Cashless Economy: Is Society ready for transformation? - page 2.

oHnK

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Quote from: noorammak on September 24, 2020, 07:45:58 AM

Rural areas are not a place with high economic activity. We need to see cities as places that generate more transactions and people are busier, internet shopping is the solution. Non-cash payment is the same.
In the countryside, it is still possible to make non-cash payments if the shop owners change the form of payment. I believe that people in the countryside also use mobile devices and they will prefer non-cash payments.

However, if we talk about the readiness of the society, it should be more comprehensive, not differentiating between high and low economic activity. Where there are financial transactions, all people can experience an even policy if cashless is implemented.

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It can only work for some develop country not some country that is trying to improve their economy. Any way cashless economy is very good because it can reduce all the risk of moving your money from one place to another for purchase.
I think with time some undevelop country will like to switch to cashless where you can buy what ever you want to buy without carry money for hand.
Some country like india, and china are into cashless in their country which the citizens are really enjoying right now.

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Quote from: mezzaluna on September 24, 2020, 08:03:51 AM

Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Not yet I guess, even though India's technology advances are really notable; that transformation is still not yet available since people are not fully knowledgeable about what could happen if they transition into being Cashless. It would still be good to do both Cashless and with Cash transactions since people might see that it would be better to do cashless since it would bring less hassle by carrying cash and the fear of being robbed.

I guess even an advanced country, it'll be difficult to implement a cashless society. The cashless society will take a lot of time before they implemented it. We need a new generation of people who is capable of understanding the advancement of technology, that's the time where they will implement the cashless society. Even a simple payment app is difficult for some people, what more if they implement a fully cashless system? it's not easy to handle.

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Quote from: Jane Smith on February 28, 2019, 02:01:50 AM

Cashless India, the Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. “Faceless, Paperless, Cashless” is one of the professed roles of Digital India.
Lets discuss!!

Not yet I guess, even though India's technology advances are really notable; that transformation is still not yet available since people are not fully knowledgeable about what could happen if they transition into being Cashless. It would still be good to do both Cashless and with Cash transactions since people might see that it would be better to do cashless since it would bring less hassle by carrying cash and the fear of being robbed.

noorammak

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Quote from: oHnK on September 23, 2020, 09:09:07 AM

Quote from: noorammak on September 23, 2020, 07:43:02 AM

Economic constraints on cash already exist. People shop more on online commerce sites. Amazon, Alibaba, eBay ... many other websites are conducting transactions online. Everyone is satisfied with the quality as well as the delivery time. Most people pay by bank card or visa card.
In a pandemic, cashless priority is also an effective way to prevent the spread of the virus.

Yes, that's right, in cities, many people have reduced the use of cash and switched to cashless. However, in my rural area, people are still dependent on cash because they don't really understand how to use an e wallet or use a debit / credit card. Public readiness for cashless is not evenly distributed.

Rural areas are not a place with high economic activity. We need to see cities as places that generate more transactions and people are busier, internet shopping is the solution. Non-cash payment is the same.
In the countryside, it is still possible to make non-cash payments if the shop owners change the form of payment. I believe that people in the countryside also use mobile devices and they will prefer non-cash payments.

oHnK

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Quote from: noorammak on September 23, 2020, 07:43:02 AM

Economic constraints on cash already exist. People shop more on online commerce sites. Amazon, Alibaba, eBay ... many other websites are conducting transactions online. Everyone is satisfied with the quality as well as the delivery time. Most people pay by bank card or visa card.
In a pandemic, cashless priority is also an effective way to prevent the spread of the virus.

Yes, that's right, in cities, many people have reduced the use of cash and switched to cashless. However, in my rural area, people are still dependent on cash because they don't really understand how to use an e wallet or use a debit / credit card. Public readiness for cashless is not evenly distributed.

noorammak

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Economic constraints on cash already exist. People shop more on online commerce sites. Amazon, Alibaba, eBay ... many other websites are conducting transactions online. Everyone is satisfied with the quality as well as the delivery time. Most people pay by bank card or visa card.
In a pandemic, cashless priority is also an effective way to prevent the spread of the virus.

oHnK

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Quote from: Cryptoheavy on September 21, 2020, 10:19:27 AM

Are you sure that society want this transformation? For some people cash is just enough

I'm not sure the whole society wants change especially for those who live in the village. But what is called the demands of the digitalization era, whether you want it or not, the change will definitely happen. For example, in fact, a marketing strategy, like it or not, a company must use a digital-based marketing strategy, even though there are still many SME whose human resources do not have the ability in their fields. Cashless too, this transformation will happen sooner or later.

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Are you sure that society want this transformation? For some people cash is just enough

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Quote from: mich on September 21, 2020, 02:22:57 AM

Quote from: Mauser on September 21, 2020, 02:07:14 AM

snip..

Same with me and in my country it is mostly credit card for payments.
Maybe if the corona pandemic will last longer, more people will be forced to use cashless payment methods.

payment via credit card is still a favorite in the middle of this "PANDEMIC". According to data, in my country transactions using credit cards increased 200% during this "PANDEMIC" period, but not only that, but payments via digital wallets also increased 200%. This "PANDEMIC" seems to be directing all of us to change from old habits, in a few decades I think the world will have shifted to payment with digital wallets and no longer use cash fiat money..

