I look forward to it. And if you’re reading this, chances are you are too! With an increasing demand for fast, simple and efficient payment systems I think in all likelihood we’ll get completely cashless in 5-7 years’ time, if not sooner.
That said, going cashless has certainly heightened our sense of privacy and cybercrime. The hacker just need to get through the systems once and our money will be gone. Compared that to the old times when people had to rob a bank — you would agree it was much harder due to the risks involved.
And going cashless may not be the preferred option for those living in the forests, rural areas or on the streets. Let’s not forget how this dependency on a digital network would affect us during critical economic and geopolitical downturns.
The thing that worries me the most about the ‘cashless’ economy is the introduction of digital currency. While private companies like BitCoin and Ethereum (And now, even Facebook’s in the game with Libra!) have done enough to roll heads of the federal and reserve banks across countries, everyone keeps forgetting that our data is at stake. I honestly don’t care who has my data as long as I know what they do with it and the lack of regulations around digital currencies would definitely make me nervous when it becomes mainstream.
That’s both good and bad, right?
Check out this report by the Economist for more insights.