Cashless Economy: Is Society ready for transformation?

[logicgate]

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.

  It is not created in day or two but look at the users who are happy with new system most of them are demanding changes, people who are modern and knows the importance of development are happy to see their society developing, so they are agree to give better response for new era of digital currency and after fully acceptance of digital money I think there will be no place for paper/ cash then.

[creeps]

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.

We might be not ready for this one but there are some places who are already a cashless society but still using a fiat money. Aside from cryptocurrency, China is being more a cashless society using their Alipay and I think soon more countries will be like this. I can’t imagine my place to be like this since we are a developing country where there still a lot of rural places that is not knowledgeable to use internet and mobile phones, so i think there will be a balance financial system in the future.

[LeGaulois]

Its not easy to cashless its makes more years to analyze if this is good in the country. Some countries are not already progressive but i think its happening if the countries is want to accept cashless in the territory. Cashless are very helpful and easy to transact but there are some places that not accept cashless like a wet market but if the government rules is to cashless payment for every purchasing is good but i think its hard to accept because like i said we need more research and plan about that kind of economy.

A cashless system exists since the Knights Templar and the Crusades. They introduced the cheque system, it was a convenient way. Then the coin came, the banknote... When the banking system introduced the card and VISA, Mastercard and so on, it was also a convenient way at that time.
The payment means changed over the centuries depending on the needs, politics, geopolitics, populations, locations...

Now there is a demand for a more convenient way and banks perfectly know it has to come with the technology. You can pay almost anywhere with a Contactless Visa/MasterCard here. You will be surprised if I tell you the majority of people using the contactless feature are about 45-65 years old.

Statistics show that some countries are strong believers of physical money like Germany, while some others prefer anything digitalized.
There is also a difference depending on age.

In the end, it all depends on the generations and countries but there is no need to "research" what kind of economy. It's not really supposed to revolution an economy it's supposed to make it as most convenient as possible.

[shoreno]

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.

We might be not ready for this one but there are some places who are already a cashless society but still using a fiat money. Aside from cryptocurrency, China is being more a cashless society using their Alipay and I think soon more countries will be like this. I can’t imagine my place to be like this since we are a developing country where there still a lot of rural places that is not knowledgeable to use internet and mobile phones, so i think there will be a balance financial system in the future.

China is not really a poor country  . its normal for them to become a cashless society because anyone can adapt to the change but on other countries especially on the poorer  and rural ones like you said . they might having a hard time to adjust therfor virtual payment system and local payment system can atleast work in parallel for them  . 

[gentlemand]

The willingness of it citizens is the starting point.

The mindlessness of its citizens is what they need.

Most people are suckling on the internet teat and don't believe that what they're addicted to can turn against them. Cashlessness is a nightmarish extension of this. If it comes into place then it's too late to do anything about it.

The Indian people will be dragged kicking and screaming into it. In places like Scandinavia they can't wait to go cashless.

Look at the Chinese social credit system. Combine a repackaged version of that with the absolute control cashlessness gives governments over you and the future will be bleak indeed.

[Duzter]

Going cashless isn't that easy, before that more issues need to be taken into consideration and well researched, because with cashless economy everything happens online through the networked process. Here, a single security breach could lead to a big loss. It can be of data or funds. Lost is lost, though it is recoverable it is a big risk.

[gentlemand]

Going cashless isn't that easy, before that more issues need to be taken into consideration and well researched, because with cashless economy everything happens online through the networked process. Here, a single security breach could lead to a big loss. It can be of data or funds. Lost is lost, though it is recoverable it is a big risk.

Banking regularly goes down for millions of customers for days at a time in the UK. No one seems to care. They complain and then never mention it until it happens again. People seem weirdly willing to entrust their entire lives to a handful of systems.

[Vaskiy]

Going cashless isn't that easy, before that more issues need to be taken into consideration and well researched, because with cashless economy everything happens online through the networked process. Here, a single security breach could lead to a big loss. It can be of data or funds. Lost is lost, though it is recoverable it is a big risk.

Banking regularly goes down for millions of customers for days at a time in the UK. No one seems to care. They complain and then never mention it until it happens again. People seem weirdly willing to entrust their entire lives to a handful of systems.

This happens all around with the banking network. They never intend to provide the support to the customers. Even with digitization it isn't possible to provide the best service, because from Op I understood digitization is just a word embarrassed. None is clear about the activities happening through the term digitization. From my learning cryptocurrency is the only solution for cashless society transformation.

[CoinChili]

It is already been introduced in many country and that cashless transactions had a great impact so far in our society. People are now having adoptation with this kind of transformation and welcome it with positive outlook. This is a new era with modern technology so, i guess we are now ready to accept this cashless transactions.

[efxtrader]

It is already been introduced in many country and that cashless transactions had a great impact so far in our society. People are now having adoptation with this kind of transformation and welcome it with positive outlook. This is a new era with modern technology so, i guess we are now ready to accept this cashless transactions.

