E-Cash Concerns

[Josefjix]

It's almost like I the USA how there's PayPal/ Venmo / Zelle / Cash App but most of these are not forced on you, besides PayPal I guess.

Almost all US citizens uses either cashapp, zelle and venom for their daily payments services, it's pretty fast and somewhat easy to make payment with, you can transfer as low as $10 to the recipient if you are underage though.

Each country in the Europe has their specific payment app that works perfectly in different regions, PayPal is the general payment app that works everywhere in the Europe but not widely used by many, some find it difficult to verify and PayPal rather has lots of security measures that restrict them alot.

[bittraffic]

Surprising to see they still want the cash after years of adopting digital currency long before Bitcoin came. Bur yep its nice to see they still have it and never forget that Cash is King.

Its for the best anyway, ecash is never safe anyway. We have those digital cash in our country where every user has issues from hacking to missing funds. Maybe they realized this as well and having the risk of CBDC.

[Renampun]

...

Any high-tech solutions have one common drawback - they are only workable in a “civilized environment”. Since they provide services when other “benefits of civilization” are available, and they require a significant number of certain conditions for their functioning.
So digital money - there is to consider a certain post-apocalyptic scenario, where there is no internet, no electricity - there will be no electronic money or ... cryptocurrencies !

this is the most frightening thing I think, we don't know what other disasters or misfortunes might befall our world in the future, there could be something big that causes electricity to be paralyzed as well as internet access so using digital money is impossible to do.

but apart from all that, honestly cashless is a good program and project, I also like it but the Swedish or Norwegian government should still provide opportunities for their citizens who use cash to continue doing so, other options must be implemented.

[lixer]

The idea of a cashless society isn't dystopia.

Yeah, it is obvious already. In fact, we have tons of cashless methods right now. That is because it is a successor even though not many societies are completely cash-free but I think we can go there in the future, once some things are sorted out already, so that all will have no problem about it anymore.

Why are you saying cash's here to stay & will remain dominant in the next few decades after I've posted about 1 in 10 purchases made in Sweden are cash. Most ppl in Sweden use bank cards & Swish app for every day lives. Norway & Sweden have lowest cash circulation in the world.

Maybe because he thinks the ratio were not that small? But in other view it can be less too. So he shouldn't be confident as well to say what he already said there. Those countries must be rich too, no wonder why they are like that. It just contributes on their innovation. So, others might need to be rich too before we can expect them to do the same thing.

[Churchillvv]

You might think this is only applicable to Norway or northern countries but here in my society except the fact that we have the old aged in quantity that will need the cash hence the new generation after some cash crisis has also resulted to using mobile payments systems like Palmpay, Opay, moniepoint but all this are voluntarily but however every Gen Z will rather not even have a bank account nor cash at hand but make payments with there phones too.

I think it's a world class case and not just country specific since even here that we are considered third world which I don't agree with we are still on the same pace with other countries in tech usage.

[slapper]

Trust me, they were comfortable until reality hit them. Sweden and Norway really wanted to get rid of cash because they thought cyber threats would be a "future problem." But now that Russia is showing off its cyberpowers and global IT meltdowns are showing how weak systems are, cash isn't so out of date after all

It wasn't an oversight, they were just too sure of themselves. The Nordic model was based on the idea that digital systems can't be broken. They made changes to improve ease of use, not strength. Now? They're rushing to pass laws that will put cash back into the market. Swedish "If Crisis or War Comes" guides tells people to save enough cash to last a week. Businesses in Norway are already getting fined for refusing it

They still play around with digital central bank currencies as if that will fix the problem, which is obviously THE problem. It's funny that governments that are pushing for complete digitalization are now saying that cash is necessary to live. Tech utopias sound great until the power goes out

[JiiBs]

You might think this is only applicable to Norway or northern countries but here in my society except the fact that we have the old aged in quantity that will need the cash hence the new generation after some cash crisis has also resulted to using mobile payments systems like Palmpay, Opay, moniepoint but all this are voluntarily but however every Gen Z will rather not even have a bank account nor cash at hand but make payments with there phones too.

I think it's a world class case and not just country specific since even here that we are considered third world which I don't agree with we are still on the same pace with other countries in tech usage.

As true as that would seem because, cashless policy actually offers some seamless life where, you really don’t have to go to the bank for your transactions like, having to take cash to the bank for deposits which is obviously, what your requiring of the merchant that deals on cash. You get to do anything and everything from an app on your mobile, even get to relate your complaints to the customer service. All that might be a lot easier but then, in the event where cash is being presented, it shouldn’t be rejected for other options. It’s still a legal tender and a means to exchange.

[wheelz1200]

I dont think cash or fiat will never go away or at least in the short term.  Each one of cash, crypto, precious metals, etc all have their place.  I like cash for in person transactions still, and moving money with crypto is obviously the easiest way to do that.  Once tax laws amd usability clears up crypto will likely overtake cash transactions in person.  But we are still awhile away from that.

