Cashless Economy: Is Society ready for transformation?

[Cherylstar86]

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

I think the concern of the government of many countries is not to educate their people to get to know technology more, yeah that might be done in some developed countries with large economies, for developing countries their concern is to solve poverty problems first, they will get rid of cashless interests, because it will develop naturally

This can really be a good idea and I feel that it's  possible, but I think it would take a longer time. The challenge here is that not all people are tech savvy and there are places that have no access to internet yet, considering that we deal more on technology when dealing in the field of cryptocurrency. It's good to know that there are already countries that regulate Bitcoin and I believe that its demand will continue to grow in the long run. What we need is proper education to gain full interests from the public, gain their trust, and for them to be fully-aware on this technology and realize its real essence.

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[Perunex]

Give Scandinavia few more years (3-5) and they will pioneer cashless economy. I've heard about buying drugs with cashless credit cards (or smart phones) in the club
I am just maybe a bit afraid of the central banks and their power. Atm, you can always take cash out and sit on it if you disagree with the banking policies. Imagine that banks would charge you 3% per year for holding your money. You would be wanting to spend it as you cannot withdraw it. Now you can just withdraw cash in that scenario and that's it.

[Choyor]

All depends on the legalization of a country against Bitcoin itself, if a country fully supports it, there will be a growing number of business developers that involve Bitcoin into their business, so that the general public specifically uses Bitcoin users to transact. I think there are several countries that have been involved, for example like China.

[ecnalubma]

Cashless society is on its way however if the government is a hindering its growth then it would be hard to grow easily. Like conservative India I think it will take a lot of years before they can transform their economy into a crypto unlike blockchain leading countries races to be superior in the new innovation.

[slocker]

Eventually this will happen someday, we are slowly going in this direction but it will take lot of time and effort for this come to see light of day. We have some individual countries that have this in huge way but it some of them most are still really on cash usage.

[Chikitita2004]

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!!

The country's dream maybe but I believe it will be too far to totally happen to India. Not in everything digitization can be applied. If I want to trade something for something with a friend or with someone, I don't see where digitization applies there. If I want to buy a house with the use of gold bars, still I will be using the traditional way of transaction.

[Gaff]

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

I think the concern of the government of many countries is not to educate their people to get to know technology more, yeah that might be done in some developed countries with large economies, for developing countries their concern is to solve poverty problems first, they will get rid of cashless interests, because it will develop naturally

This can really be a good idea and I feel that it's  possible, but I think it would take a longer time. The challenge here is that not all people are tech savvy and there are places that have no access to internet yet, considering that we deal more on technology when dealing in the field of cryptocurrency. It's good to know that there are already countries that regulate Bitcoin and I believe that its demand will continue to grow in the long run. What we need is proper education to gain full interests from the public, gain their trust, and for them to be fully-aware on this technology and realize its real essence.

People these days with the modern age of internet is not impossible to be ready for cashless society, and as proper education feeds us along with focus and interests this will be achieved to transformation. Digital currency can be the best way of introducing it, and with respect to fiat electronic banking already started it through account on banking linkage, but not as fast as the blockchain network transaction capability. However, when there's a merging between the two types currency I guess that's not impossible to happen.

[ovcijisir]

Whether society is ready or not it will happen eventually. It is already adopted in some countries and it functions well. I don't know if India is ready for that concept at this moment but everyone needs to start sometime. I know that it is country with billion+ people and I don't know if it is equally developed in all areas of the country and that can be problem in this case.

Right.Cashless society will sure to happen few years from now.But it would be more fastly developed if the government too will create some educational programs to help billions of people to understand cashless society and guide them in this development.Some of the countries have started it successfully and sooner more countries will be adopting it too.

I think the concern of the government of many countries is not to educate their people to get to know technology more, yeah that might be done in some developed countries with large economies, for developing countries their concern is to solve poverty problems first, they will get rid of cashless interests, because it will develop naturally

This can really be a good idea and I feel that it's  possible, but I think it would take a longer time. The challenge here is that not all people are tech savvy and there are places that have no access to internet yet, considering that we deal more on technology when dealing in the field of cryptocurrency. It's good to know that there are already countries that regulate Bitcoin and I believe that its demand will continue to grow in the long run. What we need is proper education to gain full interests from the public, gain their trust, and for them to be fully-aware on this technology and realize its real essence.

The thing with cryptocurrency is that it is transparent and ANYONE can see who sent funds to whom.

This means that it will be harder for corruption and crime to flourish.

Of course a lot of people with power will be against introducing cryptocurrencies because it would make it harder to practice their criminal activity.

[PlusOne88]

That could be good, but I think if it happens, certain problems may be encountered like when internet availability is poor or when there is no signal. If there is much how can the poor who lives on the street buy food when they don't have digital wallets. I think it is really hard to really become a hundred percent cashless. I do think that cash may still be around long enough until probably when everything around us becomes digitally accessed or activated, like when robots would be around every corner on the streets. Maybe this could happen some 50 years from now in the future.

