Are we heading toward a cashless future?

[eightdots]

Cash is control. You have money, you use it, no one says yes or no or raises a red flag or freezes. That transaction is between you and whoever you're paying. Whenever you make a transaction you can always be sure that someone is in the middle of your transaction, even though you do not realize it.  And perhaps you are not concerned with that just now. Most people don't until they do.  Individuals have had their accounts frozen on compliance flags that have proven to be nothing. Just automated systems being too cautious. That no cash convenience no longer feels so convenient does it.

That's true. But governments don't want people to have true monetary freedom. That's why they're pushing for CBDCs, in a bid to remove cash from circulation. By forcing everyone to go "digital", governments can finally have full control over our society. It's what's coming in the future. You can thank the advent of crypto/Blockchain tech for this. Bitcoin's rising popularity became too hard to ignore, leading governments to create a system of their own to try to "beat it". Or at least, keep BTC under their grasp.

Once the world goes fully cashless, you can say bye-bye to your privacy for good. Maybe this will make privacy-oriented cryptocurrencies more popular in the long-term? One can only hope.

Digital money systems also make it easier to control. It's difficult to control cash and know where it's spent, and in some cases, tracking is impossible. For this reason, governments support the use of digital currencies.

In other words, instead of using cash, they prefer transactions or payments to be made through banks to leave a digital trace. This is actually quite normal.

This isn't just about cryptocurrency. Spending local currencies is also preferred through cards because it increases traceability and control. The fact that using cash is more difficult than making purchases with a bank card is also among the reasons for this.

[junder]

I'm not convinced cash will completely disappear in the future. Given the current reality many transactions are conducted using digital currencies, I still don't think cash payments will disappear.

Although digital payments may develop further, one reason cash will persist is because it offers better transaction privacy than traceable digital methods. And I've found many other statements online about this.

[o48o]

I'm not convinced cash will completely disappear in the future. Given the current reality many transactions are conducted using digital currencies, I still don't think cash payments will disappear.

Although digital payments may develop further, one reason cash will persist is because it offers better transaction privacy than traceable digital methods. And I've found many other statements online about this.

It's not just about privacy why it's not disappearing completely. Way more plausible reason for physical cash money to stay relevant is the supply line safety issues. Countries in crisis because of a war, natural disasters and cyber attacks could become even more vulnerable if their payment systems would be targeted. Just not being able to pay for anything would halt the economy instantly.

At least in our country, even though physical cash is disappearing and being replaced by digital cash, our government still encourages people to keep some cash in homes, and bottled water in case of emergencies and supply line breaks.

[Smartprofit]

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

Of course, governments around the world want to completely eliminate cash. And it's no coincidence that they're introducing central bank digital currencies (CBDC) right now. 🙋

We're seeing these processes unfolding simultaneously in virtually every country. Why do the elites need programmable money? Why do they need it now (and not, say, in 20 years)? In my opinion, it's very simple! Planet Earth's natural resources are being depleted. Therefore, the elites have come to the conclusion that they need to create an incredibly strict and precise system for resource allocation and consumption control. And for this, CBDC are needed. CBDC allow you to track the fate of every cent. Moreover, money can be "colored," making it simply impossible to use it for purposes not intended by the authorities.

What could hinder governments' plans to completely eliminate cash? In my opinion, only one thing: wars, power outages, and government internet blocking (to win the information war).  It is extremely difficult to create a digital concentration camp during a war, as citizens immediately reject digital currencies, bank cards, and central bank digital currencies and switch to cash (or, if that is not available, to barter).

[junder]

It's not just about privacy why it's not disappearing completely. Way more plausible reason for physical cash money to stay relevant is the supply line safety issues. Countries in crisis because of a war, natural disasters and cyber attacks could become even more vulnerable if their payment systems would be targeted. Just not being able to pay for anything would halt the economy instantly.

At least in our country, even though physical cash is disappearing and being replaced by digital cash, our government still encourages people to keep some cash in homes, and bottled water in case of emergencies and supply line breaks.

Yes, of course there will be strong reasons for cash to remain, besides that some people still can't or don't understand digital money or digital payment methods and maybe this is one of the reasons cash will remain and besides what you said too.
 
