How Cash Might Become Non Existent in the Not Too Distant Future - Digital Hints

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How Cash Might Become Non Existent in the Not Too Distant Future

Friday, January 15, 2021

/ by Nurdin Budi Mustofa
How Cash Might Become Non Existent in the Not Too Distant Future

American society has been utilizing cash since its introduction in 1690, when the first paper money was printed in Massachusetts. Yet in the last 15 years or so, trends are starting to change with regards to how consumers purchase and sell goods. A lot more people are relying on credit/debit card transactions now in order to purchase products. The COVID-19 pandemic has also had a significant impact in 2020, with even more businesses and consumers relying even more so on online orders and utilizing card payments in order to minimize contact between people, over concerns that paper money could transfer virus particles.

This has certainly influenced consumer habits with regards to using paper money in order to buy products. It could be that future technological advancements will be implemented much sooner with many people perhaps wanting to embrace new ways of spending their money in a virtual manner.

Farewell to cash transactions?

There have been reports that various governments worldwide are keen to crack down on the production of high value cash notes like the $100 bill. In theory they claim it is to suppress money laundering but in actuality it’s more likely due to wanting to weaken another country’s foreign currency in the exchange markets. If a government imposes a ban on actual cash in future, you would have no choice but to then adopt online transfers and payments.

How Cash Might Become Non Existent in the Not Too Distant Future

Using Your Watch to Make Payments

It has become increasingly popular for people who own an Apple watch to use this as a form of payment. You simply register your account details, link your card to your personal details and then tilt your watch against a compatible card machine in order to make a purchase.

Apple even has a system in place whereby parents can send their children online transfers via their iPhone and the child’s Apple watch in order to securely send them money. This trend is likely to catch on to as it enables parents to know of their child’s whereabouts and what they are spending money on.

Are Banks on the Decline Too?

Since the introduction of Cryptocurrencies in 2009 onwards it has become increasingly popular and straightforward to be able to purchase or sell goods with currencies like Bitcoin. This is particularly useful as you do not need to notify a bank when you want to access funds or purchase a product with the virtual cash.

Technology is constantly evolving so innovations like having an Ethereum Wallet enable you to access your funds whenever you choose, without having to use a bank as an intermediary. The Ethereum Wallet enables you to make transactions, check your balance and connect to various applications anywhere in the world.

This is likely to gain popularity over the next few years as more and more people discover how to adopt this newer way of transferring funds globally.

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