We are moving toward a cashless economy, but we are still some time away from going completely cashless. There are many people around the world that rely on cash today. But rapid development and needed changes can speed up this new cashless society.
A cashless world Is something that politicians and some wealthy people say they have wanted for a long time, but I am not sure if that is true.
But I do not think it will happen anytime soon, because it will be devastating for many dishonest people not to mention the havoc it will have on the not-so-wealthy people. Although most people purchase products and services using their credit or debit cards, as well as pay bills online today.
ATM machines have been around for a long time, and I do not know what some of us would do without them. But remember the Blockbuster video stores were around for a long time, but do you see many of them around today? A Cashless World Is Coming, so, if you buy stuff online you do not want to be discovered be careful because it will show up on your credit/debit card statement.
Some retailers prefer cash-paying customers because there is no third party involved. And cash paying customers don’t have to reveal any personal information about themselves. Because cash doesn’t care who you are, where you came from, or what you are buying.
Why do governments want to get rid of cash? Well as always, any piece of legislation that the government present is for the benefit of the government. When cash is eliminated, there will be no more cash transactions, which means the governments will know everything about all financial transactions.
Your salary will be deposited electronically into your finical institution, which is the way most people get paid their wages today. All sales, purchases, and payments will be done electronically, most of us do that today too.
The government’s point of view is this will stop black market sales and purchases, stop people from buying illegal drugs and guns on the streets, and stop people from selling and purchasing high-ticket items with cash. The real point here is the governments want to know who bought or sold so it can be taxed.
Cashless societies are where no physical cash is required. It is the best way to provide transaction transparency for the Governmental and other financial institutions. Each person will have an electronic card or device which will be used to execute the transaction.
A cashless society might seem almost impossible to some people, but it’s already on its way. Several powerful forces are behind the move to a cash-free world, including some governments and large financial services companies.
“Back in the COVID-19 era going cashless was safer and more hygienic because it allows for less contact between a cashier and a customer. A cashless society would be faster, more convenient, and less likely to spread germs.
I do not know if this is good or bad for some people, but caseless transactions can be tracked. You don’t have to keep cash in your possession and government agencies won’t require you to keep some printed receipts.
This type of society could be beneficial for people and business who wants to borrow money since most of the money will stay in the bank and not in our pockets. You may be able to use the same bank card in different countries.
The first truly cashless society could be a reality by 2023, according to a new report from global consultancy A.T. Kearney. In just five years, we could be living in the very first truly cashless society. The nation leading this revolution is Sweden and the Netherlands
(A.T. Kearney has established a place for itself in the management consulting pantheon. Today A.T. Kearney operates from offices in more than 40 countries around the world. It offers consulting in a variety of areas.)
This is what the bible says about a cashless world – The Bible says a time will come when a global dictator requires everyone on earth to receive a mark on the right hand or the forehead (Revelation 13:16). Those without the mark won’t be able to buy or sell anything.by: Ron S.