Honestly, I myself sometimes feel difficult when I go out and don't bring cash, because there are things that cannot be done with digital money.

[Smack That Ace]

I'm not convinced cash will completely disappear in the future. Given the current reality many transactions are conducted using digital currencies, I still don't think cash payments will disappear.

Although digital payments may develop further, one reason cash will persist is because it offers better transaction privacy than traceable digital methods. And I've found many other statements online about this.

It's not just about privacy why it's not disappearing completely. Way more plausible reason for physical cash money to stay relevant is the supply line safety issues. Countries in crisis because of a war, natural disasters and cyber attacks could become even more vulnerable if their payment systems would be targeted. Just not being able to pay for anything would halt the economy instantly.

At least in our country, even though physical cash is disappearing and being replaced by digital cash, our government still encourages people to keep some cash in homes, and bottled water in case of emergencies and supply line breaks.

You have pointed out a very good point that not many people think of.

From that, I believe that not only cash but also physical asset will never become obsolete and will be completely replaced by digital asset. That could also be the reason why, despite technological advancements, bitcoin and cryptocurrencies. Central banks around the world continue to prioritize accumulating gold and silver, rather than virtual assets dependent on power grids, the internet, and digital platforms.

I heard that when the war broke out, all internet and electricity in Iran were cut off. Clearly, in that case, cash is king and most useful.

[Mate2237]

With the rise in digital assets and monetary policies which is now focusing attention towards a cashless future. The use of physical Fiat currencies is gradually losing it meaning and value because now everyone is thinking about security of their fund when it comes to business. Business has integrated online payments methods to their business so no need of carrying physical cash round .


Even though the use of physical cash can't be totally removed from, it use will be greatly affected going into the future. Because online payments methods and digital assets will gets to a point were every business just has to inculporate digital payment methods into their business.

[red4slash]

I'm not convinced cash will completely disappear in the future. Given the current reality many transactions are conducted using digital currencies, I still don't think cash payments will disappear.

Although digital payments may develop further, one reason cash will persist is because it offers better transaction privacy than traceable digital methods. And I've found many other statements online about this.

But it is inevitable that over time it will likely be further reduced, not to eliminate but to streamline. But of course physical currency is still in control so it can't be eliminated because it will be very difficult if the government eliminates it entirely considering that in this case apart from the problems you said about transaction privacy we also need to look at other things such as the availability of infrastructure which could be uneven.
So that later even though digital payments are more echoed as it is today because where I live also prioritizes it but physical currency will still be there so we have optional depending on the convenience of each later.

There are many considerations when physical currency is simply eliminated so that even though the reference is digital payment, physical currency will be provided as an alternative.

[bakasabo]

Yes, of course there will be strong reasons for cash to remain, besides that some people still can't or don't understand digital money or digital payment methods and maybe this is one of the reasons cash will remain and besides what you said too.
 
Honestly, I myself sometimes feel difficult when I go out and don't bring cash, because there are things that cannot be done with digital money.

There are places where you can make a digital payment at my place, but these are moment when you try to pay individual entrepreneur (just a person who make trades rarely and isnt registered). And that is usually a purchase you can skip; or buy same somewhere else. Else were digital payment are dominating. Imo cash today is an option than opportunity. Cashless future in most part of the world is already happening. The future I think will be cashier-less payments everywhere.

[Berry2d]

With the rise in digital assets and monetary policies which is now focusing attention towards a cashless future. The use of physical Fiat currencies is gradually losing it meaning and value because now everyone is thinking about security of their fund when it comes to business. Business has integrated online payments methods to their business so no need of carrying physical cash round .


Even though the use of physical cash can't be totally removed from, it use will be greatly affected going into the future. Because online payments methods and digital assets will gets to a point were every business just has to inculporate digital payment methods into their business.

One noticeable disadvantage of physical currency is its ability to expose one to risk that at times takes lifes but keeps one alive if luck is present at that point in time. When the cashless policy have not started circulating all over, there is always news of stealing but because of the cashless era it has reduced because detecting when one has cash is now very difficult.
I will say this cashless era is very helpful because it at times reduced our expenditures because when one is not with cash spending can easily be controlled but such control cannot be gotten when one has cash present with him. I will say even if not complete cashless but 60 percent cashless will be helpful to all including me.

