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Physical circulation of currency in the future

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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
3 months ago

4 answers

1

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
3 months ago
Agree - and very well said! - Dr. David E. 3 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 3 months ago
Very well points. - Maya 3 months ago
Many thanks - Dr. David E. 3 months ago
Show me the BENJAMINS; not bits and bytes - Dr. David E. 3 months ago
In most areas electronic transactions not available - Er. Jangyadutta 3 months ago
Right and for a reason - Benjamins are $100 bill = USD CASH - Dr. David E. 3 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 3 months ago
But, 99.9999% of the planet is fine. So, the rare exception proves the rule - Dr. David E. 3 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 3 months ago
I see - interesting? - Dr. David E. 3 months ago
0

The cashless experiment in Sweden?

This is a very cogent question. But, a cashless society has already been tried in Sweden with mixed results.

I lived there, and in Finland, for a time And, it may be too much - too soon!

https://www.npr.org/2019/02/11/691334123/swedens-cashless-experiment-is-it-too-much-too-fast

Any thoughts?

Dr. David E. M
3 months ago
The role of cash in business: https://currnt.com/q574/the-role-of-cash-in-a-business?redirect=0 - Dr. David E. 3 months ago
FEAR NOT - Cash will remain King for a very long time. - Dr. David E. 3 months ago
Good info. - Maya 3 months ago
Many thanks - Dr. David E. 3 months ago
Cash transaction will continue. - Er. Jangyadutta 3 months ago
Exactly - who cares about BC! - Dr. David E. 3 months ago
Thank you - Edna 3 months ago
U R welcomed - Dr. David E. 3 months ago
0

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
3 months ago
Cash always King - Dr. David E. 3 months ago
YEP = Cash great for black market, grey market and underground economy - Dr. David E. 3 months ago
Very good comment, cash has separate importance always - Er. Jangyadutta 3 months ago
Many thanks = appreciate you - Dr. David E. 3 months ago
Yes sir cash is continuing - Er. Jangyadutta 3 months ago
Agreed - Dr. David E. 3 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 3 months ago
Yes = common sensical - Dr. David E. 3 months ago
But electronic and digtal payments are not green! - Dr. David E. 3 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 3 months ago
THINK Mercury and cadmium batteries - Think kids mining cadmium and getting cancer - Dr. David E. 3 months ago
The same could be said for miners for the raw materials that go into coins - Bart 3 months ago
Copper - nikel and paper? Steel, too! - Dr. David E. 3 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. 3 months ago
Thank you, very thorough discussion - Edna 3 months ago
Thanks Edna Cuaresma, MD, LlB - Bart 3 months ago
You are welcomed - Dr. David E. 3 months ago
0

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
3 months ago
Agreed - well said - Dr. David E. 3 months ago
But electronic and digtal payments are not green! - Dr. David E. 3 months ago
True - Edna 3 months ago
Thanks; they are in face poisonous and promote child miner slavery - Dr. David E. 3 months ago

Have some input?