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.

[junder]

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.

Yes, as I said before, even though digital payments are getting more and more popular with more and more people using them, but still cash payments will not disappear. I myself still use both, with me receiving a salary it is usually done digitally and I also have digital savings but sometimes I also make payments in cash on a daily basis, this is a traditional way that cannot be eliminated.

[cyberninja2]

Yes, as I said before, even though digital payments are getting more and more popular with more and more people using them, but still cash payments will not disappear. I myself still use both, with me receiving a salary it is usually done digitally and I also have digital savings but sometimes I also make payments in cash on a daily basis, this is a traditional way that cannot be eliminated.

Traditional methods will not disappear even though life is now filled with various forms of global use. This means that popular payment methods will continue to dominate in various parts of the world. Digital payments are very convenient requiring only a mobile phone or Wi-Fi network to access this practical payment method, eliminating the need for manual transactions as usual. This is one way to make it easier for people who sometimes pay their income digitally.

We do not blame people who still use traditional methods because some people still prefer these methods because maybe some people feel more when receiving the results of the income they make at a place where they work, but I think that currently everyone has more significant knowledge, plus the era has entered globalization so that everyone must have felt payments with digital methods and what is clear is that traditional methods do not need to be eliminated because they still need to feel the traditional method.

[junder]

Traditional methods will not disappear even though life is now filled with various forms of global use. This means that popular payment methods will continue to dominate in various parts of the world. Digital payments are very convenient requiring only a mobile phone or Wi-Fi network to access this practical payment method, eliminating the need for manual transactions as usual. This is one way to make it easier for people who sometimes pay their income digitally.

We do not blame people who still use traditional methods because some people still prefer these methods because maybe some people feel more when receiving the results of the income they make at a place where they work, but I think that currently everyone has more significant knowledge, plus the era has entered globalization so that everyone must have felt payments with digital methods and what is clear is that traditional methods do not need to be eliminated because they still need to feel the traditional method.

Yes, digital payments are more convenient because when we pay, we can usually enter the amount directly according to the agreed price, so the seller or recipient does not need to take out or look for change. With cash, the process can sometimes be lengthy when the seller does not have small bills to give as change to buyers who pay with large bills or more than the price of the item.

[DeeppRockk]

Traditional methods will not disappear even though life is now filled with various forms of global use. This means that popular payment methods will continue to dominate in various parts of the world. Digital payments are very convenient requiring only a mobile phone or Wi-Fi network to access this practical payment method, eliminating the need for manual transactions as usual. This is one way to make it easier for people who sometimes pay their income digitally.

We do not blame people who still use traditional methods because some people still prefer these methods because maybe some people feel more when receiving the results of the income they make at a place where they work, but I think that currently everyone has more significant knowledge, plus the era has entered globalization so that everyone must have felt payments with digital methods and what is clear is that traditional methods do not need to be eliminated because they still need to feel the traditional method.

Yes, digital payments are more convenient because when we pay, we can usually enter the amount directly according to the agreed price, so the seller or recipient does not need to take out or look for change. With cash, the process can sometimes be lengthy when the seller does not have small bills to give as change to buyers who pay with large bills or more than the price of the item.

I totally get why digital payments are handy-they save you from dealing with change. No doubt about it. But cash? It's got that one thing going for it: privacy. No paper trail, no tracking. Even with new digital stuff like CBDCs, every swipe leaves a data footprint. 
Sure, digital's taking over, but cash won't vanish overnight. Some folks just want to keep their spending private, you know? Not everything needs to be shared with corps or governments. It's a classic trade-off: quick and easy vs. staying under the radar. 
Will cash ever *really* disappear? Maybe not. People like having options, even if it means a little hassle. Convenience is great, but anonymity? That's priceless.

[junder]

I totally get why digital payments are handy-they save you from dealing with change. No doubt about it. But cash? It's got that one thing going for it: privacy. No paper trail, no tracking. Even with new digital stuff like CBDCs, every swipe leaves a data footprint. 
Sure, digital's taking over, but cash won't vanish overnight. Some folks just want to keep their spending private, you know? Not everything needs to be shared with corps or governments. It's a classic trade-off: quick and easy vs. staying under the radar. 
Will cash ever *really* disappear? Maybe not. People like having options, even if it means a little hassle. Convenience is great, but anonymity? That's priceless.

Whether overnight or some time in the future I think cash payments will still exist because this is the traditional way of transacting, in my neighborhood there are quite a lot of elderly merchants and they don't know or know about things that are done digitally or online so they sell by only providing cash payments, besides I think this kind of seller will still exist from time to time, although it may be getting smaller in number.

[alastantiger]

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

In my country, i dont think physical money is going anywhere any time soon, alot of people have attachment to physical belonging as the need for physical cash will always be there. But that said I would agree that the current generation is pivoting towards cashless payment, its like a dilemma. So you have some shop owners who still prefer cash and then you have the younger generation who barely walks around with cash.

Soon might be a stretch but definitely with time and as inflation continues, we would see alot more business switching to online payments because one thing about buying and selling is that it moves according to trend and if that trends suggest cashless payment then overtime we will see that adjustment come into play.

