Are we heading toward a cashless future?

[Strongkored]

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

Physical money will still exist, but its use will decrease, as those less digitally savvy will find it difficult to adapt.
Some of my friends refuse to use digital money because they think it's difficult and prefer to pay cash for online purchases, even though they have to pay higher service fees. Imagine, even for online purchases, people still prefer cash, let alone offline transactions.

[doomloop]

I will say physical money has already disappeared as it is not really required anywhere we go. Digital money has taken lead and we can use it anywhere we want. In fact, most people or vendors will not recommend using digital money as it gives them ease of access and they don't have to rush towards banks anymore. Digitization has lead to such benefits and I think in future people will not even care about carrying physical money. They would just prefer using digital cash which is much more convenient.

I wonder how many people still prefer using physical money. Maybe areas where network is not that strong, or rural areas where even cell phones are a luxury might be the places using physical money but even these places will sooner or later move from physical money towards digital money.

[$anounimus$]

I will say physical money has already disappeared as it is not really required anywhere we go. Digital money has taken lead and we can use it anywhere we want. In fact, most people or vendors will not recommend using digital money as it gives them ease of access and they don't have to rush towards banks anymore. Digitization has lead to such benefits and I think in future people will not even care about carrying physical money. They would just prefer using digital cash which is much more convenient.

I wonder how many people still prefer using physical money. Maybe areas where network is not that strong, or rural areas where even cell phones are a luxury might be the places using physical money but even these places will sooner or later move from physical money towards digital money.

It's undeniable that technological advancements have made human activities easier. The financial system has also undergone a significant transformation toward digitalization, so every transaction follows suit. I've seen bureaucracies and companies demand digitalization for every transaction, not only because it simplifies transactions but also because it allows for monitoring of financial flows and facilitates tax collection. Despite these developments, cash remains the preferred method for transactions, as buying and selling in traditional markets still relies on cash.

[Asuspawer09]

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

I still wouldnt think that cash is never going to disappear because it is part of the government as long as we have a government on our country we are going to use the cash because it is the one that is going to give value to our economy if the cash has no value then we have no government.

We can't deny that the cryltocurrency or even the banks as being cashless is getting popular to a lot of country and even here in my country you could probably go cashless and then you ciuld buy things that you need and wanted in most places, but not in some parts like your local market where they probably didnt even trust the banks so they are sticking to the physical cash currency.

It is probably going to be a cashless future but there were just a lot of things need to consider, as long as the cash money get regulated it is technically consider as your country money, we need all of the people in one country to have a gadget so that they can use it for the transaction, in my country's case probably impossible a lot of people are just surviving.

[Kelward]

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

I have no doubt that physical cash usage for payments will totally disappear in the future, governments don't need to ban it, it will happen naturally when everybody moves on to only digital payments. It's happening already, almost every businesses accepts direct bank transfers as payment also buyers are getting used to not carrying physical cash about. You can conveniently order something online and pay instantly then have it delivered to you, the ease of online transfers is what will naturally make online payments to totally replace cash payments. People can hold a few physical cash as sevonairs to keep them not because of spending as it will be outdated.

[bitbollo]

In some areas, likewise in some rural areas in Italy it's very common that there are few bank ATM for dozens of KMs.
It's evident that many places will become poor and poor if they can't adopt quick cash solution.  
Most of transactions are already out of cash and totally digital...and in some cases you are also forced to accept this as form of payment.
Probably I don't see this as a "real success" but probably it could be in the long term...

[leonair]

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

Yes, people are now going digital and the whole world is moving towards a digital transaction. People now find carrying cash a hassle, which is why people are very interested in using Bankcard and Google Pay, and these digital currencies. Especially the whole world is now moving towards NFC systems where any transaction can be completed very easily just by touching their smartphone. These will definitely strengthen the economic condition of a country because when a corrupt country introduces digital currency instead of physical money, no one will be able to hide his corrupt money because he can be tracked in any way. But in the case of physical money, people can hide money in different ways and can also launder it in different ways. So I will definitely support the cashless system because in this smart world, everything must be smart.

