Are we heading toward a cashless future?

[junder]

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.

Seeing the current reality that digital payments have become a habit for many people because they are practical and also with several stores that provide digital payments, this makes it easier for many people, but in any case, cash or cash payments will not disappear, because even though technology develops, there are still shops or services or others that do not provide digital payments and only accept cash. Cash or cash payments are an inherent tradition so it is unlikely to disappear or indeed will not disappear.

[Yeesha]

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.

Seeing the current reality that digital payments have become a habit for many people because they are practical and also with several stores that provide digital payments, this makes it easier for many people, but in any case, cash or cash payments will not disappear, because even though technology develops, there are still shops or services or others that do not provide digital payments and only accept cash. Cash or cash payments are an inherent tradition so it is unlikely to disappear or indeed will not disappear.

I don't think that we are heading toward a completely cashless economy. Technology is still developing and evolving, it is mainly creating greater transparency and more opportunities for many people rather than eliminating traditional systems. I can't deny the fact that digital currencies and electronic payment methods are becoming more popular, but still, they will not fully replace cash. Cash Still remain important because many people are still fond of using it due to its simplicity and reliability. Because some people always think that unlike digital currencies, cash does not depend on internet access, electricity or technical knowledge. Cash is widely accepted, and trusted especially by aged people and rural areas where digital infrastructure is limited. We are not eating to cashless economy but the thing is that we are moving toward a hybrid system and both cash and digital currencies will coexist.

[slapper]

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.

Seeing the current reality that digital payments have become a habit for many people because they are practical and also with several stores that provide digital payments, this makes it easier for many people, but in any case, cash or cash payments will not disappear, because even though technology develops, there are still shops or services or others that do not provide digital payments and only accept cash. Cash or cash payments are an inherent tradition so it is unlikely to disappear or indeed will not disappear.

I don't think that we are heading toward a completely cashless economy. Technology is still developing and evolving, it is mainly creating greater transparency and more opportunities for many people rather than eliminating traditional systems. I can't deny the fact that digital currencies and electronic payment methods are becoming more popular, but still, they will not fully replace cash. Cash Still remain important because many people are still fond of using it due to its simplicity and reliability. Because some people always think that unlike digital currencies, cash does not depend on internet access, electricity or technical knowledge. Cash is widely accepted, and trusted especially by aged people and rural areas where digital infrastructure is limited. We are not eating to cashless economy but the thing is that we are moving toward a hybrid system and both cash and digital currencies will coexist.

Governments just love the trackable transactions. Every purchase is an item of data. Tax evasion gets harder. The size of the informal economy is reduced. And that's just basic institutional behavior when you actually look at what central banks are publishing with their policy papers. Banks already charge cash handling fees. Some places are refusing it completely now. Sweden's basically there already, good luck going around Stockholm using cash without getting weird looks.

Obviously we are on the move to cashless. But are we constructing alternatives that don't provide total monetary surveillance to central banks of every transaction you make? Because "hybrid" is only a phase of transition. Not an endpoint.

[whiteblue]

Cash will still exist, but it seems that young people today have reduced their cash ownership, they keep it in wallets on their cellphones, even ourselves in crypto wallets and we are free to carry it wherever we want, and it can also be understood that the ongoing digitization is made to avoid dependence on cash, with the reason for every technological development is effectiveness and efficiency and therefore digital money by young people rather than cash.

[Donk1]

Well if I may say yeah we are heading to a cashless future because right now the digital world is evolving and everyone is beginning to prioritise privacy and convenience than just convenience and with crypto transactions making international transactions easier, many folks are gradually seeing the usefulness of digital transfers. Well as it may seem while it may be good for international transactions with crypto/bitcoin, when it comes to bank transactions I feel it might have privacy but let's consider the fact that they might actually have network issues and if I may say it wouldn't affect the government in anyway.

​That said the very concept of a cashless economy for now I would give it a 25% out of 100 because there are still many rural areas who are still far behind .so yeah while some countries would adapt to it not all countries will, as they are different governments and different understanding of the value of cash in the economy....

[Nuel0717]

In my opinion, the growth of digital money doesn’t mean the death of cash. What we’re seeing is more of a hybrid system. Increased digital usage, but cash still remaining relevant.

Cash works without the internet, electricity, smartphones, or bank accounts, which is why it’s still essential in many developing countries. Unlike bank or online payments, cash transactions also leave little to no digital trace.

So rather than a fully cashless future, it seems we’re heading toward a phase where digital payments dominate in some areas, while cash continues to play an important role elsewhere.

[Abiky]

Digital payments make transactions much easier, but despite that, fiat currency will never disappear because digital payments cannot be made by everyone and everywhere, for example in traditional markets or by elderly people, and I agree with what you said, it only decreases, not that it can be completely replaced.

I think you are referring to "cash" (instead of Fiat), and yes, it will disappear sooner or later. Fiat, however, will be with us forever since it's the "tool" governments use to manipulate the economy. Without Fiat, governments will lose the power/control they currently have. A cashless society is not only about convenience (fast, cheap payments), but also giving banks and governments greater control over your financial life. They will be able to freeze/confiscate money or even change monetary supply "on the fly". With existing centralized payment processors (VISA, Mastercard) and cash, this is difficult to do. CBDCs aim to fix that by "digitalizing" money as we know it.

Cash will become a thing of the past once it's no longer "legal tender". This could take from a few years to a few decades. Fortunately, we have Bitcoin. As long as it remains decentralized, we should have nothing to worry about.