Cash is one of the oldest forms of payment in the world, and it has been used for centuries. But, with the rise of digital payment methods like debit cards, mobile payments, and cryptocurrencies, it looks like cash may soon become a thing of the past. So, when will society become completely cashless?
The answer isn’t clear cut as it depends on many factors. It comes down to how quickly banks and other financial institutions adopt digital payment methods and how willing people are to switch to these new methods. It also depends on the availability of digital payment infrastructure, such as access to the internet, which is still not available to everyone in the world.
That being said, the trend towards a cashless society is already beginning to take shape. In many developed countries, such as Sweden and the Netherlands, cash payments have already dwindled to just a small fraction of all payments made. In these countries, digital payments, such as contactless cards, are the preferred payment methods.
In other countries, such as India and China, the transition to a cashless society is happening at a much faster pace. In India, the government has taken a number of measures to encourage the use of digital payments, such as tax incentives and the promotion of mobile payments. In China, mobile payments are already the norm, with some estimates suggesting that up to 90% of all payments are now made digitally.
Despite all of this, it’s unlikely that the world will become completely cashless for the time being. There are still many countries, such as those in Africa, where cash is still the main payment method. In addition, cash has a number of advantages, such as its anonymity, which makes it attractive to some people. Therefore, it is likely that cash will still be around for some time to come.
So it’s clear that the trend towards a cashless society is growing, and it’s likely that many countries will become cashless in the near future, but it’s unlikely that the world will become completely cashless anytime soon.