Are we heading toward a cashless future?

[fruktik]

I don’t see much reason why we should hoard paper money, these outages don’t usually last too long and we’ve got several networks to jump on, at least in my country, not to mention the many financial institutions that exist these days. In the assumption that we were to go cashless,
It wouldn’t make any difference if we were to operate a cashless policy since, cash wouldn’t be accepted anyways and whatever is stored away would be to your own detriment.

I don’t see how we can ever go cashless in the society, this isn’t going to happen. That’s because, digital currency often refers you to be physically present to make these transactions. Yes, one can argue that, you can make prefers from your home and pay for deliveries but, these services isn’t universally available and their are those that are physically handicap, those with special needs for which the cash system is of a huge advantage and they can’t be excluded from society just because we intend to go cashless.

Well, how can I describe the duration of the mobile internet shutdown in my country?... This situation has been going on for several years now. It's impossible to pay for groceries in stores using a card or banking apps. So, I don't think the idea of ​​hoarding cash is a radical measure at all.

Furthermore, the authorities have recently started talking about plans to freeze funds in bank deposits. This has provoked a slight panic, and people have rushed to withdraw money from their accounts to avoid getting into trouble. So, things are not quite so clear-cut.

[Grace333]

I don’t see much reason why we should hoard paper money, these outages don’t usually last too long and we’ve got several networks to jump on, at least in my country, not to mention the many financial institutions that exist these days. In the assumption that we were to go cashless,
It wouldn’t make any difference if we were to operate a cashless policy since, cash wouldn’t be accepted anyways and whatever is stored away would be to your own detriment.

I don’t see how we can ever go cashless in the society, this isn’t going to happen. That’s because, digital currency often refers you to be physically present to make these transactions. Yes, one can argue that, you can make prefers from your home and pay for deliveries but, these services isn’t universally available and their are those that are physically handicap, those with special needs for which the cash system is of a huge advantage and they can’t be excluded from society just because we intend to go cashless.

Well, how can I describe the duration of the mobile internet shutdown in my country?... This situation has been going on for several years now. It's impossible to pay for groceries in stores using a card or banking apps. So, I don't think the idea of ​​hoarding cash is a radical measure at all.

Furthermore, the authorities have recently started talking about plans to freeze funds in bank deposits. This has provoked a slight panic, and people have rushed to withdraw money from their accounts to avoid getting into trouble. So, things are not quite so clear-cut.

The world is supposed to be adapting to the changes of technology not drawing back. Cashless payment has made it a lot more easier for people to buy and pay for things without necessarily carrying a bag full of cash that exposes people to insecurity. I don't think it would be a nice idea for any country to priority cash over Cashless system besides thet both are still the fiat currency but one comes at a more convenient than the other, and has more advantage over the other.

[Hewlet]

I don’t see much reason why we should hoard paper money, these outages don’t usually last too long and we’ve got several networks to jump on, at least in my country, not to mention the many financial institutions that exist these days. In the assumption that we were to go cashless,
It wouldn’t make any difference if we were to operate a cashless policy since, cash wouldn’t be accepted anyways and whatever is stored away would be to your own detriment.

I don’t see how we can ever go cashless in the society, this isn’t going to happen. That’s because, digital currency often refers you to be physically present to make these transactions. Yes, one can argue that, you can make prefers from your home and pay for deliveries but, these services isn’t universally available and their are those that are physically handicap, those with special needs for which the cash system is of a huge advantage and they can’t be excluded from society just because we intend to go cashless.

Well, how can I describe the duration of the mobile internet shutdown in my country?... This situation has been going on for several years now. It's impossible to pay for groceries in stores using a card or banking apps. So, I don't think the idea of ​​hoarding cash is a radical measure at all.

several part of the world have not grown to the stage that they van comfortably depend on the mobile banking system and completely do away with with physical money. power outage that makes it hard to power phones is still an issue and some areas still lack point of sales machine which means that with just mobile banking option, it will be hard for such people to cope well with those existing limitation.

a combination of cash, digital banking system and decentralized banking system like what we have now is actually better because each of them still finds application in different times.

