Are we heading toward a cashless future?

[Cheema02]

Country to country trend is different And in my country, most payments are done online because they know the idea of online money but in the village area where most of the people are uneducated and they don't know how to operate mobile phone and how to give money to other people and how to scan QR code and they arc thinking that online transactions are very difficult and many old person think that it is scam to give money online because they listen the stories of online scam and which is possible but in the near future, currency will exist and most people will pay by cash because fear of people exist at that time. After 10 to 20 years, there could be change of thought of people and we will see online world .

Yes, in every country the trend of payment method is different and its depends on the graduation of that country.And mostly in developed areas like in cities people deal in digital cash because they familiar with the use of digital currency and know the method of transaction so its method is more convenient and safe for that individuals. On the other hand People in village areas believe in physical cash and give more preference to this because they thought its more safe method for Money exchange because they don't know how to use Smart phones and how scan a code and don't know about how transaction is done. And mostly old age people believe in physical method because they afraid of scam and know the digital currency system as a fraud transaction.However digital changes always takes time and after 10 to 20 years its become normal for everyone and gradually physical system will replace with digital system.

[Finestream]

With increasingly rapid and easy developments, I think all regions will follow suit for the convenience of digital payments, but I also don't think that physical money will disappear, maybe it will only be replaced a little, but for some buying and selling transactions, physical money must still be prioritized and be proof for someone regarding their transaction.

I'm not highlighting this in a general capacity, but I've looked around my area and found that many people currently lack the ability to use digital currency for payments. The resources and technology available in our area are still quite limited, so the potential for replacing fiat currency with other payment systems is not yet feasible. Conversely, people are still quite accustomed to using fiat currency for transactions at this time. But perhaps in urban areas this is already underway and most people pay for things using digital payments because it's convenient and eliminates the need to carry fiat money.

If you are living in a rural area, the expectation that majority turn into cashless payment will be hard to achieved. The first reason is, there's no stable internet connection, and if ever there are any, the sources will only be limited, as well as those who own smart phones knowing there are still a lot of rural people who are still not inclined using smart phones.

However, things might change in the future, but this could mean a lot of processes to do. Except for those urban people, the use of cashless payment may be high but paying in fiat will always be the priority of the people.

[Makus]

The use of digital currencies is definitely on the rise especially now that technology keeps on advancing. Just like how we evolved from making use of coins in past that's the same way we are also going to observe how physical cash becomes a thing of the past. This is certainly going to be the future and it is already happening now, there lots of business tycoons and entrepreneurs that don't carry cash around, they prefer to make use of digital currencies in order to make their transactions fast and also for the purpose of traveling light so they don't carry cash around

[Johnlomape]

The use of digital currencies is definitely on the rise especially now that technology keeps on advancing. Just like how we evolved from making use of coins in past that's the same way we are also going to observe how physical cash becomes a thing of the past. This is certainly going to be the future and it is already happening now, there lots of business tycoons and entrepreneurs that don't carry cash around, they prefer to make use of digital currencies in order to make their transactions fast and also for the purpose of traveling light so they don't carry cash around

We are already in an era of technology and soon there might not be paper money again because the government is spending too much to print paper money that might not have so much value in competition with other currency. We are diving into the digital currency where you ding have to carry paper everywhere you go for you to make payments after buying groceries and things you needed for your own comfort.
Bitcoin is a revolution that is making the government to see a big reason why they have to convert their local currency to a digital form without the need of printing money.

[sunsilk]

The use of digital currencies is definitely on the rise especially now that technology keeps on advancing. Just like how we evolved from making use of coins in past that's the same way we are also going to observe how physical cash becomes a thing of the past. This is certainly going to be the future and it is already happening now, there lots of business tycoons and entrepreneurs that don't carry cash around, they prefer to make use of digital currencies in order to make their transactions fast and also for the purpose of traveling light so they don't carry cash around

It's more evolved because of the pandemic so that it will be contactless and there won't be passing of the virus since we just have been from the pandemic.

We have adapted to that situation because of how it has been during the height of it. And I agree that many doesn't carry cash anymore.

They're not only the businessmen and entrepreneurs but even a normal person like us have adopted it.

