Are we heading toward a cashless future?

[brownn]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

[Despairo]

Yeah, in my country there are many promotion for using digital payments and the government also supporting cashless system.

Cashless system will give many advantages to the government, hence they're trying to make us to abandon cash and use their system. The government will easily track every penny spent and they can manipulate how much they want, people won't know it except banks and other entities who have access/work in this field.

[criptoevangelista]

Physical money is becoming increasingly rare. Here in my country most people use bank money (credit cards) or the Pix system, which is an instant transfer method. CBDCs might not become popular worldwide, but physical cash disappearing is only a matter of time. Everything will be done digitally in the future.

[retaur]

I'm not sure we'll ever be fully cashless there seem to be times where it has its uses and contactless payments have a limit on how many times you can use them still.

There is a chance more incentives lead people from cash though. Credit cards, debit cards and some prepaid cards offer cashback opportunities and targeted cashback for example which is often more appealing to people than using cash.

[Jawhead999]

The government want to control everything, so I'm sure day by day the government trying to make their citizen to use digital payment over cash. If we see from the government side, there's no disadvantage for them in cashless.

Cash might help bad people to stay private because there's no record to ledger, but digital payment also could help bad people to launder money since no one can see the transaction and to whom they sent.

I'm not sure we'll ever be fully cashless there seem to be times where it has its uses and contactless payments have a limit on how many times you can use them still.

Easy, they will ask you to subscribe/upgrade to higher tier which unlock your daily limit bracket.

[Cryptomultiplier]

We clearly are heading into a cashless economy. The more developed countries have already moved into that phase, while the under developed ones are striving to get there and at some point there would be wide spread use of cashless systems and mechanics than the use of regular fiat currency for everyday transactions and payments.

The innovation of digital currencies, AI innovation, web3 applications broke this barrier and CBDC was formed as a front by some countries, but that's just a show of how cashless systems will get better and more acceptable than cash in times to come.

[Pauldesaints]

It will be better to solve some of the security challenges associated with going out with large sum of cash.criminality will be reduced to the barest minimum because it will be difficult for criminals to gain access to raw cash with cashless policy in place.for me it's a better option.lets every country adopt cashless policy

[hyudien]

With the rise of digital payment activity and generational shifts, we may find ourselves in that era in the future. Cashless payment systems will also have an impact on reducing crime rates, as every transaction can be tracked. Furthermore, governments can reduce the cost of printing fiat currency if their countries fully transition to a digital currency system.
It's only a matter of time.

[Marykeller]

I don't know about other people's countries, but in my country, we are almost there, moving to a cashless society where digital means of payment are the order of the day, and the physical cash we make use of has become less in circulation and scarce. People no longer have a bulk of cash in their hands to buy expensive things they need, so they use digital payment methods to make payments for those expensive things.

I can't remember the last time I had a bulk of cash in my hand to buy things that are expensive. The physical cash I do have most times in hand is if I want to pay for minor things that don't cost much.

[SUPERSAIAN]

Cash has become completely obsolete in some countries. People don't carry cash anymore, they only use digital payments. Even if you have cash, you can't even get change when you want to spend it. I think China is the best example, where cash has been completely eliminated. Cash isn't banned, but digital payments are accepted everywhere.

It's not much different in other countries either, it's clear that all countries will switch to digital payments.

[Felicity_Tide]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

Maybe yes... Maybe no, that I can't tell.
It all depends on how it suits the government of every country. We've known them for the excessive printing of new notes for their fundings. So, if digital currencies are way easier to manipulate, the government will certainly allow and promote them.

But at this point, it is still difficult to know if physical money will be a thing of the past. If I'm to judge by the current state of my own country, digital payment is quite popular, but I don't think it will affect physical money.

[Asiska02]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

Cashless policy system was implemented in my country sometimes back by the government in order to curb corruption and reduce the number of money in circulation because they feel it leads to corruption the more by the people. The later regime that came after that didn’t put it into effect again because the plans for it was not well executed and it made a lot of people suffered to even sell their services especially to those that are not literate to know how bank transfer works. So it was hard to implement it effectively. For the government to have taken such action, it means they will again in the future want to implement that when the fight for corruption gets intensified the more.

[Alpha Marine]

Yes, physical cash will disappear in the future, but it will take a very long time because it will happen slowly. First, the whole world needs to go digital, and then all payments will become digital. Payment systems these days are becoming very user-friendly and easy to operate, even for people who don't know much about tech. Its adoption will increase a lot with the next generation, and it will continue to increase generation after another.
As it is right now, a lot of Gen Zs don't like carrying cash. I read a headline a few days ago that said something about how about 30% of this gets digested by it or whatever. The point I, more and more people are going to stop carrying cash in a few decades.