[bakasabo]

I don’t see much reason why we should hoard paper money, these outages don’t usually last too long and we’ve got several networks to jump on, at least in my country, not to mention the many financial institutions that exist these days. In the assumption that we were to go cashless,
It wouldn’t make any difference if we were to operate a cashless policy since, cash wouldn’t be accepted anyways and whatever is stored away would be to your own detriment.

I don’t see how we can ever go cashless in the society, this isn’t going to happen. That’s because, digital currency often refers you to be physically present to make these transactions. Yes, one can argue that, you can make prefers from your home and pay for deliveries but, these services isn’t universally available and their are those that are physically handicap, those with special needs for which the cash system is of a huge advantage and they can’t be excluded from society just because we intend to go cashless.

Well, how can I describe the duration of the mobile internet shutdown in my country?... This situation has been going on for several years now. It's impossible to pay for groceries in stores using a card or banking apps. So, I don't think the idea of ​​hoarding cash is a radical measure at all.

Furthermore, the authorities have recently started talking about plans to freeze funds in bank deposits. This has provoked a slight panic, and people have rushed to withdraw money from their accounts to avoid getting into trouble. So, things are not quite so clear-cut.

Why do you need a mobile internet to use card terminal? It operated with wired connection, or wireless, but stores number of transaction and keep them until you plug in cable to transfer them to bank. How do you think people make purchases on board the plane if there is no internet connection? Card terminal hold information for all transactions.

If you use card with terminal that has no online connection, and you dont have funds on cards. (situation when you cheat and dont pay for goods) That is sellers risk. However, after several such attempts, bank will warn you and ask to stop that.

[iBaba]

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

From my experience, there have been times when banks network were down or transactions were delayed and cash was the only option available. Digital payments and central bank digital currencies are growing fast, but cash still has an important role to play. So I don’t think physical money will disappear anytime soon.

Another issue is the accessibility, not everyone has a smartphone, stable internet connection or even a bank account. While digital payments may eventually become dominant method, I still believe that physical cash will remain relevant for many years as a reliable backup during emergencies

[Etranger]

From my experience, there have been times when banks network were down or transactions were delayed and cash was the only option available. Digital payments and central bank digital currencies are growing fast, but cash still has an important role to play. So I don’t think physical money will disappear anytime soon.

Another issue is the accessibility, not everyone has a smartphone, stable internet connection or even a bank account. While digital payments may eventually become dominant method, I still believe that physical cash will remain relevant for many years as a reliable backup during emergencies

Yes, I have repeatedly encountered the situation where when the internet goes out, or worse, a blackout occurs, many retail outlets are simply unable to accept cashless payments. And everyone sells for cash. We in Ukraine have already had blackouts multiple times due to the war; we lived through the entire winter with constant power outages. And while some businesses tried to do everything using gasoline generators and mobile internet, there were also quite a few who found themselves practically in the 19th century, even writing out receipts by hand, keeping records in notebooks, and accepting only cash.

[junder]

From my experience, there have been times when banks network were down or transactions were delayed and cash was the only option available. Digital payments and central bank digital currencies are growing fast, but cash still has an important role to play. So I don’t think physical money will disappear anytime soon.

Another issue is the accessibility, not everyone has a smartphone, stable internet connection or even a bank account. While digital payments may eventually become dominant method, I still believe that physical cash will remain relevant for many years as a reliable backup during emergencies

It's true that sometimes the bank network is disrupted which causes us to not be able to use it, I once experienced where I transferred to my other account but it took so long that I panicked myself, but after I asked the CS it turned out that there was a network problem so the transaction I did was disrupted but later it would still enter the amount of money I transferred.
In addition, however, cash still has a big role because there will be payments that I think can only be used with cash.

[Etranger]

It's true that sometimes the bank network is disrupted which causes us to not be able to use it, I once experienced where I transferred to my other account but it took so long that I panicked myself, but after I asked the CS it turned out that there was a network problem so the transaction I did was disrupted but later it would still enter the amount of money I transferred.
In addition, however, cash still has a big role because there will be payments that I think can only be used with cash.

In addition to a more complex tracing process, cash also has an advantage in terms of "transaction" speed. Handing over money manually is always faster than waiting for a bank transfer. And most importantly, both parties know immediately that the transfer has taken place.

