Lighten Your Wallet: Is the Future Cashless?
From electronic payments and credit cards to mobile payment services and peer to peer money transfers, today’s society displaces money in more ways than one can keep track of. Add to these the outstanding rise in the use of cryptocurrencies like Bitcoin, and there may be only one conclusion to be drawn: the future is cashless.
Digital alternatives have replaced physical ones in industries like music, photos, and entertainment. It’s only natural for some to wonder if physical money will go the same route. Is it possible for cash and ATMs to completely disappear?
Cash Usage TodayReliance on physical and alternative cash is uneven across the world. While the United Kingdom, France, Singapore, Canada, and the Netherlands are the least cash-reliant countries, only one percent of Saudi Arabia, Malaysia, Egypt, and Peru’s transactions are cashless. Some advanced countries, such as Japan, are also still reliant on cash.