[DiMarxist]

Bitcoin is a revolution that is making the government to see a big reason why they have to convert their local currency to a digital form without the need of printing money.

Bitcoin has pushed governments to rethink the entire structure of money. Before so many countries were comfortable relying on traditional printing systems and centralized control. But once they saw how a decentralized, borderless currency could operate very well without any physical notes, it forced them to take the move toward digital money. Even though governments may not fully embrace Bitcoin itself, they can not ignore the model it introduced and also shift to digital currencies did not happen by accident but Bitcoin proved that money can exist, move, and store value without ever touching a printing press.

[Joy- maker]

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.

I doubt if digital payment can actually eliminate the use of cash for payment totally, because the government can't allow it to happen. You should know by now that the people who are in the government are criminals and luters of public funds, so if the government allow digital money to to take over  cash, am sure the criminals and luters in the government won't be able to lute public funds as they are luting it currently in some countries and enriching themselves, since every transactions record will be public for everybody to see. Have you ever ask yourself why some countries have not yet legalised Bitcoin? The answer is very simple the government of those countries have refused to embrace Bitcoin, because Bitcoin will expose all their evil doings since all Bitcoin transactions are been recorded in a public Ledger and  anybody can get access to it. and secondly Bitcoin transactions are trackable so luters of public funds can easily be cut.

[Abiky]

In my country the government have tried to encourage people to use digital payment, but it's still failed.

Most people prefer to use cash because they want to see the money on their hand and there have been few cases where someone lost their money on digital wallets, even though it were their mistake for clicking random link and install unsecure apps, but people already paranoid due to that.

It takes time, probably in the next few decades, because most people who're still use cash are older people.

Well, cash's use is certainly diminishing each day. Like you said, older people are the ones who mostly use cash for payments. The rest use digital payments out of convenience. Only in countries with widespread Internet access, though. Countries with limited infrastructure (if any) for digital payments, are still using cash.

The US has no plans of launching its own CBDC (not currently), leaving cash in circulation. But as digital payments continue to gain traction, cash will ultimately be phased out from existence. It will take a long time before third-world countries or developing countries adopt to this new kind of payment system. Perhaps, a cashless future is inevitable. The question is: What will serve as cash's replacement once that happens? I mean, something that can be used offline in a private manner. That's the "billion-dollar" question.

[MarjorieZimmermanGinger]

You are right, the general public still does not have access to a full digital payment system whether in urban or rural areas. So cash is still king and isn't going away anytime soon.

Many of us make the mistake of drawing conclusions based primarily on what we see and what we are doing. No one looks at the big picture. Digital payments are growing, but they are not as dominant as we think.

That's the problem because maybe we see the problem as still in a small scope, but I can also agree with that opinion because now there are probably many people who use digital payments. The times require us to follow and it is like an obligation even though there are no mandatory prohibitions or invitations and I see that today's young people tend to like something simple so they don't care. Currently, digital payments are not yet dominant, but slowly they will probably dominate even though we know that direct payments using fiat currency still exist because it is each person's choice.

[LastKiss]

You are right, the general public still does not have access to a full digital payment system whether in urban or rural areas. So cash is still king and isn't going away anytime soon.

Many of us make the mistake of drawing conclusions based primarily on what we see and what we are doing. No one looks at the big picture. Digital payments are growing, but they are not as dominant as we think.

That's the problem because maybe we see the problem as still in a small scope, but I can also agree with that opinion because now there are probably many people who use digital payments. The times require us to follow and it is like an obligation even though there are no mandatory prohibitions or invitations and I see that today's young people tend to like something simple so they don't care. Currently, digital payments are not yet dominant, but slowly they will probably dominate even though we know that direct payments using fiat currency still exist because it is each person's choice.

In my area, small businesses still rely on physical cash for transactions, while mid-sized to larger businesses have already adopted cashless payment systems. Many people are becoming aware of the risks tied to using physical cash, such as fake money or the possibility of being robbed.

At the same time, younger generations are increasingly comfortable with digital payments and often prefer the convenience they offer. Because of this, it’s reasonable to expect that digital payments will continue to grow and may eventually dominate most transactions worldwide. Physical cash will likely still exist, but we may see it used far less frequently in the future.

