Are we heading toward a cashless future?

[AmoreJaz]

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.

Cashless payment may increase in most urban areas but the adoption in rural areas may be slow. Because for one, they don't need to hurry in most remote areas as well as the network may not be available to them, so they can't pay online. And for sure, they still prefer fiat. But it is understandable if most developed cities are now mostly using digital payments for convenience purposes. Do remember that some of them have free wifi available at any time so it is quite easy for them to use cashless payments.

[Yamifoud]

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

I am open to the idea that we will turn cashless in the future. Even today, cashless payment transactions are already seen on a rapid increase of demand, and there's no way we can stop this, except if the government creates a new law concerning to reduce cashless transactions.

Physical money has never lost its value even today that cashless payment is at high speed. That is because physical money will stay forever, because that's how its originally designed by the central bank and the government.

[Abiky]

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

Yes. But it won't be as fast as you think. The process of transitioning from physical cash to cashless payments will be a slow and steady one. Governments will issue their own digital currencies (CBDCs) alongside existing Fiat for a while, until the general public is ready. We could be talking about a few more decades before a full-fledged cashless society becomes a reality.

There needs to be a solid infrastructure for CBDCs to perform as intended. Otherwise, adoption will be ridiculously low. By infrastructure, I'm talking about reliable Internet access, digital wallet accessibility, etc. There are many places in the world with limited Internet access, as well as, an unreliable power grid. Until this is solved, don't expect cash to go anywhere soon.

[Ryu_Ar1]

Currently, my country is also in the era of digitalization including for payments where for the initial breakthrough in every school and university in big cities they do not transact through paper money for now and prioritize through digital.

I have been doing this since several years ago even before there was a movement from the government because I rarely have paper money and even if there is it is only enough for daily needs but with the movement made by the government in my country to digitize of course I feel this is a very good thing.
Although indeed things like this are still not evenly distributed especially to small areas but indeed this can be a good start where the era of technology is advancing so we must be prepared for possibilities like this because it could be that paper or metal money that is currently still in circulation may not be seen in the future.

[DanWalker]

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.

But I believe that won't happen anytime soon, cash will still exist and be used for at least the next few decades. It will not be replaced or disappear completely in the near future. Because despite the growth and boom, there are still many places in the world that do not have full access to the internet and technology. Not to mention, older adults still make up the majority of the global population and they are the ones who have difficulty using the internet. So as long as this segment of the population exists, cash will continue to be used.

[MarjorieZimmermanGinger]

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

Whether physical money disappears depends on certain circumstances because not all countries may be able to reach the stage of comprehensive payment for this issue. Even if payments are made using digital currencies or other existing payment products, physical currency will still play a role in payments as usual. Many people may no longer carry physical cash with them when shopping, as many payment services are easier to use. Many countries are currently developing debit card and QRIS payment systems, as I see these systems becoming more popular in my country, while CBDC payments are not yet as popular especially in my area.

[fruktik]

I am open to the idea that we will turn cashless in the future. Even today, cashless payment transactions are already seen on a rapid increase of demand, and there's no way we can stop this, except if the government creates a new law concerning to reduce cashless transactions.

Physical money has never lost its value even today that cashless payment is at high speed. That is because physical money will stay forever, because that's how its originally designed by the central bank and the government.

I'm less and less able to get physical cash. I've even started to forget what it looks like. This means that progress is marching across the planet much faster than we could have imagined.

Only occasionally do I go to the bank and withdraw cash. I do this to protect myself in case of an emergency. My country is in a very difficult economic situation, which doesn't bode well at all. Therefore, it's imperative to protect yourself.

[Xcode7]

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

Whether physical money disappears depends on certain circumstances because not all countries may be able to reach the stage of comprehensive payment for this issue. Even if payments are made using digital currencies or other existing payment products, physical currency will still play a role in payments as usual. Many people may no longer carry physical cash with them when shopping, as many payment services are easier to use. Many countries are currently developing debit card and QRIS payment systems, as I see these systems becoming more popular in my country, while CBDC payments are not yet as popular especially in my area.

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.

[arwin100]

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

Whether physical money disappears depends on certain circumstances because not all countries may be able to reach the stage of comprehensive payment for this issue. Even if payments are made using digital currencies or other existing payment products, physical currency will still play a role in payments as usual. Many people may no longer carry physical cash with them when shopping, as many payment services are easier to use. Many countries are currently developing debit card and QRIS payment systems, as I see these systems becoming more popular in my country, while CBDC payments are not yet as popular especially in my area.

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.

And I will not get surprised if this situation will happen since as we could see at the moment. Government is exploring the idea of tokenization of their fiats, they built that CBDC and other else to compete Bitcoin for digitalization, but only few of them succeed.

Bitcoin still manage to dominate especially that lots of people really like the idea of decentralization and stay out of control of their government.

But I also don't think physical money will get eliminated since for sure it will continue to co-exist together with digital mode of payments.

[Juicyhome]

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.

You're right mate, all region will adapt if the government are really serious about cashless policy, even when some region are less educated on Internet transactions, they were all copping with it. It's all depends on the government to make a harsh decision on it and the people will navigate on how to deal with it regardless of their region.

