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What is cashless economy and will it be the future?

What is cashless economy and will it be the future?

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Although we now do many things online or electronically, a small percentage of all the money in the world exists in physical notes and coins. As the years have gone by, we’ve used various methods to avoid using cash, from checks to cards and mobile payments. But will we soon stop using it altogether, and retire notes and coins forever? (Also check out $5k in 21-days)

The Shifting Nature of How We Spend

Technology has had a huge impact on how we spend our money. Things have changed as new technologies have emerged and people have enjoyed the convenience of not having to handle a lot of cash. Credit and debit cards have made spending easy and secure, particularly with the chip and PIN system used in many countries, which doesn’t require a signature. Now things are changing again, with online, mobile and contactless payments becoming popular ways to pay.

Which Countries Have Conquered Cashless Transactions?

Compared to several other countries, the US can be seen as somewhat behind when it comes to creating a cashless society. A lot of people don’t have online banking, and checks are still relatively common. In other countries, such as Sweden, cashless transactions have taken over. On the public transport of Stockholm, cash payments aren’t taken.

How We Get Rid of Money

If we are going to start using cash less and less, what’s going to happen to the money? It’s unlikely there will never be any physical money at all, but we do know how it will be disposed of when we no longer want to use it.

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