How long will we still use paper money?
Why people prefer cash?
Money itself doesn’t provide the conveniences that have made plastic the de facto currency of choice. Paper money does not have RFID (Radio Frequency Identification) chips embedded in them, so if the power goes out or the payment systems are down, cash is still valid. For one thing, cash comes in lots of different denominations. And there’s a flexibility and familiarity with the physical form of cash that plastic simply doesn’t offer. And unlike plastic, it’s a heck of a lot easier to wrap around a handful of bills and throw them into a pocket to carry around. When did we start to see an increase in electronic currency and growth in digital payments? Around 2010, we began to see the momentum build toward a shift to a cashless economy.
What do you think about cashless society?
Only time will tell whether this is the wave of the future. As time goes on, more and more companies are joining in and government seems to be paving the way. But we live in a modern world, where technology is advancing faster than ever before. A major concern is that people won’t have the flexibility to change to a new payment method when and if they choose to. It’s hard enough to stay on top of the many different options available today, so to put them all on a single card that will have to be replaced every few years sounds really daunting.
The future of paper money
The digital world is a very complicated place. More and more things will come online in the next few years, including money. However, the benefits of the digital world will not necessarily translate into cashless society. Take someone for instance, who has not set foot outside of the home in years, their email is managed on a device which they never see, their credit card is always charged to an online wallet and they do not even know how many of their friends have iPhones or Androids.
The saying goes that cash is king, and with the move to make paper money illegal, it’s about time we started treating it like it’s royalty. Just like the rest of the royalty that used to rule this planet before the modern world was created, there’s still some aspects of cash that have yet to be surpassed. It still has an allure and it still serves a purpose. It’s likely that cash will never completely disappear, but if it becomes too hard to spend physical cash, people will look for other options.
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