Even though there are rumours circulating regarding countries looking to steer away from using cash payments, the change will not be happening overnight. In fact, the CEO of Deutsche Bank mentioned how he feels cash will be around for at last another decade. Consumers can only hope the situation with cash payments improves by then, as the current financial ecosystem is not doing so well.
Cash Is Here To Stay, According To Deutsche Bank
Despite the obvious disadvantages associated with cash payments, it will take a lot of time until the payment method will disappear completely. After all, it has taken society quite a few year to start appreciating plastic cards as a payment method, and a lot of people are still not too keen on using these cards just yet.
Some people might be wondering why it would take so long before cash payments disappear altogether. The answer to that question is relatively simple to answer: it has become a part of everyday life. Consumers can not imagine a life in which they will not be dealing with cash transactions, as it is the only payment method that is virtually accepted anywhere in the world.
Other payment options, such as plastic cards or mobile payments, are gaining more traction, but adoption rates remain fairly low for the time being. Part of this can be attributed to either the high fees per transaction, or the fact that mobile payments are not globally available due to regulatory requirements in different areas of the world.
At the same time, there are plenty of downsides to cash money most people won’t even know about. Saving money in a digital form is much more convenient, cost-effective, transparent, and it simply makes sense in this day and age. Paper is of less importance in nearly every aspect of life, ranging from books to newspapers and everything in between. Cash should be no exception to that rule, but that is clearly not the case.
Furthermore, transporting cash is subject to armoured cars which pollute the environment. Using paper also means trees will have to be cut down, which is not helping our ecological status either. Plus, cash money can easily be lost, stolen, torn, or damaged in general. It is no longer sufficient to meet the needs of our society.
Changing the way we use cash can only happen from within. Consumers and businesses need to stop using cash payments, paper invoices, cheques and ask for digital signatures when it comes to handling administration. Not all of those changes can happen overnight, but they should be at the top of everybody’s priority list. The paper trail has served us well, but we can no longer be bogged down by this medium.
But there is a flipside to this medallion as well, especially where payments are concerned. As soon as people stop using cash payments, banks will have complete control over user’s finances at all times. Consumers and businesses need to look at digital alternatives, such as Bitcoin. The popular digital currency works globally, with low fees, and lets users control their wealth on any device, in any location, and at any time.
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