[gentlemand]

This atricle makes a very valid point and one that isn't mentioned all that often - https://www.theguardian.com/money/2019/mar/06/uk-cash-system-on-the-verge-of-collapse-report-finds

Cash infrastructure is expensive to maintain and we may end up with cashlessness by default simply because there is no one willing to subsidise the olden times.

In the UK bank branches and cash machines are closing at a very rapid rate. That's not going to reverse.

[slocker]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

[fauzan Ichsan]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

I think it requires a process, but if the government has determined its policy, of course the people must obey it. even though they are not ready, they are required to be ready to use it

[Ranly123]

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!!

It could be possible since India is adaptive to new technology. I think they want to try something new to their monetary system but it would not be easy due to something once ways of payments in the country. Right now, it's better to let their government do their work on how to make it a reality.

[iv4n]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

What that ready should mean? You think if you or someone else is not ready, that transition will wait? Forget about that, in some countries cashless society is already announced, and when that rule spread to other countries people will have to adapt, nobody will ask you are you ready or not, it will happen.
Society is ready for many things, but the governments are playing important role in moving forward. Question is do they have infrastructure for the future? Or they are still using typewriters? Maybe they don`t have even that, still pencil and piece of paper and wrote it down.

[buwaytress]

Listen, I do get how it's nice to see how it's happening in Scandinavia where cash is almost unheard of. In my country in the late 1990s, when we started experimenting with our own cashless payments (excluding Visa and Mastercard credit/debit, that is), it went really well and I can remember even in the mid 2000s people from the West were amazed at how this barely made it past third-world country was so digital, making payments online and over SMS everywhere, tapping for bus rides and never needing to carry more than a few dollars in cash (for street food).

But it's 20 years later and some remote areas are still yet to receive proper internet, never mind proper computers or smartphones with which to use all those fancy cashless apps... forget IT literacy, some people can't even read or write to fill in a form to open a bank account. These guys were already behind, and this cashless society's left them even farther behind.

India may be a different case, after all, if mobile phone penetration is good, then perhaps that is the way forward, just as it is in Kenya and other parts of Africa. But I always feel you got to tackle the root issues first. Transformation tends to widen the gap, if any, even more.

[J. Cooper]

This atricle makes a very valid point and one that isn't mentioned all that often - https://www.theguardian.com/money/2019/mar/06/uk-cash-system-on-the-verge-of-collapse-report-finds

Cash infrastructure is expensive to maintain and we may end up with cashlessness by default simply because there is no one willing to subsidise the olden times.

In the UK bank branches and cash machines are closing at a very rapid rate. That's not going to reverse.

Exactly. As people move away from using cash, in general, it will soon become simply too expensive to keep the cash infrastructure running. From an economic point of view, this will force companies to leave the market, thus resulting in a natural collapse of the cash infrastructure. As the article predicts we could see the percentage of cash payments drop as low as 10% in a mere 15 years. Personally, I feel like it might even happen sooner rather than it takes another decade. If we look at China or even Scandinavian countries we're already seeing that cash has been banished to the history books.

In fact, this article (https://www.rt.com/business/425577-norway-cashless-society-banks/) claims that fewer than 10% of Norwegians still use cash, and authorities predict that we could see cash completely disappear in as soon as 10 years.

[conected]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

I think it requires a process, but if the government has determined its policy, of course the people must obey it. even though they are not ready, they are required to be ready to use it

- Certainly, it will be a very long process and takes a lot of time because everyone's habit of using cash has been maintained for many years, if the government wants them to change that habit right away, this will not be a simple story, people will not be able to feel comfortable and convenient, even this sudden change can make transactions more troublesome. So this change needs to start slowly, the government should gradually direct people to not use cash more often, and when not using cash becomes normal and more popular, it is also a time when society is ready for this revolution.

[umbara ardian]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

I think it requires a process, but if the government has determined its policy, of course the people must obey it. even though they are not ready, they are required to be ready to use it

well, when the government can control the condition of cryptocurrency prices like that, it has been confirmed that the bitcoin path is no longer straight because the price of bitcoin should not be controlled by anyone except the users, whereas if only from news from the government can influence the price movements of bitcoin then it's too terrible and dangerous.

[zemper]

In some point we will be ready to transform. Many benefit can be made with cashless society. Some are no need to carry cash physically, printing of currency cost will be saved, environmental friendly, formalization of economy, possible low inflation and many more. We can discuss this indefinitely but main thing is that some countries are example for this usage, Sweden is my word. In this concept they are ahead of every country in the world.

I think it requires a process, but if the government has determined its policy, of course the people must obey it. even though they are not ready, they are required to be ready to use it

well, when the government can control the condition of cryptocurrency prices like that, it has been confirmed that the bitcoin path is no longer straight because the price of bitcoin should not be controlled by anyone except the users, whereas if only from news from the government can influence the price movements of bitcoin then it's too terrible and dangerous.

I doubt that previous BTC price falling starting from December 2017 is a users' decision. It was knowingly initiated by some big whales and as a result many users have lost their money.

[slocker]

If someday we see compromise in this I believe we will see bitcoin or any other crypto used in everyday trade. For the moment we have many obstacles on this and it will take lot of time for both sides to find equal language on this topic cuz it to sensitive. Many benefits will come out but for the moment this is all that it gets.