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Do you think digital payment options will ever completely replace cash?

27 Comments
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27 Comments
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Probably. Because to entirely repress a population it is probably a good idea to have complete records of who buys what, when and where. While cash leaves an unwanted element of doubt about people's behaviour and location, and therefore too much freedom.

4 ( +6 / -2 )

It would cut down on the illegal activities involving cash. Drug dealers, prostitutes and pimps, bookies and other underground activities would need to find other reward methods.

-8 ( +0 / -8 )

I voted yes for cash as we know it today.

However, the alternative market (call aspects of it the black market if you like) will always find an alternative currency, as we have seen with Bitcoin.

1 ( +2 / -1 )

I do not own a cell phone, so would I be forced to get one?

0 ( +2 / -2 )

"Completely" is the word standing in the way of 100% yes. Most nations already prefer debit card/credit card payments over cash, which is one reason you hear about handbag snatches in Japan netting 800,000 or more, and why Japanese tourists are the target of choice for pickpockets overseas. But COMPLETELY replace cash... Not for a while, and even then a barter system would exist where things with intrinsic value -- like coins of old -- would exist at some level.

-1 ( +2 / -3 )

Aren't credit cards already digital?

0 ( +0 / -0 )

I hope they do! It would stop a lot of the petty theft. I know that, taxis are cash free in Sydney on the weekends. This has stopped taxi drivers being the targets of thieves.

-2 ( +2 / -4 )

Actually in my home country (The Netherlands) I never carry cash around with me as debit cards are accepted almost everywhere (even online).

So I actually found myself unable to handle change properly the first week in Japan. The wide usage of cash and the somewhat splintered use of IC cards (Pasmo, Suica) makes paying in Japan seem to be somewhat poor managed.

I guess I just preffer the ease of not counting my cash out everytime I need to pay something.

-4 ( +1 / -5 )

Definitely, definitely not in Japan. Something about hoarding cash in Japan makes people feel good (I guess). I'm sure it's about distrusting the banks, but I've been told more than enough times to keep at least 500,000 yen in cash minimum somewhere in my house at all times, for emergencies. Cultural, maybe?

2 ( +3 / -1 )

There's too much cash out there floating around. All the gummint can do is not accept it for taxes or fees or fines.

paper money will still exist and will be traded.

It's also interesting to note that the American Revolution was largely fought because the Bank of England wanted the colonists to pay taxes in silver, when they'd set up a different currency.

Molon Labe baby!

0 ( +2 / -2 )

As long as the IT back end infrastructure to support it works, but too many issues with banks and their off-shore computer systems. It will be a while before cash is not accepted.

0 ( +1 / -1 )

The keyword is "ever".... think about it. Cash is great but it opens the door for corruption since it is not easily traceable. While digital payment is great but it opens the door to hackers. I think if and when digital becomes highly secure it will eventually totally replace cash. But of course there will be "hold out" countries, mainly the corrupt one's that don't want to give up a good thing.

0 ( +0 / -0 )

No. Probably never. There will always be those who prefer to pay or be paid in hard currency.

1 ( +2 / -1 )

Sometimes you need dollar bills..... and lots of them....

0 ( +1 / -1 )

Credit cards and electronic payments are digital. Cash is a symbolic value item. Sooner than later cashless will start somewhere in the developed world and the underground business will be forced to adopt other payment methods.

0 ( +0 / -0 )

Maybe we'll just go back to the company credit at the company store method of payment. That would make the oligarchy pretty happy and end all these discussions at the same time.

-1 ( +1 / -2 )

What do you do when the system screws up? Running around with loads of plastic cards in your pocket won't do you much good! I'll never stop using cash.....!

-1 ( +1 / -2 )

I always amuses me to see the 'I don't know' option in polls like this. Surely if you don't know you shoudn't be voting in the poll.

-1 ( +1 / -2 )

@kurisupisu:

What do you do when the system screws up?

Still waiting for the EMP!

Incidentally, letters of credit (ie. I.O.U.s) developed in Japan sort of independently of symmetry-based concepts founding doublentrybookkeeping accounting practices in the West.

So, I suppose we will go back to scribbling IOUs on any spare bit of paper we have on us, just like up to mid-last century.

0 ( +0 / -0 )

Cash is expensive to print, inspect, move, store, and guard. So we will see a completely cashless society in the future. Big banks want a cashless society because it is much more profitable for them because when people use cash big banks do not earn anything. On the other hand governments want to transition to a cashless society because it would give them more control and they would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely.

2 ( +2 / -0 )

in low taxed countris probably yes in high tax countries and countries with lots of corruption probably not. cards can be tracked by governments, they can tell what you buy, eat, when and where you are almost all the time. cash is the best way to keep your spending habits private

-1 ( +1 / -2 )

eventually yes, but not for a long time. The government will push hard to make this happen. Cost savings in printing, easy to control virtual money and complete traceability of all transactions to keep tags on their citizens. The rich will simply switch to other currencies such as rare metals and gems to conduct their daily illicit business transactions even more so than now.

0 ( +0 / -0 )

They will try to impose a cashless system, to force us to keep our money in the banks.

-7 ( +0 / -7 )

Man has loved the shiny yellow metal since time began, no way will digital take over.

-1 ( +0 / -1 )

I believe digital will completely take over, and it will be used as a means to control consumer spending. I can easily imagine a frequent-flyer-miles-like system where some portion of the money in your account comes with an expiration date--spend it or lose it.

0 ( +0 / -0 )

I hope not. I quite enjoy the regional differences and tid bits of history

0 ( +0 / -0 )

Not in Japan. In America I can get by quite well withiut carrying cash. All stores accept cards, and many accept digital payments. Opening accounts online and making online paymenst takes only minutes to set up, and online banking is incredibly simple and efficient. Japan is literally decades behind America in this respect.

-1 ( +1 / -2 )

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