Like or not, cashless will happen and spread all around the world. People in these days hold smartphone and connected with internet and i think peoples prefer using digital money than paper money because its more secure and more flexible

[fmboyzz]

We are here, most people already living in a cashless society unless you mean the "cashless" as the "cryptocurrency". Using mastercard/VISA is also cashless, other mobile transaction, online app payments also cashless, so we are already adopting. The difference is we need to adopt cryptocurrency for decentralization, but in this case, we are far more away of adoption.

[Kakmakr]

India has been against Bitcoin for some time now, so I presume their reason for that might be that they are planning to create their own GovCoin to achieve the cashless economy with their own shitcoin. 

India are also struggling with the highest level of corruption in their government, so I would not be amazed if they push all other Crypto currencies out of India and forcing people to use their shitcoin. 

Time will tell, but the signs are there already. 

[kaya11]

You will just add fuel to the fire, I think we need to discuss how would the government of India sort out their corrupt officials before making it a cashless or digital country like what you are saying.

[michellee]

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 think society is ready for transformation especially for people who can open mind for new technology. They will accept the change, and the new era will comes in their lives. If they think they don't have any knowledge with the technology, I am sure they will learn from many sources until they can be familiar with themselves and they can use for their purposes.

Besides that, with the development of the technology in everywhere, it will make them receive the transformation whether they like or not because that is what will happen in their country. I see that India has a big change to accept the transformation because their people can accept a new thing that is happening in their country. So with the approval from the government, they are ready for transformation.

[Ucy]

Well even a well developed countries still not entirely cashless, I doubt it could be succeed in the developing country, it need a sophisticated infrastructure and all of the citizen that are aware of technology, the cashless technology couldn't be suddenly implemented, it need times and adaptation, so I will say for now the society still not ready yet, maybe if the government consistent in 5-10 years it will work

There is nothing sophisticated about cashless society. Almost everyone owns a phone these days.  Most legitimate businesses can afford PoS devices.  Unsophisticated mobile device can perform basic cashless transactions.
The right question should be how do you get people permanently hooked into a cashless system? Through incentives or what?

[Pab]

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!!

Cashless India  is to  limit black market for currency exchange
If we talk about India than important time for crypto currency is coming
India has one month to release his crypto currency regulation
If regulation will be friendly than we can have big up

Tell about cashless in Germany or Russia or in many other country in Europe you will see one big rebel than

[TheCoinGrabber]

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'm assuming they are envisioning paperless fiat. That's something that don't seem far off. I hear Americans joke that no one carries bills anymore. I personally don't carry cash and pay my purchases with a credit card.

The question is, is this the cashless society we want? We'll be giving too much power to banks and government. Imagine having you bank accounts frozen in such a society. How long would you survive?

[gentlemand]

The question is, is this the cashless society we want? We'll be giving too much power to banks and government. Imagine having you bank accounts frozen in such a society. How long would you survive?

By the time people wake up to what they've waltzed into it's going to be too late for them. That's human nature in a nutshell. People think about today and what's cool, not how it might pan out for them in the future.

Even cashless banking would still be a patchwork mess in most countries. It's when they start to consolidate that into one system like China that it turns properly sinister.

[stompix]

Look at the Chinese social credit system. Combine a repackaged version of that with the absolute control cashlessness gives governments over you and the future will be bleak indeed.

And you think that cash will save you from a government that wants to abuse the power it has over its citizens?

This reminds me of the nonsense with americans still believe in with their freedom guaranteed by their guns, as they could really oppose the government with an ar15 when the military is coming at you with an a10.

If the government would really want control over the money flow they could simply find thousands of ways to make cash transactions traceable. Here are just a few ideas

- make banknotes with the largest denomination of around 1 cent, Venezuela style. Are you going to use cash when you have to carry 5 kg of notes to pay for a coffee?
- periodically change denominations and make old notes obsolete, people would need to go each year and identify themselves and the amount of money they have
- go totally nuts and issue notes with personal codes, you can pay to a merchant only if your notes id matches the serial on your and you can get your personal notes only on payday from a preselected bank

The problem is not that the government wants to go cashless or not.

The problems happen when you elect a government that will abuse a cashless system!!!
And such a government will have total control over you if it wants, cashless or not.

[0t3p0t]

Well even a well developed countries still not entirely cashless, I doubt it could be succeed in the developing country, it need a sophisticated infrastructure and all of the citizen that are aware of technology, the cashless technology couldn't be suddenly implemented, it need times and adaptation, so I will say for now the society still not ready yet, maybe if the government consistent in 5-10 years it will work

I agree. Here in my country it is too hard to adopt cashless society as we are entitled as a third world country where technology is something favorable only to the highly developed cities wherein lower status in the society seems to be the majority. Cashless may only be accessible to those in the middle class though if we are talking about crypto everyone could get in. Centralized assets such as credit/debit cards issued by banks are one sided.