[Creeper0]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

Yes, it is happening very soon. Considering the cost of creating fiat cash, governments are now turning to digital money and promoting digital money. Here are some advantages and disadvantages. Advantages:

• The cost of creating fiat is decreasing.
• It is relatively easy to carry.
• It is easy and time-saving to transact over long distances.
• You can buy and sell products from home, etc.

Disadvantages:

• You can never touch your money, you can only feel it.
• The government can easily monitor your money.
• Your funds are not safe, you can be a victim of scams or hacks at any time.
• Exchange with everyone is not possible if someone in p2p is ignorant of digital money.

[HONDACD125]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

It's already happening in most countries, especially the ones that are more advanced, like Japan; you will barely see people spending cash at superstores or anywhere in Japan, they have everything automated, and they pay using their mobiles phones everywhere, it's also because it's more convenient since you don't need to carry a wallet around in your pocket at all times, because you don't need cash anywhere because digital payments are accepted everywhere using technology.

Those who are saying that governments all around the world are pushing their citizen to use digital payments more are correct because it's easier for them to monitor digital transactions and to keep an eye on where the money in the economy is. With cash, it's easier for people to keep them anywhere and no one would know, but with digital payments, all the money is clearly visible at all its places, so they can easily monitor and keep track of all the money and also keep track of all our transactions that we do within the country.

[Ultegra134]

It's already happening in most countries, especially the ones that are more advanced, like Japan; you will barely see people spending cash at superstores or anywhere in Japan, they have everything automated, and they pay using their mobiles phones everywhere, it's also because it's more convenient since you don't need to carry a wallet around in your pocket at all times, because you don't need cash anywhere because digital payments are accepted everywhere using technology.

Those who are saying that governments all around the world are pushing their citizen to use digital payments more are correct because it's easier for them to monitor digital transactions and to keep an eye on where the money in the economy is. With cash, it's easier for people to keep them anywhere and no one would know, but with digital payments, all the money is clearly visible at all its places, so they can easily monitor and keep track of all the money and also keep track of all our transactions that we do within the country.

Same thing with China or Singapore. It's slowly becoming a norm in quite a few countries, where the cash option is simply not even available anymore. I believe it'll happen to most countries sooner or later. For instance, here in Greece, the government has imposed to farmers to accept card payments as well, which I find extremely inconvenient for them, as the fees are quite high for each transaction, eating their profit and having to increase their prices; it's a vicious circle.

On the other hand, approximately a year ago I was in Germany, and many shops didn't even accept cards, while here they're mandatory in the majority of businesses, quite ironic if you ask me.

[Coyster]

With digital payments and central bank digital currencies on the rise, will physical money soon disappear?

I do not like CBDC's, they are unnecessary, basically because there are already so many digital payment options available. CBDC's just seems to be a pro-surveillance currency for the government, as they aim to have more control and watch over people's finances, and nothing more. My country launched one of her own, i never used it and most people didn't, it is more or less "dead" right now.

That said, it is very easy to live without cash in so many countries right now. People only hodl cash to make very small payments, other than that, every payment is made with one digital method or the other. I expect things to continue moving in this direction until cash becomes as good as obsolete in most parts of the world.

[mrust_mobile]

Tough question. While it is almost certain that we are headed that way, i am also not sure if that’s really what the governments want. It is because believe it or not, governments actually take advantage of physical FIAT as well because they are not the cleanest shirts out there. Some of them are pretty corrupt and doing illegal stuff across the world. If we go full digital they’ll have absolute control over their national currency but they’ll also lose their ability to do illegal things. Right now physical FIAT offers privacy and that’s exactly what criminals look for. I mean you don’t need to be criminal to want privacy but privacy is what criminals want. There is that distinction and FIAT gives them just that. Don’t worry though, if physical cash goes away we still have bitcoin and monero.

[Woodie]

Without putting cryptocurrecies into the picture, I think 75% of this has been realized... We ordering things online cashless, getting food delivered to us paying for all this cashlessly which is a big positive as no more dropping money or misplacing and all that, but of course it's not smooth sailing because this presents new problems of itself like hacking, card theft , identity theft etcetera otherwise everything has its own advantages.

[PrivacyG]

Cash less, Privacy less, it is a nightmare of a future and there seems to be no way of opting out of it.  Yes, they will grab as much power as they can as long as people will continue to accept their excuses for it and take every thing for granted.  People believe the good life of today may not affect their future, but they seem to forget that it only takes one evil leader ship to change every thing for the worse.

I presume we will own nothing and be happy by 2030.  Their words.  Not mine.