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  • In the near future, cash could become obsolete, and your phone could completely replace your wallet.

  • Mobile payments, which are already commonplace in numerous countries worldwide, are steadily gaining traction.

  • In China's biggest cities, ninety-two percent of people use WeChat Pay or Alipay, the market's main competitors,

  • and mobile payments are accepted by restaurants, retailers, street vendors, and even taxis.

  • More broadly, in 2018, the mobile money industry completed 1.3 billion dollars of transactions daily across ninety countries.

  • This underscores a shift toward a cashless society dominated by electronic banking and digital finance, where physical transactions like bartering are virtually non-existent.

  • Proponents for a cashless system believe that digital money increases convenience and could reduce robbery and counterfeiting,

  • while opponents argue that it endangers privacy and hurts disadvantaged communities that rely on cash.

  • And while many of the long-term consequences of cashlessness remain to be seen, the movement towards a cashless society seems highly likely, if not inevitable.

In the near future, cash could become obsolete, and your phone could completely replace your wallet.

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B2 US cashless society digital cash disadvantaged obsolete

Cashless Society

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    Shinichiro posted on 2022/05/18
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