Re: How long will it take banks to phase out physical cash completely?
As we enter the digital realm due to the effects of COVID-19, the process of central banks phasing out physical cash from existence might take place soon. Before the outbreak, we've been accustomed in using credit/debit cards and contactless payments greatly eliminating the need for physical cash. Now that we're in a "COVID Era", things have accelerated quite a bit. Banks and governments are in talks of adopting CBDCs which could completely eliminate the need to pay for things with physical cash.
Now the real question is, how long will it take banks to start the transition from physical to digital cash (CBDC)? Do you think that physical cash will still be used right after governments adopt CBDCs in their entirety? Or will it take decades before every single person in the world stops transacting with physical cash, paving the way for a full-fledged cashless society? Your input will be greatly appreciated.
Now the real question is, how long will it take banks to start the transition from physical to digital cash (CBDC)? Do you think that physical cash will still be used right after governments adopt CBDCs in their entirety? Or will it take decades before every single person in the world stops transacting with physical cash, paving the way for a full-fledged cashless society? Your input will be greatly appreciated.
Certainly it'll take decades if not years before banks can completely eradicate physical cash to adopt digital money.
This may be faster in some countries than others but still, it will take a long time.
Consider Africa, this is a place where a large percentage of the population are illiterate. These are people who cannot read or write people who can't operate a smartphone or a computer. How then is it possible for these people to adopt digital cash? These are people who trust only what is right in front of them
I'd say eventually we'll get there but it is not possible in the nearest future for every single person in the world to adopt digital cash