Cash Payments vs Digital Payments, which one is more dominant in your area?

[Apocollapse]

Digital payment exist since few years ago and after lock down, digital payment has increase a lot.

I think in my country it's 50/50 for people who use cash and digital payment. I use more cash rather than digital payment because I don't want my privacy get tracked by the companies, I don't want to receive random messages from unknown people which usually offer scam project or kind of like that.

I only use digital payment when I buy through online shops, there's no point to use cash because when we purchase through online, they already record our activity.

[bakasabo]

I see that cash vs digital payments depends are very regional. Some prefer cash and its more popular in their area, some use digital for its convenience. In my country we are partly forces to use digital payments, because nobody, who works in "white", can not receive cash as salary. Only transaction to an account opened in local bank. That makes cash to be unpopular and have no advantages over digital payment.

[Ruttoshi]

I don't think that cash will fade away as you think because people living in interior villages don't have what it takes to make digital payment. Cash is mostly used in those places.

Also, there are local markets filled with illetrate traders especially, the ederly ones, they prefer accepting cash when you patronize them. Digital payment will be very active in the urban areas than rural areas. Down here some traders don't accept digital payment but majority do.

[yslyv]

People in my area prefer digital payments over cash by about 90%.
Especially last years people have stopped carrying cash because credit cards are accepted almost everywhere.
Moreover when I try to pay with cash at the supermarket, I often have to wait because they don’t have enough change. Because of this i nearly always choose digital payments as well.

[abhiseshakana]

In my area, because internet access is smooth and available even in remote villages, digital/cashless payments are more dominant, used from city centers to many micro- and medium-sized economic activities (QRIS, e-wallet, real-time/online bank transfers).

However, cash still plays a significant role in transactions, especially in traditional markets or through direct government cash assistance programs distributed through villages, as well as in remote (mountainous) areas.

I remember a trip I took with a Chinese buyer to buy sea cucumbers on a remote island accessible only by sea, an 8-hour journey by traditional motorboat. There were only two banks on the main island, and large cash withdrawals required confirmation two days in advance. The buyer brought USD 300,000 in cash into the island to shop because there was no signal. Bartering was also accepted on the island.

[Obulis]

Like in my area, I can say awareness has already heightened compared to say twelve years ago when digital payments was in the grooming stage. Traders afraid of scam and all that. But as we speak the difference is so clear that not encouraging digital payments might mean not willing to accommodate every customer as payment is already happening fifty fifty(50% cash 50%digital payments)

[palle11]

I would say that it is a growing awareness for a cashless system but bitcoin direct use is still something people have not started that much, just the few who understand the anonymity and want to adapt to it. You need the institution use first before individuals will wake to update to it. If malls and shopping centre begin to adapt to it, it will increase the knowledge but it is not what only individual will do using P2P, it won't create traffic and increase awareness. But it is gradually coming to the knowledge of the elites and bitcoin users.

[michellee]

The young generation prefers to use QRIS because they don't need to carry much money in their wallet. This method is simple but if we want to buy something and the store doesn't have QRIS, we can't pay. The older generation may prefer to use QRIS but some of them prefer to use cash to pay.

The era of digital payments is coming so we can adapt to the current or we can still use the old method which is still available. But sooner or later, we must learn about digital payments so we can use it without a problem. Digital payments are slowly dominating cash but it needs time before all people use it.

[pooya87]

I don't remember the last time I used physical cash in anything other than paying for something like a taxi (and even that can be paid using your smart phone nowadays). Everything else have been through various digital payment methods for many years now.

Likely all countries have toll through the cashless finance which has imna way help reduce certain physical attacks and robberies for cash thay people were carrying about in bulk. This days you just see someone with a card and you definitely have no clue what amount the card holds.

That might have significantly reduced physical theft but it has also introduced new ways of theft through the digital world. Specially nowadays when online payment is a popular thing, phishing attacks have risen in number and people still lose money, and I dare say they are losing more money this way because the thief can access their bank account whereas before they could only get to the small amount they were carrying in their pockets...

[Zlantann]

That might have significantly reduced physical theft but it has also introduced new ways of theft through the digital world. Specially nowadays when online payment is a popular thing, phishing attacks have risen in number and people still lose money, and I dare say they are losing more money this way because the thief can access their bank account whereas before they could only get to the small amount they were carrying in their pockets...

