Cashless Economy: Is Society ready for transformation?

[stompix]

Implementing a "cash-less" society can be potentially destructive to economies of third-world countries, especially to countries who do not have access to technological innovations and developments. Suddenly shifting to this kind of change can potentially be destructive and will further hinder the marginalized sectors from having access to such resulting to a counter-productive move.

Can you give me one example where this cashless menace can turn destructive on the whole economy?
Please note that you mention the poverty in India, and sorry to say but this is the reality, a million people earning 1$ a day have less influence than 10 000 making 30 000 a month, as even the number are equal on payday, the poor spend them all on basic stuff while the others afford to invest and start a business.

Sweden is an example of a cashless society, probably most important NOT an imposed one, but driven by the will and the spending habits of the people and nothing has gone wrong economically.

They need it.
Instead of buying a cow bringing a bag of money which is tiresome.
Heard this story from one of my friends. Because of the low conversion of their money they tend to bring bags just so they could buy one item that is expensive when they are using cash.

Wiki tells me there is a 2000 rupiah banknote, the value would be 30$.
I know cows are sacred in India but I somehow doubt you would pay 3000$ for one.

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[reality18]

The era of digital currencies has already began with people switching from the usage of paper money to the patronage of credit card, e-currencies, cryptocurrencies etc. This is all because the digital currency offer convenience and with cryptocurrencies, transactions are more secured, faster, and can be transferred to anywhere across the globe. People are ready for cryptocurrencies. What is left now is the endorsement of it by the governments of some countries.

[mersal]

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!!

already it's being like that most of the people using the digital currencies for their basic needs and daily life so digitalizing the economy will not be a toughest situation in this time the future will made itself digitalised without any other help.

[tippytoes]

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!!

I don't expect a country like India to create cashless society.After all it's India.The amount of poverty is insane and probably 90% of the people don't have smartphones/computers.In addition to this,India in't crypto friendly at all.They want to make a cashless society that depends solely on banks.

It's not we are discriminating them but they have more problems to address other than aiming to be a cashless society. I don't want to enumerate but they should look into more pressing issues.

[LUCKMCFLY]

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!!

I don't expect a country like India to create cashless society.After all it's India.The amount of poverty is insane and probably 90% of the people don't have smartphones/computers.In addition to this,India in't crypto friendly at all.They want to make a cashless society that depends solely on banks.

It's not we are discriminating them but they have more problems to address other than aiming to be a cashless society. I don't want to enumerate but they should look into more pressing issues.

I think they should do some integrations that are supported with the cash, not completely eliminate the option, and can work collectively.

[Willitivity]

I don't see any of these cashless society programs yielding any fruit. C'mon, let's analyse this, for a cashless society to work, the people living there must be ready to embrace it and at the same time reached a particular technical requirements necessary for it. A sample portion of the country could go cashless but not the whole country. Best is to integrate both systems.

[purple.thoughts]

 I think yes. Our society is already advancing its technologies and one of theses is cashless transactions. When we say cashless transaction, it is purchasing or paying a bill without a physical money or card to be used. Now, we have these app that we will only just top up an amount of money to a digital wallet and we will just scan a QR code for us to make the payment. Seeing it as a proof of technology, it is already starting to become a cashless society not just that but also we have digital currencies that proves it is already getting started.

[kodtycoon]

society are always ready, but all must be comprehensive in rural areas of the country by means of digital progress a difficult to implement digitally yeah there must always be a network that is connected. well if there are problems in the network the society can't transact, while cash is easier and can be do it even in a cave yeah. a digital application may actually cost a lot but we must look at the development of the era

[whirlcoin]

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!!

if your country wants to develop digitally the people will support that in that case people are using cashless transaction in most of the time that's why the possibility cashless society will be happen very soon.

[Rooster101]

Cashless economy are already in place in some wealthy countries like US, Canada and Japan. Any country can transform their economy into cashless but it takes time especially if the technology needed is not yet in place. With enough resources, India can implement it but it must solve first any problems that it may possibly arise along the way. Urban areas will likely benefits from this technology because it is easy to put up digital insfrastructure there than in the rural areas.

[Febo]

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!!

People in India are definitely not ready. People of Sweden are ready for no cash tomorrow. But I guess crypto will turn all that around soon.

[BeGoods]

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!!

I don't expect a country like India to create cashless society.After all it's India.The amount of poverty is insane and probably 90% of the people don't have smartphones/computers.In addition to this,India in't crypto friendly at all.They want to make a cashless society that depends solely on banks.

It's not we are discriminating them but they have more problems to address other than aiming to be a cashless society. I don't want to enumerate but they should look into more pressing issues.

I think we have to be more realistic here, not just India, but the big countries still have poor people also, and the world also records more than 20% of the world's population is still poor or technology blind, so to do cashless right now, it's not right time

[cryptokingdom]

Rome was not built in a day, “Faceless, Paperless, Cashless” can be achieve but other infrastructure need to be in position. The willingness of it citizens is the starting point.

[Tamilson]

Cashless or digitalized system doesn't always involved crypto. People just have to wait for the progress along the way.

Definitely this is a good head on to being cashless society. At least open a bank account to be able to use cards, though creating a bank account is actually hard for some people in marginal community but hey if everyone is willing then there will be no ifs and buts.

And believe it or not, I saw a street vendor that have his own QR code from local digital wallet and so accepts payment through it. And this is what you call innovation.

[Oilacris]

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!!

Possible but this would really takes time to make the full transformation from fiat to cashless ones. Lots of factors should really be considered specially tagging up on how simple economic activities to be done.
Cashless might fasten up but on my mind this would really be somehow a complex thing to be adjusted not on the government alone but also into its citizens.

[samcrypto]

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!!

People in India are definitely not ready. People of Sweden are ready for no cash tomorrow. But I guess crypto will turn all that around soon.

Even my country is still not ready for this one because only 2% of the population knows how to invest and cryptocurrency is not fully legal. There are some country who are ready for this but for sure they still need fiat money for some reason.

[goaldigger]

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!!

People are dead ready for the cashless society. I always dreamt of technological advancements that i saw in the movies and i get excited whenever we are going near that picture. If there are things that are not ready on that kind of society, i bet thats the government and the country's resources. Its good to imagine but hard to do though. It takes a lot of budget.

[1Referee]

People are dead ready for the cashless society.

Based on what? Your bias towards a cashless economy? I know enough people who love to work with cash, and enough stores that do as well. As long as stores still accept cash, people aren't totally ready for it yet, because stores won't get rid of a payment form that will cost them a lot of customers.

Cash is somewhat of a decentralized payment option too. Peer to peer payments is power to the people. If you take that away from people, there isn't much left for them to utilize, especially when it comes to those who aren't into crypto and hold Gold as a safe haven asset.

We should give people more options instead of taking options away from them.

[Dreamchaser21]

Too early to say but I think people are still not ready for this one and our government will not let a cashless society to happen. We know fiat money are existed ever since and its already our culture. Even if the technology grows, i still believe that cash transactions will become more efficient in the future.

[rachellee]

Whether the society in general is ready or not, going cashless is inevitable. Apparently, the course of financial landscape is heading it, and there's nothing we can do but adopt it, otherwise, we'll be left out. In my country, for instance, there are already street vendors who are accepting digital payment thru Paymaya and small retailers who are accepting bitcoin payment. It only goes to show that even the small-scale entrepreneurs are preparing for any possibility of going cashless.