[m2017]

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

Not completely.
Yeah. Jack Dorsey thinks we do not need the Fiat currencies anymore but we can do better with merging them both.
Ome thing we should know is that it will take a whole lot to displace the Fiat system and paper money completely,  too much needs to be done to displace them of the top. A lot more awareness haven't been done yet around the globe about digital currencies and how to use them between. There are also too many government officials trying to make it difficult to change the culture.

Why not completely? I wouldn't say soon, but fiat currencies will disappear. It's a matter of time.

No government officials can resist this. The current trend of declining fiat currency usage, which, by the way, is declining every year, clearly demonstrates that one day, this money will disappear from circulation. No matter how much time and resources it takes, if it benefits the regulator (and the people, too, since electronic \ digital money offers ease of use, despite the problems it causes for the "old hands"), then the implementation of this plan is inevitable.

With the tacit approval of the general public, the regulator will gradually get rid of cash.

[colinistheman]

Bitcoin is a revolution that is making the government to see a big reason why they have to convert their local currency to a digital form without the need of printing money.

Bitcoin has pushed governments to rethink the entire structure of money. Before so many countries were comfortable relying on traditional printing systems and centralized control. But once they saw how a decentralized, borderless currency could operate very well without any physical notes, it forced them to take the move toward digital money. Even though governments may not fully embrace Bitcoin itself, they can not ignore the model it introduced and also shift to digital currencies did not happen by accident but Bitcoin proved that money can exist, move, and store value without ever touching a printing press.

Bitcoin and cryptocurrencies are just a catalyst to help the government accelerate the digitalization process, but are not the main reason why the government must review its entire monetary structure. Digital payments have been around for quite some time and are being implemented in many developed countries. Credit/debit cards from the 1960s, electronic bank transfers (SWIFT) from the 1970s. Online banking since 2000, or e-wallets, were developed and used when bitcoin was not as popular as it is today.
Digital money and digital currency are different, and bitcoin just ushered in the era of digital currency. A cashless world is a long term plan and was planned before bitcoin came into existence.

[brownn]

Credit/debit cards from the 1960s,

65 years passed and there are still people who do not own one. It can take another 100-200 years for cashless economy at this pace.

[SOKO-DEKE]

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

I am not sure maybe in the future people will stop using physical money and fully switch to digital currencies. However, I believe there will always be some illiterate individuals who may not be able to carry out their transactions on their own and the government may not allow a full switch because that would expose opportunities for continue embezzling. If governments decide to go fully cashless in the future, there may be less corruption because digital currencies can expose many things they are doing which not legal, I don't think the government will allow that in the future.it very possible that much people to rely on digital currency and less uses of cash but i can't really say that cash may disappear.

[bakasabo]

Well, cash's use is certainly diminishing each day. Like you said, older people are the ones who mostly use cash for payments. The rest use digital payments out of convenience. Only in countries with widespread Internet access, though. Countries with limited infrastructure (if any) for digital payments, are still using cash.

I think not old people but individuals use cash for payments today. Old people these are already us or our parents. People who were frequent cash users are out grandmothers and grandfathers; to bad that there are not many of them. I would say that people who are 30-50 years old now were plastic card users and this generation is already coming to an end. So called generation Z and generation Alpha, those who were born in 2010 +/- are the generation who use digital, contactless payments.

Look how payment system has developed. There were cash, them plastic cards appeared and people used to swipe them (what did the last time you swipe or inserted card into terminal?), now people pay by mobile, digital watch, implant wallets into body, only bring card close to terminal.

[fuguebtc]

You are right, the general public still does not have access to a full digital payment system whether in urban or rural areas. So cash is still king and isn't going away anytime soon.

Many of us make the mistake of drawing conclusions based primarily on what we see and what we are doing. No one looks at the big picture. Digital payments are growing, but they are not as dominant as we think.