Online payments have also made tracking of financial crime easier. Banks could trace the movements of funds from one account to another. Physical fiat is difficult to track and criminals could easily use stolen funds without much caution. Even kidnappers ask for cash as ransoms since bank transfers could easily lead to their arrest. You are very correct that people are losing more money easily just by making simple mistakes.

[YOSHIE]

What do you think? And have digital payments also started to dominate in your area?

On this planet earth, we know which countries have high technology and which countries have low technology. From research data, Asia is generally dominant in paying or shopping with digital currency, which is a little difficult. considering the unstable economy plus high inflation, I mean digital currency transaction costs are more expensive than the price of the goods themselves, so for this reason crypto users rarely use digital currency as their main payment, they prefer cash, including regionalI live.

There is a slight difference if you live in Europe, plus the technology is sophisticated, digital currency tends to be more dominant than cash, those who live based on technology generally rarely carry cash, digital is the best choice.
Conclusion: digital and cash payments depend on each region and also look at economic conditions and prices of goods.

[Koadharber]

I don't remember the last time I used physical cash in anything other than paying for something like a taxi (and even that can be paid using your smart phone nowadays). Everything else have been through various digital payment methods for many years now.

Likely all countries have toll through the cashless finance which has imna way help reduce certain physical attacks and robberies for cash thay people were carrying about in bulk. This days you just see someone with a card and you definitely have no clue what amount the card holds.

That might have significantly reduced physical theft but it has also introduced new ways of theft through the digital world. Specially nowadays when online payment is a popular thing, phishing attacks have risen in number and people still lose money, and I dare say they are losing more money this way because the thief can access their bank account whereas before they could only get to the small amount they were carrying in their pockets...

Cashless systems have definitely made life easier but they’ve also opened new kinds of problems in the digital space back when everything was physical thieves had to take the risk of confronting someone or breaking into a place now a hacker sitting miles away can drain your account within minutes just by getting your information through phishing links or cloned websites.

Digital transactions have made theft invisible and harder to trace and because many people don’t take cybersecurity seriously they make it even easier by reusing passwords clicking suspicious links or using unsecured networks while doing payments it’s true that cashless finance has reduced violent crime but at the same time it has increased cybercrime which is just as dangerous financially. The balance now lies in awareness and responsibility just as people used to be cautious about showing large amounts of cash in public they now need to be cautious with sharing any financial data online technology evolves and criminals evolve with it so learning how to protect your digital wallet is just as important as protecting your physical one in the past.

[zaim7413]

You're right, we are in the same country... Indonesia.
Now that many people are switching payments to digital instead of cash it may be more flexible and simple to pay for something using QRIS just by scanning.
Even in my area some small stalls have now accepted this digital payment more easily so now rarely hold cash for any payment.

As such, cash payments still exist, but the majority of people now encourage simpler digital payments.

The shift in payment systems is inevitable amidst increasing technological developments, digital payments are becoming increasingly popular with the presence of QRIS (Quick Response Code Indonesian Standard) in society. People are starting to adapt to digital payment systems because of the convenience and flexibility they offer. Digital payments also make transactions faster and reduce the burden on people who have to carry cash every time they want to shop.
However, cash payments are still used, and this system is unlikely to be eliminated, especially given the current situation in certain areas. The majority of people are also beginning to recognize the shift in transactions, which are increasingly being made with digital payment systems, which are more practical than cash.

[Despairo]

Many people have use digital payments, even a beggar also accepting digital payment. Elder people might the group who use cash more than digital payment because they're not interested to learn a new thing.

Cashless payment make it convenience, but it's scary because the company can see our spending and they might sold our data to other entity.

That might have significantly reduced physical theft but it has also introduced new ways of theft through the digital world. Specially nowadays when online payment is a popular thing, phishing attacks have risen in number and people still lose money, and I dare say they are losing more money this way because the thief can access their bank account whereas before they could only get to the small amount they were carrying in their pockets...

Yeah this happen in my country.

There are unknown users trying to impersonate someone in WhatsApp and they ask the receivers to open the file, after the receivers open the file, the site will direct them to download button, then after they download and install the application, the hacker will compromise their accounts.

