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Is the world becoming a "cashless society?"

Is cash going the way of the dinosaur?

Definitely
2 votes
Maybe
17 votes
No
5 votes
Uhh... what?
3 votes

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somebodyelse

Retired Moderator

somebodyelse

Pacman's mouthpiece

Is cash money (bills and coins) going to go the way of the dinosaur?

I ask because I've noticed several things lately: I've noticed that my apartment complex won't accept cash to pay my rent, I've noticed that the dealership I'm trying to buy a car from won't accept cash as a down payment (they want cashier's check). Insurance companies don't care if you have $20,000 in your pocket, they still want to do a credit check on you. Almost all gas pumps in the United States (that I'm aware of) are equpiied to pay with credit cards, and the gas stations seem to prefer people paying this way. (Is it getting like this in other countries too?)

Even in convenience stores, I'll see people pulling out credit cards to pay for a drink and a pack of gum, or some such. It used to be where those people would have everybody behind them giving dirty looks, but it's almost commonplace now. Also, some people tend to shy away from carrying lots of cash on them for fear of losing their wallets/purses, or getting mugged.

So do you think cash is going away? ...and if not, should it maybe?
:pacman:

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Northy

Northy

Guys are human as well.

Hrm. Well, I'm guessing it's more benificial to just use a card now that we're more used to that. I'm not sure it's SAFER (with all the scamming and electronic theft going around), but it IS more convenient than carrying around several pieces of metal or paper with value symbols written onto them. Money probably won't completely disappear, but there will be less and less of it around.

Well, I think that if you're buying something that costs a lot, the seller would want check or credit so they won't have to deal with large amounts of cash. Also, it's much easier for them to not lose any bills.

Personally, I don't like using cash, since it just makes my wallet thicker. And plus, if I don't have any change with me, I'll just get additional change, and it starts piling up. I have a bag full of coins, and soon, I'll need a second bag. It's just easier for most people to use credit, as they just write a check every month.

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littlejonny100

Retired Moderator

littlejonny100

Rusty Slave

Paying everything in credit would sure be a great way to destroy the black markets. Cash is definately on the way down however it will never fully be destroyed. A million examples such as giving kids small changes, flicking over a coin or note to buy the paper.
In the retail place where i work i had to spend all weekend rejecting people who wanted to pay with plastic (and boy was i abused (aint my bloody fault technology breaks (and maintenance had the weekend off so we had to wait till monday))). This is a simple example of why cash is still a very good idea, it wont break on you. Platic cards can become invalid, overused and stop scanning, if their stolen thats a lot more money then you'ld be walking around with in cash. Me.....i like cash, it's much more fun to count :D

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Spystreak

Retired Moderator

Spystreak

The Grim Reaper

the age of the pocket cash is a dying. It's too much hassle in this day an age of technological conveniences. I mean come on fast food places even accept credit cards now.

People don't want to have to wait around counting bills and doing exact change nor do they want to be carrying around pocketfuls of change. It's the same with metrocards subways don't take tokens anymore you have to use a metrocard (which for those of you who don't know is like a credit card just swipe and go)

The faster things are the more convenient we find them especially since people are constantly on the move. I mean they have gone as far as to make credit cards that fit on your key ring. Are we in that big of a rush that pulling out our wallets to get at the cash or credit card is deemed to take too long or is too much of a hassle

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EternalParadox

Retired Moderator

EternalParadox

.:Enigma Mod:.

I think this social phenomenon is part of a large trend as we redefine the medium of transactions for "money" itself.

The first instance of money was barter, then use of commonly recognized objects such as see shells, to coins, to paper money. But the Internet has opened the doorway to the elimination of physical "money," period.

You don't even need a credit card to pay for many things. I can go directly to the Bank of American account and pay my bills, check my balances, and redistribute money to other people/institutions without ever seeing any physical paper money, coin, or a credit card. Online banking is becoming much more prevalent. You buy on amazon using a credit card number, but you only need that number, not even the card itself.

I would expect that as technology continues to improve, even credit cards would become obsolete. People would probably just press their fingerprints and have the cost of the item deducted directly from their bank accounts, which also stores not cash, coins, or gold bulleons but just virtue data of your "money."

So I would go so far as to say that that society is becoming "physical money-less."

EternalParadox
Previously the Forum, Vector Art, and Policy Moderator

I would agree...with eBay and Amazon, cash isn't needed to pay online anymore. It's just like some backup in case you max out your credit card...although with credit cards there is identity theft, but it's just a price we pay. It's easier to swipe cards than take out bills.

Even when I was on vacation in Hong Kong buses, subways, and even 7/11's were using the "octopus" card, where you just swipe it when you board the bus, subways, and add more money in the seven elevens. I used it this time, and it's so much more handy than counting out change, the way I boarded buses 3 years before that. Money is going dead, pretty much.

As someone who often uses a check card to pay for stuff at a convenience store or breakfast place, I'd certainly agree that cash has suddenly become less and less necessary...I can definitely remember a time that pulling out a card for a purchase less than $20 would get a firm refusal...beyond just a dirty look
Nowadays...the only time I need to remember cash is shopping at a non-mainstream store (asian market etc.)
While I don't think the need for cash is about to vanish anytime soon, with the huge increase in online shopping/bill paying plus the new types of credit "cards" that you can just flash at the checkout or the ones that give you a new number every transaction to prevent identity theft...the importance of cash is definitely on the downturn
I feel like it's a lot like the drop in check use after check cards become common...paying by card or online is often just easier now
As more and more things are bought online...maybe physical cash will really one day become unnecessary...I mean even checks are processed electronically now
Besides...who really wants to carry around change? :D

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Devildude

Devildude

- Alstroemeria Records -

well...I am annoyed in Malaysia when u have to pay by card due to lack of technology, since they had to swipe the card, enter bill manually, sign the name with a pen and so on, which technically is a problem, as that takes a bloody lot of time.