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Quote from: lienfaye on September 21, 2020, 02:33:51 AM

Quote from: Mauser on September 21, 2020, 02:07:14 AM

Since the corona pandemic I have been using mostly my credit card for payments. In 80% of the stores I paid with cards, but there are still some small stores like the bakery where it's common to pay with cash. Also there are still some people in my country who have no bank account or credit card. I think we will see a shift towards a cashless society more and more in the next year, but to completely stop using cash we are not ready yet. It's going to take some more time.

I also use credit card for buying groceries.
Its more convenient for me and less hassle because the line for those who will pay cash and credit cards are different. But since the line for those who will use credit cards are few, its fast to get done. Nevertheless I think going cashless wont be easy to people who used to fiat, specially for small transactions like buying a portion of bread in small store.

In terms of conveniently, no wonder credit card is the most on top for cashless transaction, especially we know that bitcoin is that popular for groceries or common stores. But in our situation now, physical distancing is utmost need, I think cashless--whatever form this may be- can help us a lot to prevent from getting virus. But to understand the small time business we need to consider, maybe exact amount will do and help you too away from the virus.

~~

But to be honest using bitcoin for small transaction will make your headache.

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Quote from: Mauser on September 21, 2020, 02:07:14 AM

Since the corona pandemic I have been using mostly my credit card for payments. In 80% of the stores I paid with cards, but there are still some small stores like the bakery where it's common to pay with cash. Also there are still some people in my country who have no bank account or credit card. I think we will see a shift towards a cashless society more and more in the next year, but to completely stop using cash we are not ready yet. It's going to take some more time.

I also use credit card for buying groceries.
Its more convenient for me and less hassle because the line for those who will pay cash and credit cards are different. But since the line for those who will use credit cards are few, its fast to get done. Nevertheless I think going cashless wont be easy to people who used to fiat, specially for small transactions like buying a portion of bread in small store.

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Quote from: Mauser on September 21, 2020, 02:07:14 AM

Since the corona pandemic I have been using mostly my credit card for payments. In 80% of the stores I paid with cards, but there are still some small stores like the bakery where it's common to pay with cash. Also there are still some people in my country who have no bank account or credit card. I think we will see a shift towards a cashless society more and more in the next year, but to completely stop using cash we are not ready yet. It's going to take some more time.

Same with me and in my country it is mostly credit card for payments.
Maybe if the corona pandemic will last longer, more people will be forced to use cashless payment methods.

Mauser

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Since the corona pandemic I have been using mostly my credit card for payments. In 80% of the stores I paid with cards, but there are still some small stores like the bakery where it's common to pay with cash. Also there are still some people in my country who have no bank account or credit card. I think we will see a shift towards a cashless society more and more in the next year, but to completely stop using cash we are not ready yet. It's going to take some more time.

mich

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I love BITCOIN and other crypto currencies but this world i not ready for cashless society.
We need cash because this is not the future yet where everything run by computers.
People who only know how to use cash need to be able to do.

Ronaldcoin2017

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I think there are still so many people around that are not ready for the cashless transformation. there are so many people that doesn't even know about crypto especially those who are living in mountainous place that is unreachable, however modern technology is slowly influencing the modern world there are many people that is now using atm and there are also people that use bitcoin. this is a sign that the world is now slowly adapting cashless transformation but there are still many people that is not ready for this.

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Getting into a cashless community depends on the country's government and people if they are ready to adapt into the phase of changing or switching from the traditional to digital on which being cashless relies. Also, the concern for getting cashless depends on the resources needed to switch into the phase of the economy. If the country do not have enough resources to support getting cashless then, we can conclude that an economy is still not yet ready. Even if there is availability of resources but as long as people wanted to stick into the traditional way of doing payments and transactions, getting into cashless society is still not yet possible to make happen. The readiness of an economy to go cashless still relies on the demand of the people and their willingness to adapt on that economy that the modern technology has to offer.

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Quote from: target on February 28, 2019, 08:13:06 AM

China is already into it. You can pretty buy anything there with your phone so they are all up to this cashless already. If the worlds richest country are already up to it, I think the rest will also follow otherwise we'd be left behind in the progress. Crypto is paving it all for almost all industry so we can pay crypto soon.

I have heard this thing about China. My teacher already live in China for years and she told us some things she have encountered in China. But comparing to my country, yes the city is possible to be the same but we have provinces. Most people in the province does not know how to use internet and in some places phones do not have signal for texting so what more to a internet connection. It is due to many trees and mountains blocking the signal.
I am not against to cashless society. It is a great solution to this virus but as of now, becoming cashless is not applicable to everybody.

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Implementing a cashless society is not easy because not all people knows how to use latest technology that can be use for this cashless. There's a lot of adjustment and learning process specially those people that live in a remote area. Definitely, every country is no yet ready for this transformation except China and other country that already implemented it.

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I believe that in general, our society is not ready to completely switch to using only non-cash forms of payment. A certain part of the population will not want to part with paper money at all. When making small household transactions, they are sometimes the most convenient form of payment. And I don’t think it is necessary and expedient. Non-cash forms of payment will be fully monitored by governments and in this regard, this is their huge disadvantage. It is almost impossible to trace paper money. Therefore, do not get rid of paper money.

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