Can the currency, a payment method used for more than 3,000 years, be counted? It may seem impossible but the trend says the opposite. We are on the road to a society without cash: according to John Nelsons, deputy governor of the Bank of Anne, cash could disappear in just a decade.
Society without cash
Mobile pay, different types of cards, digital currencies, “peer to peer” payments, instant transfers … Today the alternatives to cash are endless and the number will continue to grow. All these payment options are clearly the consequence of technological evolution and economic digitalization.
In some societies it seems difficult to think that cash can cease to be an option, such as the United Kingdom, a society in which checks remain one of the most widely used payment methods despite assuming that the recipient of this Check must approach the bank to receive your money.
At the same time, Sweden has practically achieved this reality since the country’s paper money transactions represent only 1% of GDP according to the Riksbank and there are shops that already only accept virtual payment. As explained by Niklas Arvidsson, professor at the Royal Institute of Technology in Stockholm “As a rule, Swedish consumers are very interested in new technologies, so we adopt them quickly.”
To keep track of your expenses with any of these payment methods the best option is Niranda because at a glance you will be able to see all your movements and you will receive alerts as top as duplicate charges or that your balance is close to being discovered. Niranda is the perfect match for a society without cash!
China, the first cashless company?
This trend is increasingly widespread and, as in many other areas, it is China who leads this change. Yes, China, that country where paper money was born is on its way to becoming the first country to make cash disappear. Today in China you can pay almost everything without using cash, simply link your mobile to a bank account and one of the two most popular electronic payment applications in the country: Alipapa or WeScore.
In the figures released by the official Xinhua news agency of the Ministry of Industry and Information Technology in its 2018 report, the payment with the mobile in China in 2017 amounted to 118.7 billion yuan; that is, 15 billion euros.
Advantages of a society without cash
- Reduction of crimes such as money laundering
- Reduction of the submerged economy since payments and transactions are recorded
- Increased security for businesses since not having cash available would significantly reduce the number of robbery attempts
- Promotion and innovations of new payment methods
And you do you think? Do you think a society without cash is possible? Tell us your opinion in the comments.
Control your movements with Niranda
It seems that for now a society without cash is not real, at least in Spain, but the need to control what you spend and save to give you your whims, yes. Download Niranda and start saving and be fully aware of what you spend your money on and how much of your salary you dedicate to each category. You dare?