That's the problem because maybe we see the problem as still in a small scope, but I can also agree with that opinion because now there are probably many people who use digital payments. The times require us to follow and it is like an obligation even though there are no mandatory prohibitions or invitations and I see that today's young people tend to like something simple so they don't care. Currently, digital payments are not yet dominant, but slowly they will probably dominate even though we know that direct payments using fiat currency still exist because it is each person's choice.

I don't deny that digital payments are becoming more and more popular, and that's the direction our world is heading. What I mean is that digital payments have not yet dominated cash as many people think. Cash is still king, especially in developing countries.


As I said, not only the elderly, minors and the unbanked also make up the majority of the population in these countries. How can it be said that digital payments are dominating?

Digital payments will dominate and that is for sure but that is in the distant future. For now, cash is still king.

[MarjorieZimmermanGinger]

At the same time, younger generations are increasingly comfortable with digital payments and often prefer the convenience they offer. Because of this, it’s reasonable to expect that digital payments will continue to grow and may eventually dominate most transactions worldwide. Physical cash will likely still exist, but we may see it used far less frequently in the future.

That could be because most people prefer the convenience of transactions, but I realize that cash is still very much needed by most people today. I also live in a village, and we still predominantly use cash, so very few people offer digital payment systems. My prediction for the next few years is that cash payments will still be used in our area due to a lack of available resources and perhaps because public awareness of this type of payment system is still relatively new. I've only seen it from a small perspective in my area, although in urban areas many people may already be using digital payment systems without having to carry cash when shopping.

[Theupdude]

The use of digital currencies is definitely on the rise especially now that technology keeps on advancing. Just like how we evolved from making use of coins in past that's the same way we are also going to observe how physical cash becomes a thing of the past. This is certainly going to be the future and it is already happening now, there lots of business tycoons and entrepreneurs that don't carry cash around, they prefer to make use of digital currencies in order to make their transactions fast and also for the purpose of traveling light so they don't carry cash around

Here we are seeing just what you say with our very eyes. Human beings are gradually abandoning the physical currency and are becoming accustomed to electronic ways. Everyone is more speedy and convenient nowadays hence most people would find it easier to tap their phone to pay.

I think the cash will not be eliminated in a short period of time, however, its use will decline with time. The merchants are already accustomed to digital transactions, as it is easier to record and not so gruesome. It is actually most convenient to be able to perform everything using nothing more than a mobile phone and not carry a pocket full of money when traveling. But it is also a fact that not all people are quite prepared yet, particularly those who are not very well acquainted with technology. Thus, the transition will be a long process, although the trend is certainly towards the digital.

[Abiky]

I don't deny that digital payments are becoming more and more popular, and that's the direction our world is heading. What I mean is that digital payments have not yet dominated cash as many people think. Cash is still king, especially in developing countries.


As I said, not only the elderly, minors and the unbanked also make up the majority of the population in these countries. How can it be said that digital payments are dominating?

Digital payments will dominate and that is for sure but that is in the distant future. For now, cash is still king.

Now that you mention "minors", I'm beginning to wonder how governments will include them in the banking system after the launch of CBDCs? Because as far as I know, current digital payment systems (particularly through credit/debit cards) require you to be at least 18 years of age (at least in the US). With a full-fledged cashless society, minors and the unbanked will have no way to participate in the economy. Even if governments find a way to include them, the benefits of privacy and offline use would be lost.

At the time of the writing, there's limited infrastructure to make a cashless society a reality. Especially in developing countries. Even developed countries have power grid issues and lack of Internet access. CBDCs need a reliable power grid and 24/7 Internet access to work as intended. Just like Bitcoin and other cryptocurrencies. It's going to be a very long time before cash is gone for good. So I'd just sit back and relax.

[dezoel]

Rural areas could be different than urban ones and I agree on that. But not this many people live in rural areas, in fact majority of the nations live in urban areas, look at the most populated cities of nations and you will see that nearly half of the nation is at three or maybe four cities, and the rest are just spread everywhere.

So that means we can't really claim that it's the rural areas that make it cash heavy, considering half of the nation or more are at urban areas, that means we have to focus on who are these people who live in urban areas and also use cash even today. Cash is long gone in my area, I do not see anyone using cash, we all use card, because it's much easier to use and why carry cash with you, plus it's safer.