A cashless economy: is the world ready?

[klassicdoll]

Are we prepared for a world without cash? Our world is rapidly becoming more digital and cashless.

For me, we may be using less cash, but I believe that our world still has a long way to go before going cashless. It's also not a given that a cashless society will last just because some retailers chose not to accept cash for a while—and perhaps even now.

What about you? What's your opinion on this?

 

[klassicdoll]

Most young people are preferring to pay with their mobiles. They are not aware of the risks involved and make mobile payment for small amounts. My mobiles have been hacked repeatedly, so I prefer to pay cash.

I am also afraid of getting my online wallet hacked, so I often use cash. I only used cards or mobile payments if I trusted the merchant.

 

[Suba]

Technological advances will replace cash with digital money, and perhaps all countries have prepared for this change, but it takes a long process. In China, more than 50% of people already use cashless or digital money. I don't think cash will disappear 100%.

 

[riberet19]

I don't know if we will be fully prepared, I say in part yes, but a cashless society would be fully traceable and also the value of money would lose a bit of meaning, plus it would probably be a society that would lack privacy.

 

[Suba]

That's right, cashless, whether in the form of e-wallet or e-wallet, even though it is managed by a bank or non-bank financial institution, will be initiated by the central bank so it will be easy to know who is sending and receiving the money. Moreover, mbanking will be very easy to hack.

 

[arunima25]

I don't see it happening 100% in the near future..but it might happen eventually. Many countries are coming up with their digital currency. We are already heading towards it with more and more people opting for digital transactions. But then the fear of cyber crimes, scams and hacking still make many hesitant to use digital mode.

 

[Stardom22]

I think that the world is not yet ready for that for sure. This is because in my country cash is still the main and primary means of payment for sure.

 

[freelancermaria]

I do not think it will be completely cashless in the future. Some countries may refuse to adopt the cashless technique due to the high cost of technology. Just my two cents.

 

[King Belieal]

If a country like mine is already largely embracing the cashless economy, then the world is ready. The only challenge is that it would lead to financial recklessness for some people who are not disciplined.

 

[eLdavis]

I doubt this, some places might be ready but not the whole world. There are persons who still do not even have accounts, most of these small traders around here are not even willing to own an account.

 

[magnus2022]

First and second tier countries have what it takes to be ready. But third world countries like Nigeria is lagging behind. The government have tried to pressurize people to adopt cashless policies but it failed woefully.

 

[Stardom22]

For me l bet the world is not ready for the new way of life that no material money can be used. That's because most countries have never integrated the basic and alternative digital payments.

 

[Kross]

I don't think we are ready for a cashless economy as our bank infrastructure are still not robust enough to be trusted with large volume of transactions on a daily basis. We should work on stabilizing our mobile transfer platforms before talking of a cashless economy.

 

[Stardom22]

The world is however not ready for the cashless economy. That's because some of the methods for the cashless strategies are very expensive to handle compared to the usage of the cash.

 

[arunima25]

The world is however not ready for the cashless economy. That's because some of the methods for the cashless strategies are very expensive to handle compared to the usage of the cash.

I assume that you are talking about the fees on credit card usage. I don't use credit card unless it's a bigger amount. I use UPI for day to day transactions. They are convenient and free. One can pay or receive even the smallest amount like 1 Rs.

 

[Springtime]

Although a lot of people are now using digital wallet or credit cards to pay for their purchase, there are still buyers or sellers who prefer cash transactions. I think the world will not be become cashless so soon.

 

[arunima25]

I am not sure if it would ever be a cashless economy. But in India, we have seen the society taking a huge leap in thet direction. Every street vendor( even the smallest business) has QR code for their business. It has been months since I have used any cash for transaction.
Cashless economy is the best way to have a transparent and corruption free transactions.

 

[Starmix]

It takes another 100 years before it's full implementation in our country. That may apply first the try and error, feedback from people thru referendum.

 

[Fidelia]

Some parts of the world that has advanced technologically are ready for a cashless economy. A vast majority of countries are however not ready.

 

[Nomad]

There are 8 billion people and only 5.35 billion people use internet, therefore cashless economy is not possible