Are we heading toward a cashless future?

[Hanadawa]

I think there'll just be a balance of the both, because they have there advantages and disadvantages, cashless policy might be dominant in Europe and Asia, but in places like Africa and some parts of south America the cashless won't be totally dominant.

I think the most plausible explanation is that cash won't disappear, but its use will decrease. In my area, the use of non-cash payments has become increasingly widespread since the introduction of a one-stop-shop transaction service called Qris. You don't need to create an account. Just use any bank account or e-wallet to pay via Qris. This is more efficient and simpler than e-money, which requires a top-up, and that can only be done through the place where the e-money card was issued. Yes, the world is increasingly digital, but the use of cash will never truly disappear.

[fruktik]

I don't think it will become a “problem for the state.” Cash circulation will simply cease, and that's all. Don't want it? That's your problem. We'll credit your salaries, pensions, and social assistance to your card/digital account—then you can decide for yourself what to do with it. They'll just take it out of service, and that's it! Forcing everyone to pay with cards and forcing retailers to install terminals is not a problem...

Due to the looming financial catastrophe in my country, a shift to cash is underway. Banks have gained too much power. Even small transfers from relatives and transactions between personal accounts are blocked. Consequently, there is a massive outflow of funds from banks. Fewer and fewer people trust this system. And rightly so. The government is preparing another currency reform in the near future.

[Baki202]

Imo physical cash isn’t disappearing anytime soon. Digital payments are growing fast, yeah, but cash still matters for privacy, offline use, and people who aren’t fully banked. CBDCs might reduce cash usage, but replacing it fully would be tough. Governments like having options, not putting all eggs in one basket.

It is not disappearing soon but I noticed that the government is trying to reduce the circulation of money because when it is not regulated it has its own disadvantages and that is why by all means they are trying to encourage cashless and some countries even go to the extent of making it a policy and this is because when there is excessive money in circulation it will affect the value of money. And that is they are also regulating the printing of money and it for the good of the economy.

And the world is changing to something digital. And by Allen's gosh trying to go digital and this have helped the economy of a country and it will also reduce inflation and that is why most civilized countries are taking cashless policies very seriously. Only few periods, that you see people using cash.

[DrBeer]

I don't think it will become a “problem for the state.” Cash circulation will simply cease, and that's all. Don't want it? That's your problem. We'll credit your salaries, pensions, and social assistance to your card/digital account—then you can decide for yourself what to do with it. They'll just take it out of service, and that's it! Forcing everyone to pay with cards and forcing retailers to install terminals is not a problem...

Due to the looming financial catastrophe in my country, a shift to cash is underway. Banks have gained too much power. Even small transfers from relatives and transactions between personal accounts are blocked. Consequently, there is a massive outflow of funds from banks. Fewer and fewer people trust this system. And rightly so. The government is preparing another currency reform in the near future.

Cash is truly a lifesaver in difficult situations. It works when bank transactions don't, when the existing political system persecutes dissent by analyzing transactions and other actions. The only condition is the absence of rampant inflation, when cash simply turns into worthless paper.

[aysha9853]

We’ve been hearing cash is dead for years, yet it’s still around what’s really happening is more options, not replacement.

[DYOR+BTC]

To every situation of life there is always a way to get over it and with the way things are going I think we are already approaching an era where cash won't be made available due to some certain reasons. For now that time we speak of is here as cash is getting difficult to get due to some procedures assumed to be a means of reducing crime that is what some government confirm it to be, apart from that assumed crime reduction principle, it is also a way of reducing stress as it will be difficult caring a huge amount of money , so on that note I see it a s a welcome development

[DrBeer]

We’ve been hearing cash is dead for years, yet it’s still around what’s really happening is more options, not replacement.

It would be more accurate to say that alternative financial systems, such as cryptocurrencies, are emerging. However, they are not accessible to everyone and have their own characteristics, both positive and controversial. And let's not forget that, in fact, all state authorities now want to exercise maximum control over their citizens' money. In some cases, this is done with good intentions (such as fighting corruption and illegal income), and in others, it is precisely to exercise total control and influence over other people's money.