Even in civilized county physical money is still in operation, we can't really get it off, but it can be reduced in the society. Cashless policy helps to strengthen the currency, because it cost the government more money to print currency. But it everyone can buy and sell online it will be of advantage to the government.

[Hanadawa]

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 think people will still use physical currency in the future, but the world is currently moving towards a cashless world. I personally often use digital payments, whether it's e-wallets or QRIS. Digital payments record every transaction, eliminating the need to carry small change. However, I still need cash because in some situations, using digital payments is inefficient, such as when shopping at the market with multiple sellers. But I still wonder whether digital money can improve the world or worsen it, as digital money is essentially easier to create and is just numbers on a screen.

[Smack That Ace]

And I will not get surprised if this situation will happen since as we could see at the moment. Government is exploring the idea of tokenization of their fiats, they built that CBDC and other else to compete Bitcoin for digitalization, but only few of them succeed.

Bitcoin still manage to dominate especially that lots of people really like the idea of decentralization and stay out of control of their government.

But I also don't think physical money will get eliminated since for sure it will continue to co-exist together with digital mode of payments.

Do fiat money and bitcoin compete with each other? How can we say they are creating CBDC to compete with bitcoin when it is just a digital version of existing fiat?

Also, bitcoin is not used as a currency as its original purpose, but instead we consider it as an asset/investment. Do you use bitcoin as a currency or just invest and hope to make a profit from it? So CBDC and bitcoin are not in competition with each other.

Bitcoin is also not dominant, as both are used in different cases and roles.

Cash will be eliminated, but this will not happen anytime soon, as there are still many issues that governments need to thoroughly address before moving towards a cashless world.

[KiaKia]

Cashless system is available in my country as well but people don't choose it completely over physical money and there are things you want to buy that it makes no sense to use cashless system because of charges.

Even in crypto space, if the gas or transcation fee is almost the same as what you are trying to pay for it makes no sense to proceed, this is why I believe that pyshical money will always be here.

I still don't understand why we have to keep talking about this similar topic, there are few like this one in the past, pyshical money and cashless system should both exist and available for people to chose from, problem solved.

[Vaculin]

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.

Cashless payment may increase in most urban areas but the adoption in rural areas may be slow. Because for one, they don't need to hurry in most remote areas as well as the network may not be available to them, so they can't pay online. And for sure, they still prefer fiat. But it is understandable if most developed cities are now mostly using digital payments for convenience purposes. Do remember that some of them have free wifi available at any time so it is quite easy for them to use cashless payments.

It's also hard to expect cashless payment work in rural areas because not all of the residents there have their own smart phones to process transaction. In fact, only few of them are knowledgeable about using internet, that's why its useless for them to buy smart phones, internet connection also adds to their problem. That goes to say that fiat should never come to collapse because for sure these people will suffer on how to avail their basic necessities when all they know are just using fiat. But still, development and progress are unstoppable, so let's see then how will the government deal with this.

[tsaroz]

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.

Many countries have started promoting cashless economy as its also a way to prevent corruption as it increases transparency. I don't mean to say that the government themselves are not corrupt as they'd have better ways to take money but even if it decreases corruption and the service provider/bureaucratic level, the people would feel change.
The only thing the cashless economy has hurt is privacy, its like every nations are becoming more like China where every of their spending and their movements are being tracked but its a necessary evil we need to accept for the greater good and maybe have a blind trust on our own government.

[jems]

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

In the near future of course not, because there are so many obstacles to this happening, in my opinion there are several reasons why I say that it is not, first not everyone has a smartphone especially for those who live in remote areas and also not everyone can use a smartphone for example elderly people and the most important reason is someone's privacy to know the digital transactions that are carried out, of course this is a consideration that physical money will never disappear even though I do not deny that digital transactions are quite widespread and quite widely used today.

[Leahized]

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

Yes of course, day by day through technological development and all countries have reached the top of more progress. And that's why virtual currency is being used online day after day and regular transactions are done through banks, just a number that we can see but not touch. But currently the amount of people using currency and all types of currencies are being converted into digital currency. Therefore, it can be said that within 10 to 15 years, all types of cash or paper money will disappear. It will be possible to control the value of money. Because many times it will be seen, the value of money will start to decrease very quickly for a big problem. I think this is going to cause big problems. And some time it will be seen that people will use currencies instead of cash and transact through banks.

[Uhwuchukwu53]

It can be possible in many developed countries but the third world countries who are facing many technological enhancement will not as fast adopt it completely. Though the way the digital currency and electronics system of transaction occur in many society today it really show that cashless is possible. If this can be eliminated, just as op mentioned future some generation really need passed away it will start with the computer age where the knowledge of computer, electronics is no longer an issue and more technical and technological device to carry this out will be available every where,. Though I still have the view that fiat note, will still exist but it will reduce it circulation as note.

[Judith87403]

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.

You make a valid point there. The more the strength of digital payments increases and it becomes easier and faster, more people will naturally adopt it because digital payment is the future and it fits perfectly with the pace of the modern financial systems. Although this doesn’t in any way mean that physical money will automatically vanish, not at all, because cash still plays a very vital role in every economy, because there are times that there could be disruptions in the network and so people would alternatively rely on cash, but it’ll drastically reduce and limit the usage of cash.

[Apocollapse]

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.