For instance, I absolutely hate waiting for bank transfers, especially considering that I can't track them, and the receiving bank doesn't see them either until the amount is credited to the account. The sender can tell me in words that they have sent the funds, but I have no way of verifying this without a receipt (which people aren't always willing to provide). And so, you have to wait for hours, sometimes days, in the dark and full of doubt about whether the money was actually sent.

[Somegory]

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

From my experience, there have been times when banks network were down or transactions were delayed and cash was the only option available. Digital payments and central bank digital currencies are growing fast, but cash still has an important role to play. So I don’t think physical money will disappear anytime soon.

Another issue is the accessibility, not everyone has a smartphone, stable internet connection or even a bank account. While digital payments may eventually become dominant method, I still believe that physical cash will remain relevant for many years as a reliable backup during emergencies

This is the comment that I was looking for, there was a time that I couldn't make transfer after traveling from my state to another to buy some goods, I had to talk my friends that followed me down to the place to help me Pay for those goods with their money and I had to refund them after the service get better.

Online transactions can be disappointing at times, I think the printers will always be alive, digital transactions can take over but it won't kill paper money, think about it, they both have their advantages and disadvantages.

Use whichever is available for you at the moment, many vendors and merchants still perfect cash over transfer depending on what they are selling, especially those who are selling small items and goods.

[Cookdata]

We're operating a cashless economy or society already just that it hasn't taken its full effect, so it's already here because most of the transactions we do today are done online, but just that it will take a bit of time before all countries will finally queue in and begin to operate a total cashless economy, it's most likely going to be something of the next generation from ours.

It has taken effect perhaps countries that hasn't forcely enforce it experience it. Back then in Nigeria, before 2023 you can't visit a shop without cash on you. If you tell them you want to make cashless transaction, they will reject it but today if you are running a business today and you don't have a POS terminal where I can swipe my card and make transaction, I don't think you are ready for business, there is high tendency that customers will avoid you for real.

The increase in lightning banks has made transaction so seamless. You can send money from a micro finance bank and get your transaction confirm in seconds unlike central banks that will take minutes to hours or even days when the network is bad. Some countries like US take days for inter transactions to get settled between different banks but Zelle and some other lightning banks get transaction confirm at instant, these are the benefit of lightning apps with cashless policy.

[Samlucky O]

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

Physical money will not disappear, it will still exist but the rate of it usage will drastically reduce. If cash where used by %80 while transfer at %20, in the future transfer will be used more frequent at %80 while cash usage will be less at %20. Cash can not diminish totaly because it has been the oldest traditional means of buying and selling. Another reason why cash can not go totally is because many people are not educated or technologically inclined to handle internet devices for transfer, so preferably they will like to use cash which makes it convinient to them.

[Abiky]

From my experience, there have been times when banks network were down or transactions were delayed and cash was the only option available. Digital payments and central bank digital currencies are growing fast, but cash still has an important role to play. So I don’t think physical money will disappear anytime soon.

Another issue is the accessibility, not everyone has a smartphone, stable internet connection or even a bank account. While digital payments may eventually become dominant method, I still believe that physical cash will remain relevant for many years as a reliable backup during emergencies

Accessibility may be an issue, but if governments are keen on spreading the use of CBDCs, they will do anything possible to help address this issue. Like making an assistance program or aid that will provide banking, Internet access, and smartphones for free. It would allow any unbanked or low income people to participate in the system. With this, there would be no need for cash.

The main purpose of a CBDC is to ensure governments and banks stay in control. Crypto's been causing some "buzz", which could lead towards reduced dominance of Fiat in the future. Governments can't allow this to happen, or people will remain in control. What better way than launching a new system and forcing its use? This is inevitable. Just you wait and see.

[Fortify]

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

It's already happening slowly in most developed countries, lots of people don't carry cash around but make payments by contactless card or even their phone. Many banks are closing down their stores because there is much less need for the retail locations any more. This trend is going to continue and it is mainly the older generations that are slowly to adapt or refuse to use new methods. You can also see it in the currency minting process - coin production is being reduced or in certain cases stopped altogether, with bank note production also falling. Physical currency looks good as a backup and hopefully it remains for a couple decades longer, but it's increasingly becoming redundant and stores are actually starting to stop accepting it - as it causes difficulties to bank.