[brownn]

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

So I will definitely support the cashless system because in this smart world, everything must be smart.

Still, there should also be the provision of cash also. There are some old people who are unable to understand and use tech. Cash will be useful for them.

[EarnOnVictor]

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

I think this will happen someday, but it will take a while lot of years. As we see things now, the world is fast revolving, and this pace is so scary at times. The way we move cash about before is not the way we do it again, ur has drastically reduced, and who knows what would happen in the next century?

It wasn't cash as a currency initially, it started with trade by barter before means of payments like cowrie, Gold etc were used as the medium, before the inception of cash payment itself. And now that we have transcended into the digital world, it is only a matter of time that you will almost nearly not see physical cash anymore.

[capokmerah]

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

Not in the near future. However, its role will diminish, even very rapidly. I believe there are several factors why this is happening now, including the rapid growth of digital payments. Nowadays, digital payments are no longer limited to large-scale shopping centers, they can expand to almost every corner of the globe. Cashless payments can thrive because the system offers convenience and speed through mobile banking, QR codes, and digital wallets, as well as lower operational costs for banks and merchants. Most importantly, the expansion of increasingly advanced internet infrastructure that supports cashless payment systems. This is why the use of physical money is increasingly being displaced.

[Alonso_]

I think we are heading there already, because when you look at it in a different direction, most people are already interested in cashless policy you don’t see people moving around with cash anymore, they are mostly interested in buying good and commodity without cash, people now prefer doing transfers with their phones which is something that I have been trying to understand, with the way the world is heading right now most people would actually prefer to buy things cashless policy, gradually very soon we would get there where we wouldn’t do with any cash anymore but this things have been affecting mostly people who lives in places where they can’t make use of phones and have bad networks, and I believe that would still be a disadvantage, especially in none developed countries where there are old people who aren’t educated on how to make use of this modern devices, it would definitely be a huge problem for the growth of this cashless system.

[sana54210]

people are now going digital and the whole world is moving towards a digital transaction. People now find carrying cash a hassle, which is why people are very interested in using Bankcard and Google Pay, and these digital currencies. Especially the whole world is now moving towards NFC systems where any transaction can be completed very easily just by touching their smartphone. These will definitely strengthen the economic condition of a country because when a corrupt country introduces digital currency instead of physical money, no one will be able to hide his corrupt money because he can be tracked in any way. But in the case of physical money, people can hide money in different ways and can also launder it in different ways. So I will definitely support the cashless system because in this smart world, everything must be smart.

I agree that tracking digital money is much easier as compared to physical money but still these corrupt people will find ways to hide their online transactions by getting a wormhole who will bypass or hide their transactions by involving multiple parties in between who will just move around the money. Digitization has also made it possible to track huge transactions as that is where the corruption usually begins. Banks can easily track these huge transactions and report it to authorities so they can be investigated further.

I wonder will it help eradicate corruption if we completely stop cash transactions and everyone moves forward with digital money? I think this can definitely help but completely banning physical money can be off table.

[henmark]

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

Physical money will still exist, but its use will decrease, as those less digitally savvy will find it difficult to adapt.
Some of my friends refuse to use digital money because they think it's difficult and prefer to pay cash for online purchases, even though they have to pay higher service fees. Imagine, even for online purchases, people still prefer cash, let alone offline transactions.

Yes, some people do prefer cash on delivery for online purchases but they not necessarily pay cash to the delivery guy. Instead they would ask for a QR code to make the payment online from their phone. The reason they opt for cash on delivery is not because they prefer using cash but they do not believe if the product will be delivered on time or maybe some similar reasons. People will always prefer using digital money because it saves them a lot of difficulties.

Yes, using digital money can be a bit challenging to those who are not tech savvy but if they spend ample of time, they will easily be able to grasp the use. I have seen people who are in their 90's still using digital money because their grandchild taught them how to use it.

[Tungbulu]

In some areas, likewise in some rural areas in Italy it's very common that there are few bank ATM for dozens of KMs.
It's evident that many places will become poor and poor if they can't adopt quick cash solution.  
Most of transactions are already out of cash and totally digital...and in some cases you are also forced to accept this as form of payment.
Probably I don't see this as a "real success" but probably it could be in the long term...

