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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
25 days 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
25 days ago
Agree - and very well said! - Dr. David E. 25 days ago
Complelty agree. In 2017 currency bill change was a step in India to promote cashless- went horribly wrong in low economy population. - Charu 25 days ago
Very well points. - Maya 25 days ago
Many thanks - Dr. David E. 25 days ago
Show me the BENJAMINS; not bits and bytes - Dr. David E. 25 days ago
In most areas electronic transactions not available - Er. Jangyadutta 25 days ago
Right and for a reason - Benjamins are $100 bill = USD CASH - Dr. David E. 25 days 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 24 days ago
But, 99.9999% of the planet is fine. So, the rare exception proves the rule - Dr. David E. 24 days 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 24 days ago
I see - interesting? - Dr. David E. 24 days 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
25 days ago
The role of cash in business: https://currnt.com/q574/the-role-of-cash-in-a-business?redirect=0 - Dr. David E. 25 days ago
FEAR NOT - Cash will remain King for a very long time. - Dr. David E. 25 days ago
Good info. - Maya 25 days ago
Many thanks - Dr. David E. 25 days ago
Cash transaction will continue. - Er. Jangyadutta 25 days ago
Exactly - who cares about BC! - Dr. David E. 25 days ago
Thank you - Edna 24 days ago
U R welcomed - Dr. David E. 24 days 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
25 days ago
Cash always King - Dr. David E. 25 days ago
YEP = Cash great for black market, grey market and underground economy - Dr. David E. 25 days ago
Very good comment, cash has separate importance always - Er. Jangyadutta 25 days ago
Many thanks = appreciate you - Dr. David E. 25 days ago
Yes sir cash is continuing - Er. Jangyadutta 25 days ago
Agreed - Dr. David E. 25 days 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 25 days ago
Yes = common sensical - Dr. David E. 25 days ago
But electronic and digtal payments are not green! - Dr. David E. 25 days ago
Interesting comment - hard to calculate environmental impact of creating and moving physical money versus digital. Could go either way I'd think - Bart 25 days ago
THINK Mercury and cadmium batteries - Think kids mining cadmium and getting cancer - Dr. David E. 25 days ago
The same could be said for miners for the raw materials that go into coins - Bart 25 days ago
Copper - nikel and paper? Steel, too! - Dr. David E. 25 days 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. 25 days ago
Thank you, very thorough discussion - Edna 24 days ago
Thanks Edna Cuaresma, MD, LlB - Bart 24 days ago
You are welcomed - Dr. David E. 24 days 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
25 days ago
Agreed - well said - Dr. David E. 25 days ago
But electronic and digtal payments are not green! - Dr. David E. 25 days ago
True - Edna 24 days ago
Thanks; they are in face poisonous and promote child miner slavery - Dr. David E. 24 days ago

Have some input?