[junder]

But it is inevitable that over time it will likely be further reduced, not to eliminate but to streamline. But of course physical currency is still in control so it can't be eliminated because it will be very difficult if the government eliminates it entirely considering that in this case apart from the problems you said about transaction privacy we also need to look at other things such as the availability of infrastructure which could be uneven.
So that later even though digital payments are more echoed as it is today because where I live also prioritizes it but physical currency will still be there so we have optional depending on the convenience of each later.

There are many considerations when physical currency is simply eliminated so that even though the reference is digital payment, physical currency will be provided as an alternative.

Well, that’s the thing we still use it sometimes, so I don’t think it’ll disappear anytime soon. It might just become less common though since digital payments are generally more convenient.

In reality, digital payments can be seen as an alternative but in the future the tables might turn and cash payments could end up being the alternative.

[Fakhrulenclix]

But it is inevitable that over time it will likely be further reduced, not to eliminate but to streamline. But of course physical currency is still in control so it can't be eliminated because it will be very difficult if the government eliminates it entirely considering that in this case apart from the problems you said about transaction privacy we also need to look at other things such as the availability of infrastructure which could be uneven.
So that later even though digital payments are more echoed as it is today because where I live also prioritizes it but physical currency will still be there so we have optional depending on the convenience of each later.

There are many considerations when physical currency is simply eliminated so that even though the reference is digital payment, physical currency will be provided as an alternative.

Well, that’s the thing we still use it sometimes, so I don’t think it’ll disappear anytime soon. It might just become less common though since digital payments are generally more convenient.

In reality, digital payments can be seen as an alternative but in the future the tables might turn and cash payments could end up being the alternative.

Digital payments continue to increase in users, and I discussed that with several survey teams in my country who work in banking, and it is also possible that this will continue to increase over time. However, no one dares to say that in the future we will be without cash because even though digital payments continue to rise, cash cannot be eliminated in some areas and places, a small example being traditional markets in remote villages.

[Nightwatchmare]

Yes, the world is definitely heading into a cashless future. Like for example, digital payments- digital wallet, cards and mobile apps, are now commonly used without you going to the bank to withdraw money. And you can see people are adopting it because it will enable them to reduce the cost associated with traditional banking payment.

I some kind of like it, because it reduces the way we touch money and also abuse it. If you checked money is made of Chemical's, it is advisable after touching it, we wash our hands for it not to cause any kind of harm, but sometimes we forget or also being so careless.

[Franklyn-wood]

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.

Like you said it will be good and interesting if the the government of each country can accept cashless policy and implement it intolaw, but thee are country that are still under development and cashless may not really work for them as they don't have the proper tools to guide and secure the funds of there citizens at any cost. Also selfish leaders with corrupt mind in the government won't want that as it will limit there access to loot funds from governmypulse into there individual pockets.

[junder]

Digital payments continue to increase in users, and I discussed that with several survey teams in my country who work in banking, and it is also possible that this will continue to increase over time. However, no one dares to say that in the future we will be without cash because even though digital payments continue to rise, cash cannot be eliminated in some areas and places, a small example being traditional markets in remote villages.

The rise in digital payment usage is a real win as in everyday life there are often transactions that are better done digitally. Furthermore, the continued rise is due to its practicality. However, it's important to remember that digital money won't disappear completely. The example you mentioned is true. Traditional markets typically prioritize cash payments, but some now offer digital payments.

[Yeesha]

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

We are in era of cashless generation. Cashless policy is here with us and i think is boosting the economy and has also created job opportunities for some persons. It's even safer because 80% of the Big and small business owners don't move around with huge amount of money or a business man going to the bank to withdraw huge sum of money and risk his life . with financial technology also known as FinTech is here and cashless transaction is here too.

The safety of business owners when we talk about handling of cash is one very good importance of the cashless era we are advancing to now. Before now most business owners do experience lost of cash in the hands of criminals that depends on others for survival but now such case are very difficult to be seen in business area's and has reduced drastically to  even getting to an end as it have been long since such incidents are recorded. Because of how important it has been i will say cashless operation are very helpful and should be accepted even if not 100 percent but should exceed 60 percent.