[bakasabo]

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

In my country, i dont think physical money is going anywhere any time soon, alot of people have attachment to physical belonging as the need for physical cash will always be there. But that said I would agree that the current generation is pivoting towards cashless payment, its like a dilemma. So you have some shop owners who still prefer cash and then you have the younger generation who barely walks around with cash. Soon might be a stretch but definitely with time and as inflation continues, we would see alot more business switching to online payments because one thing about buying and selling is that it moves according to trend and if that trends suggest cashless payment then overtime we will see that adjustment come into play.

Have you ever thought why in your country people still use cash? Whether it is because there are lack of payment terminals in shops? (or it is costly to maintain expenses on digital payment system?) Or people have difficulties opening bank accounts? Possibly economical situation isnt great in your country, what pushes business owners to use shady economy and cash, than tracible digital payments? In my country we used to have both options used equally, but now digital payments are dominating greatly. It is even hard to find cash in big amounts nowadays.

[batang_bitcoin]

Whether overnight or some time in the future I think cash payments will still exist because this is the traditional way of transacting, in my neighborhood there are quite a lot of elderly merchants and they don't know or know about things that are done digitally or online so they sell by only providing cash payments, besides I think this kind of seller will still exist from time to time, although it may be getting smaller in number.

It will still exist because not everyone can adopt to the cashless that everyone likes to be. Maybe a few percentage of the population will still remain and that's because many of the elderly doesn't know how to navigate with the gadgets and the modern technology. And that's why option for cash is going to stay and even if there's a want to adopt that for most people, they can't just leave behind those people that prefers cash.

[colinistheman]

Whether overnight or some time in the future I think cash payments will still exist because this is the traditional way of transacting, in my neighborhood there are quite a lot of elderly merchants and they don't know or know about things that are done digitally or online so they sell by only providing cash payments, besides I think this kind of seller will still exist from time to time, although it may be getting smaller in number.

It will still exist because not everyone can adopt to the cashless that everyone likes to be. Maybe a few percentage of the population will still remain and that's because many of the elderly doesn't know how to navigate with the gadgets and the modern technology. And that's why option for cash is going to stay and even if there's a want to adopt that for most people, they can't just leave behind those people that prefers cash.

Cash will still exist for at least a few more decades, but not because of habit or because a segment of the elderly still depend on it. Simply because the infrastructure for implementing online payment system is not yet complete, stable or reliable enough to completely replace cash in all situation. I believe that once the government complete the infrastructure, they will not hesitate to eliminate cash entirely and switch to digital payment method
The digital world is a goal that governments around the world are striving for because it will make managing, monitoring and controlling citizens much easier and more effective.

[RockBell]

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.

And they are doing everything in there power to reduce cash flow and that is why some countries are introducing cashless policies, and this is what everyone will love because even small shops now you can make payment with your card or even transfer instead of working around with cash,  and I love the initiative because it will even reduce thefts and other crimes regarding cash, so it will definitely be of great help because if they don't take all this things serious it won't be effective but people them self are getting tired of having cash.

And aside that the world is changing and everything is becoming digital and a time will. Come that cards will no longer comfortable, so and personally I don't see anything that is wrong with it because cash is a lot of work so I will Support cashless any time any day.

[silpersurfer]

If we assume that cash no longer exists, does this mean that our wealth is just a number? And when this happens, one thing I fear is the security of our wealth. The real fear is when the banking system experiences problems and our wealth could disappear in an instant.

And indeed, as a young person, I rarely carry cash these days; I find it quite inconvenient to carry it everywhere. And I suspect other young people, especially the millennial generation, feel the same way. And on the other hand, for some reason, perhaps it's just my personal opinion, when I hold cash, I feel more wasteful.

[Findingnemo]

cashless economy, you meanthe digital payments right? Credit/debit cards and then the payment wallets like google and apple pay are something that people use for almost every purchase so it is something that is already in the progress for a while. Digital payments and crypto transactions are not entirely same though, the mode of payment is completely different and how the system works. For example if you send money from a bank then you are not sending the money but the bank is sending the money for you, so that is working based on the trust.

However the bitcoin and decentralized crypto works on p2p mode, I send money directly to you with the help of blockchain technology. SO the question should be are we moving towards a trustless economy?

[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.

And they are doing everything in there power to reduce cash flow and that is why some countries are introducing cashless policies, and this is what everyone will love because even small shops now you can make payment with your card or even transfer instead of working around with cash,  and I love the initiative because it will even reduce thefts and other crimes regarding cash, so it will definitely be of great help because if they don't take all this things serious it won't be effective but people them self are getting tired of having cash.

And aside that the world is changing and everything is becoming digital and a time will. Come that cards will no longer comfortable, so and personally I don't see anything that is wrong with it because cash is a lot of work so I will Support cashless any time any day.

As long as the system built for non-cash is very good from all the vulnerabilities that become the potential for losing money, it is very good, the behavior in my country now is that many people do not use cards, they mostly use digital wallets directly with QRIS system payments, this is better than using cards and of course with cheaper costs, but I do not agree if cash payments are removed sometimes we need direct transactions, this is related to the internet and other access that is still not evenly distributed, or there are still many disruptions experienced by shop owners or from the service itself.