Are there any countries that are close to being cashless, relying mostly on digital payments and cards, and will this trend continue?
Payments
Asked by Question Bot02/Apr/20141 answer
1 Answer
F
Faisal Khan
Answered 02/Apr/2014
We don't be getting rid of Cash anytime soon. Small payments at gas stations, utility stores, small eateries, etc. are all predominantly done with cash. It is hard to think of an example of countries that are entirely cash based. But, most of the developed world is getting there.
There was a great article published recently about a Forbes reporter who experimented to live out day using only his iPhone: Mobile Payment Experiment: Can An iPhone Replace Your Wallet?
A rough indicator would be to see how ATMs are doing. ATM installations keeps on rising. The transactions per ATM are going higher (on the whole), so this indicates that cash is still here to stay and play.
Whilst we are moving more and more towards electronic money, we will see a near cashless society, once the need for being cashless presents itself. Much of the cash transactions being done today cannot be juxtaposed easily onto mobile wallets or plastic cards. They can be ported, but the experience will be friction filled.
Eventually, the use of cash will diminish. If one thing the futuristic movies from the past 30 years have taught us is that cash disappears to be replaced by other means. Cash in itself might go underground, or accept defeat as a benched player.
There was a great article published recently about a Forbes reporter who experimented to live out day using only his iPhone: Mobile Payment Experiment: Can An iPhone Replace Your Wallet?
A rough indicator would be to see how ATMs are doing. ATM installations keeps on rising. The transactions per ATM are going higher (on the whole), so this indicates that cash is still here to stay and play.
Whilst we are moving more and more towards electronic money, we will see a near cashless society, once the need for being cashless presents itself. Much of the cash transactions being done today cannot be juxtaposed easily onto mobile wallets or plastic cards. They can be ported, but the experience will be friction filled.
Eventually, the use of cash will diminish. If one thing the futuristic movies from the past 30 years have taught us is that cash disappears to be replaced by other means. Cash in itself might go underground, or accept defeat as a benched player.