Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?
Technology is growing and most countries try to approach to facilitate people in making transactions. Cash is still sufficiently needed but there is a shift in the use of banknotes in conducting transactions. If today we shop at the supermarket, there is a credit/debit service that makes it easy for people to shop so there is no need to bring cash when someone intends to buy something.
In the next 5 or 10 years the use of banknotes will decrease because now people are more considering carrying a credit/debit card in their pocket. CBDC began to be implemented but the journey is still not optimal and maybe for the next few years the program will continue to be maximized by the government.
This is true, while I can see that there are still some places where you need to spend cash, it is not really that common and we can't really consider it to be something that takes time, we are talking about something that is a bit unique, and for that reason I believe that we are going to end up with a different situation ,so it is not going to be something that takes time for those places, because those places do not have our technology, but aside from that, everywhere else where we have this technology ,cash is losing value.
I do not carry any cash at all for example, and I mean like I do not even have a dollar, not in cash, I have my card and that's enough for me anywhere I go, I do not remember the last time I needed cash, it's been MONTHS since I had even a dollar in cash.