[Abiky]

It would be more accurate to say that alternative financial systems, such as cryptocurrencies, are emerging. However, they are not accessible to everyone and have their own characteristics, both positive and controversial. And let's not forget that, in fact, all state authorities now want to exercise maximum control over their citizens' money. In some cases, this is done with good intentions (such as fighting corruption and illegal income), and in others, it is precisely to exercise total control and influence over other people's money.

Well, the plan has always been about exercising total control and influence over people's money. And what better way to do this by governments launching their very own digital currencies in collaboration with central banks (otherwise known as CBDCs)? Bitcoin paved the way for totalitarian states to become a reality in the future. The government will use its underlying tech (Blockchain) for "evil", instead of good. Such a system fits perfectly for the "New World Order". It will be a dark future for our society (despite governments telling us otherwise).

Being "cashless" means less privacy and freedom for you and everyone else. It's not convenience, but utter slavery. I would've preferred cash (coins and paper money) to remain in circulation forever. It's already too late for that. At least, we have privacy coins (Monero, Grin, Zcash, etc). Maybe they will "save" us from the evil clutches of governments and central banks? Only time will tell.

[Osiokwudiri]

Yeah we are heading to cashless era. In my country government is benefiting from cashless system. Is a way of taxing every individuals to pay taxes to the government without coming to your doors. That will also promote the value Bitcoin.

[tottong]

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

It could be, but we never know when it will be fully integrated with e-money digital currency because if you look at the current conditions, even banking services themselves are also intensively promoting digital payments using their products.
Physical money is still used to this day, but have you ever thought that the current generation of children who buy something no longer carry physical currency because many services are available that accept payments using digital currency.

The extinction of physical currency may not happen, but the lack of use of physical money in shopping may happen because now technology is increasingly sophisticated and many payments use digital currency from bank products.

[eightdots]

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

It could be, but we never know when it will be fully integrated with e-money digital currency because if you look at the current conditions, even banking services themselves are also intensively promoting digital payments using their products.
Physical money is still used to this day, but have you ever thought that the current generation of children who buy something no longer carry physical currency because many services are available that accept payments using digital currency.

The extinction of physical currency may not happen, but the lack of use of physical money in shopping may happen because now technology is increasingly sophisticated and many payments use digital currency from bank products.

The use of physical cash may disappear or decrease significantly in many areas, but its complete elimination will require time and acceptance by the public. Replacing old habits with new ones can take a long time, which is why there are still many people who use physical cash and try to avoid digital payments. Therefore, the complete disappearance of physical cash may take a long time, or it may not be possible at all.

Furthermore, this may not be possible worldwide at the moment. Many countries and many people still use cash and meet their needs this way.

[DPHOR]

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

Irrespective of whatever be it digitalization or what, we can't entirely eliminate cash not to exist in the future as it is our recognized medium of exchange. whatever that may come after would never take the place of cash.
But however, we can still have them to assist cash whereby if there is no means of cash to scale through those place then digital currency could do that for you. For instance, you now make payment without the need for third party to know whatever amount you are transacting unlike the bank that would conditioned you on the amount of money you can transfer per day or month, through digital currency can you send billions of money through either bitcoin or any other crypto coin without any restriction or limitations.

[Abiky]

The use of physical cash may disappear or decrease significantly in many areas, but its complete elimination will require time and acceptance by the public. Replacing old habits with new ones can take a long time, which is why there are still many people who use physical cash and try to avoid digital payments. Therefore, the complete disappearance of physical cash may take a long time, or it may not be possible at all.

Furthermore, this may not be possible worldwide at the moment. Many countries and many people still use cash and meet their needs this way.