So in Malaysia I prefer to use my money more than anything else.
However, in Manchester I must agree, since the new age of moneyless society is coming hard and fast, I find myself using the card more than ever.

I would try not to carry aroud too much changes and pennies. (which FYI, british currency comes more in large as a$$ can be coins, and pennies.) I always think of that as obsolete.

Here is one thing, if in the near future we can see more changes, it is possible that humans of society will never need to even go out again, I know I am, I shop online at times, makes it soooooooo much easier.

We can say byebye to money personally, but I doubt it will ever be extinct, I kinda trust to have a few notes, one thing cause it never hurts to be prepared when your card was stolen or whatsoever. Or you happent o drop by a grocery store in Malaysia where the boss is wearing a singlet sitting on a wooden stool watching Chinese drama, you will know, surely a place like that does not take credit cards!

Keep it there, and it will still be there, people just choose the fastest method, I would always keep a few notes, better safe than sorry.

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nah cash will live forever, as long as everybody belives that a "one dollar bill" has the value of "one dollar" and equates the value of a bag of chips then money will never die
as things become electronic, they will eventually become corrupted and will revert back to money

toza

toza

forsaken by destiny

no, everything is now depending on money. starting from the very basic things like food and water to the most expensive and usless articles required and i'm sad to say this is being exploited ruthlessly. the only thing changing about money is that it is just becoming more modern. probably cold hard cash will be phased out as time goes by and stuff like transactions maybe carried out by taking a fingerprint image and a number code or some other method, but even credit and debit cards will be void in the years to come. but in the end nothing will change, money is making the world go round now, and will continue to do so till doomsday. mark my words. it's pathetic.

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Devildude

Devildude

- Alstroemeria Records -


u know, I prefer to call on a public phone using my coins then having to swipe a card for something as minor as that.

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Im not sure about this one. I carry a checkcard with me all the time just because its easy for me. I still carry cash but for 90 percent of my purchases I use my card

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Darowin

Darowin

Oogly Boogly

The chinese were the first civillization to start using paper money( you did not know that? come on its common knowlegde.. DUMBASS)

neway that was around a thousand + years ago...

I think thats its time that the world started to release that the plants and trees that make up the fibres of mony (yes money is not made of paper its made of linin), will not last forever...

Its time for the electronic age...

Of course this will not be perfect at first, nut we will get it right...

Even our current way of money is not perfect, people can just conterfit money....

lapuk

lapuk

spidey is gay

i work in a bank, and i can tell you this..banking institutions wherever it may be, are gearing us all up exactly for cash-less transactions, it is much more convenient and hassle-free (except for a few bugs still present in the system).. although i doubt that cash will be extinct in the near future. imagine paying all your bills via the internet or by phone (already possible), giving allowance to your kids via SMS..

julian1

julian1

Pursuer Of Darkness

in my country, the identity card is getting hi-tech. in future, we could even withdraw money with it. it's getting hassle free, and it's easier that way, we won't get mugged easily (unless someone popped up at the ATM and force you to withdraw all your $$) and i won't be uncomfortable of having a fat wallet under my butt while sitting...

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Consider the benefits of eliminating currency in favor of an electronic economy.

Counterfeiting would be eliminated.

Robbery would go down. You can't steal what people don't carry. And the fact is that stealing cards or checks is pretty fruitless these days. One phone call, and those materials are invalidated and won't be accepted anywhere.

Accuracy in bank balances would be easier to maintain. No more worrying about whether or not you can balance a checkbook. Your debit card is instant, and shows up on your online statement overnight, along with an accurate balance. No more being overdrawn.

Now, there will still be a market for precious metals like gold and silver, and coins minted in those materials are a wise investment. But paper currency is on its way out.

Quote by bwebConsider the benefits of eliminating currency in favor of an electronic economy.

On the other hand, having physical money also has its security benefits
If all records of money were kept electronically...could you guarantee that something like a server crash, virus, or hacker would not create a financial crisis?
Who would guarantee that electronic records are accurate...the point of balancing your checkbook being to make sure your account balance is correctly maintained by the bank

Physical robbery may go down but identity theft wouldn't be very affected by the shift to electronic money...illegal purchases might even be easier to make online

I'd love to move to an electronic economy but there are definitely a lot of problems that would have to be solved first

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That's a trend I've definitely seen growing more and more. Personally, I don't like carrying a whole lot of cash with me. Also, I, err, I kind of forget to put money in my wallet, too. Carrying a single card is a lot easier. But, also, as people have pointed out already, technology can break down, so unless that problem is taken out, I don't see cash going away definitely.

CyberDragoon

The Prince of Nothing

Probably once credit-card systems become more advanced so people can't steal your identity money will go bye-bye. The only problem that then arises is what if you lose your card? Mostl likely there will be some kind of way to confirm your identity via fingerprints and what not.

Darowin

Darowin

Oogly Boogly

that technology is already aviable the main thing is that the world is not ready for the that change...

I mean what if paper money becomes useless this same day... (of this means that you will be able to change what paper money you do have into electric money.. so on and so forth)

But what about the countries that do not have the suffient structure do make it... then what...

We cant have the world going in two opposite directions

1 way or the other, there will be crooks who are willing to counterfeit. be it cash or cards

Yu-huang

Yu-huang

The Jade Emperor

I find it ridiculous that you have the money in cash and they still won't accept it.
My friend wanted to buy a car with cash and they wouldn't allow him. Only credit cards or check.

When Darkness Falls, All is quiet in the Mist of the Night.

Cash is still so far the most secure form of money. UNless security of alternatives finally outgrow cash, cash will never be replaced. Else hackers are richest in the world already...

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