not today it takes time.

That would be the problem. Some people especially elderly are not open or not aware on the new technology, e.g those application for payment system that is very convenient for users.

We cant transform completely to a cashless society, we need to consider others that cant adopt or unable to go with the flow to the new technology due to their status in life. For now lets just enjoy the benefits of using fiat and going cashless specially now that there's still a pandemic.

[JuSayCo]

Its a great-advanced idea if the whole country could turn into cashless transactions. Well, some countries are already using this method to make everything more easier in life and it is necessary nowadays that we are facing with covid-19 crisis. I agree with this kind of method but I believe that not all the people can understand the way that digital technology works, especially the elderly. Traditional ways of managing finances will still remain, i guess. And I think, it can only be implemented to much digitalized countries with the fastest internet signal.

[todiefor17]

Not using cash in payment is the trend of the economy. In recent years, Asian countries have also followed this trend. Non-cash payments will have many advantages and many promotions.
Cashless payments also help prevent the spread of viruses during a pandemic. Non-cash payments also reduce costs to produce cash.

[idrisalomagold]

Well this question depends on what country you are dealing with and also there are still a lot of factors to be considered. FIAT represents each other countries local currencies they used in their countries. Coins and paper money represents FIAT and money in whatever part are you in the society, rich or poor. One I am worrying at are the poor, what happens to them if everything gets digital? Also psychologically people at all classes will need to slowly adapt the technologies we have today and for the incoming future.

Cashless society is indeed very possible in the future yet everything good needs time to develop. I believe overall that crypto and its underlying technology, BLOCKCHAIN will definitely change the world we live today!

[ArIMy11]

It will take a long way in our country as at places even basic facilities may lack . So using digital currency will take long years. Having said that but since now pandemic we will have various changes in system and using fainmay start getting reduce so this give chance of having more of digital payment .

Even in our country, due to this pandemic people start to switch in online payment. We believe that money is one of the most dirty thing here in earth because it goes to different hands and no one washes it so it is not impossible that virus may stick to it and pass it to people. Although online payment is still not possible to everyone because not eveyone knows how to transact online, if there is online payment I am doing it online. I can pay bills even though I did not go out of our house so the easier it is.

[finaleshot2016]

It will take a long way in our country as at places even basic facilities may lack . So using digital currency will take long years. Having said that but since now pandemic we will have various changes in system and using fainmay start getting reduce so this give chance of having more of digital payment .

Even in our country, due to this pandemic people start to switch in online payment. We believe that money is one of the most dirty thing here in earth because it goes to different hands and no one washes it so it is not impossible that virus may stick to it and pass it to people. Although online payment is still not possible to everyone because not eveyone knows how to transact online, if there is online payment I am doing it online. I can pay bills even though I did not go out of our house so the easier it is.

Yeah, for online payment only but it's not a key for implementing a cashless society. I mean, it's not enough because it's only for a used payment not in different kinds of transactions, especially on the huge businesses because they prefer actual money than digital money. Therefore, a cashless society is very impossible for now and we still lack different things like a good connection for unlimited access and transactions. Bills aren't safe because of the virus spreading around the world but most of the citizens prefer using this.

[verita1]

I also recommend as the mate said, do not copy and paste content because it is considered plagiarism.
In relation to the digital India program, it seems good to me, but like any process it takes time. The population must be educated and the Indian government must provide the technological infrastructure for the program to run smoothly. It should be an inclusive program where everyone can participate. As not everything is perfect, there will be some challenges that must be overcome so that the tools and technology reach everyone.