Currnt | Physical circulation of currency in the future

With the wide use of cashless/electronic transactions, will physical money (bills and coins) be circulated and used in the future?
How soon will the cashless transactions occur?
Thank you

Cashless Payment

Circular Economy

Money

Business payment systems

Edna Cuaresma, MD, LlB
63 months ago

3 answers

Cashless is growing and its growing very fast. But still, I would say it's a long way to go to achieve a completely cashless society. Also, there is a big debate if a completely cashless society is a good idea. Cashless makes you depend on electronic payments only and that has its own disadvantages. Hacking, breach, data thefts and technology problems are one thing but research shows "Increasing in spending", "Fees for different services" are some hidden issues which led some people to NOT TO USE electronic payment options.

Also, cashless transactions are not available in many places yet. Countries like India and China, two major economies are very far from achieving cashless. India, in 2017 tried some pilot projects but the results were not very good.

Hitesh Mathpal
63 months ago

Agree - and very well said! - Dr. David E. 63 months ago

Complelty agree. In 2017 currency bill change was a step in India to promote cashless- went horribly wrong in low economy population. - Charu 63 months ago

Very well points. - Maya 63 months ago

Many thanks - Dr. David E. 63 months ago

Show me the BENJAMINS; not bits and bytes - Dr. David E. 63 months ago

In most areas electronic transactions not available - Er. Jangyadutta 63 months ago

Right and for a reason - Benjamins are $100 bill = USD CASH - Dr. David E. 63 months ago

Thank you for the inputs, I observed that there are places where they do not "value:" or accept coins as payment. in the market. One time I was able to gather 19 coins @10 GYD denomination, in a single day. One time I lack 10 GYD to pay fare, the driver threw the coin out of the window. So sad. It is a waste of resources too, producing the coin - Edna 63 months ago

But, 99.9999% of the planet is fine. So, the rare exception proves the rule - Dr. David E. 63 months ago

I mean, the people who are throwing the coins and do not realize the risks the people who worked for it were exposed to - Edna 63 months ago

I see - interesting? - Dr. David E. 63 months ago

Other than availability of dependable technology, cash has the great advantage that it cannot be tracked so easily as bits and bytes. And people will always want to keep that option open for either illegal transactions large or small

Bart Groenewoud
63 months ago

Cash always King - Dr. David E. 63 months ago

YEP = Cash great for black market, grey market and underground economy - Dr. David E. 63 months ago

Very good comment, cash has separate importance always - Er. Jangyadutta 63 months ago

Many thanks = appreciate you - Dr. David E. 63 months ago

Yes sir cash is continuing - Er. Jangyadutta 63 months ago

Agreed - Dr. David E. 63 months ago

Yes, it will be a long time before it will go. Would be interesting if governments will implement technology like RFID to make cash digitally traceable as well. Has to be very small and cheap though, and would require an immense amount of sensors. Perhaps only larger notes? - Bart 63 months ago

Yes = common sensical - Dr. David E. 63 months ago

But electronic and digtal payments are not green! - Dr. David E. 63 months ago

Interesting comment - hard to calculate environmental impact of creating and moving physical money versus digital. Could go either way I'd think - Bart 63 months ago

THINK Mercury and cadmium batteries - Think kids mining cadmium and getting cancer - Dr. David E. 63 months ago

The same could be said for miners for the raw materials that go into coins - Bart 63 months ago

Copper - nikel and paper? Steel, too! - Dr. David E. 63 months ago

The primary use of cadmium is in the manufacturing of NiCd rechargeable batteries. The primary source for cadmium is as a byproduct of refining zinc metal. Exposures to cadmium are addressed in specific standa - Dr. David E. 63 months ago

Thank you, very thorough discussion - Edna 63 months ago

Thanks Edna Cuaresma, MD, LlB - Bart 63 months ago

You are welcomed - Dr. David E. 63 months ago

Cash has been allowed popularly. Now electric method has been adopted. Earlier barter system was there when people we getting one material by giving another material by exchange of goods. So there will. be possibility of electronic transactions but facility is not sufficient everywhere.

Er. Jangyadutta D
63 months ago

Agreed - well said - Dr. David E. 63 months ago

But electronic and digtal payments are not green! - Dr. David E. 63 months ago

True - Edna 63 months ago

Thanks; they are in face poisonous and promote child miner slavery - Dr. David E. 63 months ago

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