The question is: How are people going to pay for things in an offline manner once cash is phased out from existence? Because CBDCs (government-backed digital currencies) will rely on the Internet to remain operational. Especially if it makes use of Blockchain tech. Just like Bitcoin. Without an Internet connection, the economy would be doomed. Unless, governments devise a way to be able to use CBDCs offline. Or they can just leave cash alongside CBDCs to serve as a "failsafe" during times of crisis.

Either way, a cashless future is inevitable. The heavy use of digital payment systems worldwide, tells us exactly where our society is heading to. Only that the future will be a dark one as governments will have more control over your financial life. I wouldn't worry about this for a few decades, though. Let's all enjoy cash while it lasts.

[DanWalker]

The question is: How are people going to pay for things in an offline manner once cash is phased out from existence? Because CBDCs (government-backed digital currencies) will rely on the Internet to remain operational. Especially if it makes use of Blockchain tech. Just like Bitcoin. Without an Internet connection, the economy would be doomed. Unless, governments devise a way to be able to use CBDCs offline. Or they can just leave cash alongside CBDCs to serve as a "failsafe" during times of crisis.

They found a way and even implemented it. Like China's CBDC, they also deployed offline payment support quite early through technologies such as using NFC, QR code, Bluetooth or smart cards...

Either way, a cashless future is inevitable. The heavy use of digital payment systems worldwide, tells us exactly where our society is heading to. Only that the future will be a dark one as governments will have more control over your financial life. I wouldn't worry about this for a few decades, though. Let's all enjoy cash while it lasts.

Yes, a cashless world is inevitable. But you are right, we do not need to worry too much because it is not going to happen anytime soon, and I do not even think it will happen in our generation.

[Samlucky O]

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

physical cash will never disappear because of digital payment system. dont forget so soon that physical cash has and will always be the oldest means of payment system, why this payment system is very important is because it is fast, easy and reliable compared to digital payment system. it is used by educated and non educated people. it is used everywhere both digital accessible and non digital acceptable area. cash transaction within a country is unlimited but digital payment is limited especially in an area that lacks internet communication. both will surely be used and not one for another.

[Minor Miner]

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

physical cash will never disappear because of digital payment system. dont forget so soon that physical cash has and will always be the oldest means of payment system, why this payment system is very important is because it is fast, easy and reliable compared to digital payment system. it is used by educated and non educated people. it is used everywhere both digital accessible and non digital acceptable area. cash transaction within a country is unlimited but digital payment is limited especially in an area that lacks internet communication. both will surely be used and not one for another.

Currently and in the near future, cash and digital payments will coexist. But I believe that in the more distant future, digital payment will gradually become dominant and completely replace cash

Currently, the barrier to digital payments are incomplete infrastructure and the fact that older generation still constitute a significant portion of the global population. However, over time, these barriers will gradually be removed as technology develop, infrastructure improve, and the younger generation become the dominant force globally. A completely cashless world is inevitable

[Jateng]

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

It could be, but we never know when it will be fully integrated with e-money digital currency because if you look at the current conditions, even banking services themselves are also intensively promoting digital payments using their products.
Physical money is still used to this day, but have you ever thought that the current generation of children who buy something no longer carry physical currency because many services are available that accept payments using digital currency.

The extinction of physical currency may not happen, but the lack of use of physical money in shopping may happen because now technology is increasingly sophisticated and many payments use digital currency from bank products.

The use of physical cash may disappear or decrease significantly in many areas, but its complete elimination will require time and acceptance by the public. Replacing old habits with new ones can take a long time, which is why there are still many people who use physical cash and try to avoid digital payments. Therefore, the complete disappearance of physical cash may take a long time, or it may not be possible at all.

Furthermore, this may not be possible worldwide at the moment. Many countries and many people still use cash and meet their needs this way.

This may happen in the coming years but it is not that cash is not visible.It takes time to change because cash has been in use since the beginning.It is not easy to eliminate it because there are many people who do not know the digital payment system and do not want to know it because they are afraid that it will waste their money and they do not even know how to operate digital things.bThe new generation uses digital payments more and avoid many problems such as cash can be lost but in the digital way cash is not stolen and there is no need to count it