A situation whereby a town has to travel a long distance just to get access to cash would definitely have some negative impact on that town. It’ll weaken the town local economy of that area slowly, and those small businesses that solely rely on cash customers will definitely lose business, and those who are elderly and others with limited digital skills becomes dependent on others for survival. A lot of things will definitely go wrong, from buying from local farmers to paying a handyman, this will indeed becomes an easy pathway to poverty.

[Emitdama]

In some areas, likewise in some rural areas in Italy it's very common that there are few bank ATM for dozens of KMs.
It's evident that many places will become poor and poor if they can't adopt quick cash solution.  
Most of transactions are already out of cash and totally digital...and in some cases you are also forced to accept this as form of payment.
Probably I don't see this as a "real success" but probably it could be in the long term...

In those rural areas, people always have an option to start accepting digital money right so they don't have to rush for a ATM which might be located a few miles away from their house. They can simply use digital money to accept payments or even make payments for their day to day life. This will make things much easier for them. Also I don't think we have internet issues anymore. Even the smallest town will have internet access and that is all we need for digital payments.

With internet and a smartphone it is possible to make payment from any corner of the world without the hassle of involving ATM's of cash in between so this is definitely going to make things way lot easier in the future.

[goldkingcoiner]

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

Unless we resist, we are all going to be living like in China.
The government will be able to decide what we can and cannot buy.

And it does look like we are progressing towards that path. At least I can so that for the EU.
But as long as Bitcoin is alive we have freedom. So I am not worried.

[coupable]

I will say physical money has already disappeared as it is not really required anywhere we go.

I think i live yet in the sixteenth hhhh In my country and in the neighboring countries, which are all developing countries but with great resources and considerable infrastructure, cash is still the leader in all types of exchanges (except between banks or transactions between institutions/companies). Banks have their apps and the government encourage people to use online payment method to realize a cashlesss system, but citizens still have this cash culture. Experts said that this is because of the dominance of the black market which in some economies exceed the 50% from global economic fabric.

[Miles2006]

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

Digital currency growing in recent time doesn’t mean physical money will disappear. I observe people nowadays like using mobile phones, cards etc for shopping, there’s a probability physical money might not be able to withstand the advance technology but, from a different angle physical money has been for years without a fall not even an alternative. Not everyone will be able to make use of digital innovation and the process might be difficult for those not willing to learn, personally I think physical money will always be needed in terms of network problem for example my locality once experienced network shutdown for 24hours meaning anyone in this situation will not be able to access the internet properly reason why both is needed, definitely both digital and physical money will always stand firmly.

[Kelvinid]

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

I have also the same kind of belief that we are actually heading to a cashless future, but there is also no way that physical money will soon disappear. The government will always back up physical fiat no matter what, that's for sure. They will never dispose that and focus on their digital fiat, because digital fiat is just their option, or more likely an alternative to physical money.

Also, it should be noted that not all people prefer using digital payment, most especially who are illiterate and can't even read simple words. So with this, physical money will stay beneficial all throughout.

[ndutndut]

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

Physical money will still exist, but its use will decrease, as those less digitally savvy will find it difficult to adapt.
Some of my friends refuse to use digital money because they think it's difficult and prefer to pay cash for online purchases, even though they have to pay higher service fees. Imagine, even for online purchases, people still prefer cash, let alone offline transactions.

True. Physical money cannot be completely eliminated because digital money plays a role, and it will continue to be used alongside it. Digital money exists to expand transaction options, and while many people currently use digital payments, it's not meant to completely replace cash. There are still people who haven't embraced technology or who feel more comfortable with cash transactions as you mentioned. Cash still exists but its use is declining.

In theory, it's true that physical money can be completely switched to digital money. However the impact is not easy or simple, as it will have far reaching consequences, both for the economy and the banking sector. Furthermore if this change is implemented, it's not just a technological issue it also concerns social preparedness, legal issues, and fairness in running the economy.