[Nahl]

I cannot counted it how many percentages the people who using digital payment in my area but probably over than 70% of my local citizen always cashless transactions everytime they want to buy goods or their needs indeed the main reason why people are more likely to used digital payment rather than cash because they didn't necessary to bring full of bag money into their pocket and all they have to do is only used smartphone for transactions

The number of people who used digital payment alway be increases rapidly especially starting few years ago the shops even small shops in my country always be give the facilities for digital payment as the option of the payment and this make people are more easy if want to buy the stuffs in their shops which i believe the future of digital payment is very bright

[MFahad]

Cashless payments have indeed increased rapidly. In my neighborhood, even small shops offer cashless payments. Besides being convenient, we don't need to carry cash. Digital payments also automatically protect shop owners from receiving counterfeit money, a crime that still exists in my country.
However, cashless payments are mostly practiced by the younger generation; older generations still lack the knowledge to do so. Over time, I wouldn't be surprised if digital payments become more prevalent than cash.

Yes, cashless payments are very helpful in our daily life. We don't carry cash with us. If we want to send money to someone, this is on your fingure tips. you just only one click and the money went in few secends to another person it is very beneficial for small shopkeepers to large businessmen. Because it does not pose the risk of counterfeit notes. younger generation understands this technology. but Some olde people's aren't used to it. Maybe after a while they will adopt it too. This has reached a very high level in terms of business even our wealth is also protected and the transfer of money is fast and easy. thats why we live a peacfull life.

[₿itcoin]

What do you think? And have digital payments also started to dominate in your area?

Sure, bro! Digital payments are gaining ground, there is no doubt about it. Haha! People are rapidly moving away from cash, I cannot remember the last time I bought something with paper money. For me, the main reason is convenience. Just scan, send &  move on. Still, I do not think cash will disappear completely. There will always be some people who are distrustful of digital systems or live in places where internet connectivity is not always a good thing

Stablecoins &  central bank digital currencies have the potential to accelerate our economic activity. Especially as the US &  UK are busy legislating for these activities. Once these major economies fully embrace digital currencies, other countries will follow suit, like a domino effect. So, yes, the era of cash is slowly coming to an end but it is not completely non existent yet. Hopefully, be ready for change !

[aylabadia05]

Recently, I've been thinking about my area. I don't know if the same thing is happening in other parts of the country. But my focus is on my own area.
Cash payments here are becoming increasingly rare. Now, without realizing it, I personally pay more often using digital methods, whether by simply scanning a QR code (QRIS) or other digital methods. And I see this has almost become the majority of payments here lately.

What do you think? And have digital payments also started to dominate in your area?

I don't have data yet to confirm which payment method is dominant.
I've noticed that digital payments are more dominant in everyday life because of the convenience they offer. This convenience includes no longer carrying large amounts of cash in your pocket.

With digital payments, it's as if paper money is no longer functional. That's what I think.
On average, people living in cities are more likely to use digital payments, and some in rural areas also use digital payment transactions, although cash payments still dominate in traditional markets.

[Royal Cap]

I don't think that cash will fade away as you think because people living in interior villages don't have what it takes to make digital payment. Cash is mostly used in those places.

Also, there are local markets filled with illetrate traders especially, the ederly ones, they prefer accepting cash when you patronize them. Digital payment will be very active in the urban areas than rural areas. Down here some traders don't accept digital payment but majority do.

Exactly, cash is still very important especially in the villages. In the cities, we may easily pay with bKash(which is our local MFS), cash or cards but people in the villages still feel more comfortable having cash in hand also in many places the internet does not work properly many do not know how to use smartphones so digital payments have not yet reached them properly. I think that both cash and digital transactions will go hand in hand. People will gradually learn, but a completely cashless society is not possible now.

[EluguHcman]

Cash payment is just for little items like short distance transportation, buying grocery items in mini stores and for other lite transactions. Beside these, every other thing is digital payment although through fiat. There is cashless policy in my country and it limits the amount an individual can withdraw as cash per day and per week. SO most transactions are done electronically.

In the recent times, I have only had cash at hand for emergency reason which is most budgeted for transportation.
In my place almost every vendors accepts digital payments including those older people who even find it difficult to operate mobile devices.

Currently in my place, vendors who refuses to accept digital payments from clients are usually limited with less patronages due to massive adoption of the cashless system.