I am always prepared for both ways whenever am stepping out and I make of any option suitable for anyone am making transactions with to avoid some kind argument and misunderstanding, not everyone are comfortable transacting with cashless and you can't force them to do so and that is their own freedom they are exercising but with the way things are going the percentage of people involving in the cashless operation will keep increasing because if we make such comparison between before and now we will realize that the percentage has increased so 60 percent or even more can be achievable maybe just a matter of time.

Sometimes bank network used to failed, you will be debited and the person you transfer to will not be credited. I'm saying these from experience, but some people will be credited and they will tell you that they we're not. This is actually one of the reasons why I prefer paying with cash rather than transfer to avoid such kind of problems. We're not heading towards cashless economic currently, because that has occurred before in my economic during the region of our formal president when they were about to practice exchange of the fiat currency, I know people from Nigeria can relate. The situation was very hard for them back then.

[Abiky]

Yes, the world is definitely heading into a cashless future. Like for example, digital payments- digital wallet, cards and mobile apps, are now commonly used without you going to the bank to withdraw money. And you can see people are adopting it because it will enable them to reduce the cost associated with traditional banking payment.

I some kind of like it, because it reduces the way we touch money and also abuse it. If you checked money is made of Chemical's, it is advisable after touching it, we wash our hands for it not to cause any kind of harm, but sometimes we forget or also being so careless.

Cashless is only good for fast, and cheap payments. It also helps protect the environment. But I believe the cons outweigh the pros. Especially when CBDCs will increase government surveillance. There will be no privacy when using a CBDC. If you truly want to be cashless and private, use a crypto instead. I know volatility "kills" them. But it's better something than nothing. You can at least send/receive payments this way without worrying about governments snooping on your financial info (depends on the cryptocurrency of choice) or restricting you access to your money.

Either way, cash is going to see its demise sooner or later. Only God knows how long will it take before the whole world goes fully cashless.

[terrific]

The rise in digital payment usage is a real win as in everyday life there are often transactions that are better done digitally. Furthermore, the continued rise is due to its practicality. However, it's important to remember that digital money won't disappear completely. The example you mentioned is true. Traditional markets typically prioritize cash payments, but some now offer digital payments.

The boom even more started when the covid 19 hit. People don't want to do contact anymore with physical cash because that might carry a virus in it.
And that's why the cashless and contactless payments have became more popular at that time.
Transfers and payments done with ease and there's no worry that someone might contract that virus. As of now, it's even more useful.
Because everyone carries a smartphone nowadays but yes, there are still some boomers that don't carry the technology but soon they'll adopt too.

[junder]

The boom even more started when the covid 19 hit. People don't want to do contact anymore with physical cash because that might carry a virus in it.
And that's why the cashless and contactless payments have became more popular at that time.
Transfers and payments done with ease and there's no worry that someone might contract that virus. As of now, it's even more useful.
Because everyone carries a smartphone nowadays but yes, there are still some boomers that don't carry the technology but soon they'll adopt too.

What you say is true. I can't imagine what would have happened if the pandemic had lasted a long time. Perhaps cash usage would have completely disappeared by then, or perhaps it could have continued. Fortunately, we've survived that pandemic.

And it's undeniable that some people don't have smartphones these days but these are the elderly who have lived a long life, because even today's children usually under 10, are already proficient in using phones.

[bhadz]

I'm not convinced cash will completely disappear in the future. Given the current reality many transactions are conducted using digital currencies, I still don't think cash payments will disappear.

Although digital payments may develop further, one reason cash will persist is because it offers better transaction privacy than traceable digital methods. And I've found many other statements online about this.

Cash will not be gone despite that technology is advancing and adoption of cashless transactions are there. The world can't just condemn those who can't adopt to the cashless payments. But for certain areas where they will promote it, they're going to implement it strictly so that they'll have a 100% adoption for that. In my country and as well as in Japan, there are stores that still prefer mostly with cash because they'll need to pay for some commissions to the payment processors who will they use for their technology with the customers paying in cashless.