[Iamgoat]

The world is supposed to be adapting to the changes of technology not drawing back. Cashless payment has made it a lot more easier for people to buy and pay for things without necessarily carrying a bag full of cash that exposes people to insecurity. I don't think it would be a nice idea for any country to priority cash over Cashless system besides thet both are still the fiat currency but one comes at a more convenient than the other, and has more advantage over the other.

Countries who are scared of adapting to the technological advancement in the world are the countries which suffer the most with backwardness. This is the same mistake most African countries made during the industrial revolution era when close to all the American and European countries were moving from the traditional and archaic systems to a more developed and advanced society. Then we chose tradition more than the development and did not wake up on time until when we were almost colonized by their technology before we now started adopting too. Late adoption is the thing which affected us the most during those periods which made them to lead us till date.

[Rebirth01]

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

We are in the era of cashless policies and the economy is been built around that. With various innovations from the banks and the government carrying large cash at hand is becoming highly prohibited. I tend to love because it allows you to walk into the shops, market, airport, market etc without cash at hand. So yes we are in the cashless era. Just walk in there with your card or phone and transact your business with ease. You don't need to walk into any bank physically to transfer money or check your balance you just do it at your convenience.

[Smack That Ace]

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

We are in the era of cashless policies and the economy is been built around that. With various innovations from the banks and the government carrying large cash at hand is becoming highly prohibited. I tend to love because it allows you to walk into the shops, market, airport, market etc without cash at hand. So yes we are in the cashless era. Just walk in there with your card or phone and transact your business with ease. You don't need to walk into any bank physically to transfer money or check your balance you just do it at your convenience.

However, I believe that cash will never disappear completely. Firstly, implementing a cashless payment system requires a synchronized and stable digital infrastructure, which is costly and time consuming.

Secondly, as many have pointed out, digital systems are not entirely secure and immune to risk. They carry certain risks, such as power outages, network failures, or cyberattacks...which could paralyze the entire payment system immediately. For that reason, cash will never be completely eliminated.

[AprilioMP]

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

With the continued growth of digitalization, I see physical money as continuing to function in everyday transactions, even though digital transactions are significantly easier.
Physical money is the official currency recognized as the currency of every country. Indirectly, the role of physical currency seems to be diminishing with the ease of digital transactions and use.

[junder]

In addition to a more complex tracing process, cash also has an advantage in terms of "transaction" speed. Handing over money manually is always faster than waiting for a bank transfer. And most importantly, both parties know immediately that the transfer has taken place.

For instance, I absolutely hate waiting for bank transfers, especially considering that I can't track them, and the receiving bank doesn't see them either until the amount is credited to the account. The sender can tell me in words that they have sent the funds, but I have no way of verifying this without a receipt (which people aren't always willing to provide). And so, you have to wait for hours, sometimes days, in the dark and full of doubt about whether the money was actually sent.

The advantage of cash transactions is that both parties are fully aware that the transaction is taking place, and yes it can be said to be quick though if it takes longer there may be a negotiation process between the two parties.

And while such negotiations are normal, it’s important to note that they mostly occur in traditional markets, not in modern ones.

If there are issues with the bank or the network, delays can occur as you mentioned, and yes I’ve experienced that it is indeed frustrating.

[Dewali]

With the rise of digital payment activity and generational shifts, we may find ourselves in that era in the future.

         while its true that digital transaction could curb illegal activities and reduce government spending cost in printing , it's also true  that one should not forget the downside effects are as much significant one might want to neglect. In today fast moving digital world .cash till provide a vital role that give one privacy in everyday transaction  by letting an individual make a simple transaction without constant surveillance from government and bank
     On the other hand digital system open a door for new risk theft just hack , identify theft and other means of government outreach . criminals quickly shift to cryptocurrency or other untraceable method of theft.
      

[Fakhrulenclix]

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

With the continued growth of digitalization, I see physical money as continuing to function in everyday transactions, even though digital transactions are significantly easier.
Physical money is the official currency recognized as the currency of every country. Indirectly, the role of physical currency seems to be diminishing with the ease of digital transactions and use.

Cash transactions are increasingly decreasing, which is very possible and has already begun to happen now. However, I do not believe that transactions without cash will happen at all because in traditional markets I see that digital transactions still cannot be used due to all the limitations. So, in my opinion, that is the most logical reason why digital transactions cannot replace cash; maybe they will only reduce it.