[shinratensei_]

I dont think cash or fiat will never go away or at least in the short term.  Each one of cash, crypto, precious metals, etc all have their place.  I like cash for in person transactions still, and moving money with crypto is obviously the easiest way to do that.  Once tax laws amd usability clears up crypto will likely overtake cash transactions in person.  But we are still awhile away from that.

cash more likely gonna exist and it will be used frequently for people who prefer to preserve their privacy, or just simply a fan of cash.
but can't deny that e-cash growing more and more by the days, i've encountered so many places where they don't even accept cash and yes it's concerning but then again we're at the 21st century and while people shifting from paper to e-documents, why shouldn't we switch from cash to e-cash?

cash will exist but it'll be niche market, I suspect most of money going to banks eventually .

[arabspaceship123]

Yeah, it is obvious already. In fact, we have tons of cashless methods right now. That is because it is a successor even though not many societies are completely cash-free but I think we can go there in the future, once some things are sorted out already, so that all will have no problem about it anymore.

Over the world ppl aren't using cash like before. They'll tap cards & phones for contactless payments. Govt's haven't made societies cash free because they don't know how it's going to hurt their ppl if cyber attacks close their digital pay systems. It's a real threat ppl have to live with.

Maybe because he thinks the ratio were not that small? But in other view it can be less too. So he shouldn't be confident as well to say what he already said there. Those countries must be rich too, no wonder why they are like that. It just contributes on their innovation. So, others might need to be rich too before we can expect them to do the same thing.

He didn't read the posts or else he would've said some thing.

[WillyAp]

Over the world ppl aren't using cash like before. They'll tap cards & phones for contactless payments. Govt's haven't made societies cash free because they don't know how it's going to hurt their ppl if cyber attacks close their digital pay systems. It's a real threat ppl have to live with.

That is simply not true
https://www.statista.com/statistics/245501/multiple-mobile-device-ownership-worldwide/
There are 18 billion smartphones for 8 billion people.
In the country i live in there are about 30% without phone. I'm pretty sure the there are more countries where at least 10% don't use a phone or refuse to use one.

[arabspaceship123]

It's true. Over the world ppl aren't using cash like before because cash becomes used less when cards & phones get used. It's happening more in developed countries. In your country cash's still king but in Sweden & Norway it's the opposite. There's some countries where some ppl don't own phones but it's changing.

Over the world ppl aren't using cash like before. They'll tap cards & phones for contactless payments. Govt's haven't made societies cash free because they don't know how it's going to hurt their ppl if cyber attacks close their digital pay systems. It's a real threat ppl have to live with.

That is simply not true
https://www.statista.com/statistics/245501/multiple-mobile-device-ownership-worldwide/
There are 18 billion smartphones for 8 billion people.
In the country i live in there are about 30% without phone. I'm pretty sure the there are more countries where at least 10% don't use a phone or refuse to use one.

[lizarder]

I dont think cash or fiat will never go away or at least in the short term.  Each one of cash, crypto, precious metals, etc all have their place.  I like cash for in person transactions still, and moving money with crypto is obviously the easiest way to do that.  Once tax laws amd usability clears up crypto will likely overtake cash transactions in person.  But we are still awhile away from that.

It’s definitely not going away anytime soon because we can’t go shopping for vegetables at a traditional market without fiat. Some rural communities are not familiar with the term E-Cas or the like and they are quite used to spending things using fiat currency so forcing it anyway will never work. That technological advancements have changed a lot of things now but this issue is not going to happen anytime soon.

I agree with you because everything has its place and changing old patterns with new styles is difficult because it’s about people’s habits. Especially when it comes to purchasing using methods other than fiat currency so it takes time for it to develop.

[arabspaceship123]

Cash can't be replaced soon. We've been using it for centuries it's going to stay with us. Rural communities suffer because govt's put city ppl in the middle of their plans. In some rural communities ppl don't have smart phones so they'll use cash or sms to pay for goods & services.

It’s definitely not going away anytime soon because we can’t go shopping for vegetables at a traditional market without fiat. Some rural communities are not familiar with the term E-Cas or the like and they are quite used to spending things using fiat currency so forcing it anyway will never work. That technological advancements have changed a lot of things now but this issue is not going to happen anytime soon.

I agree with you because everything has its place and changing old patterns with new styles is difficult because it’s about people’s habits. Especially when it comes to purchasing using methods other than fiat currency so it takes time for it to develop.

[shield132]

It's true. Over the world ppl aren't using cash like before because cash becomes used less when cards & phones get used. It's happening more in developed countries. In your country cash's still king but in Sweden & Norway it's the opposite. There's some countries where some ppl don't own phones but it's changing.

I always thought that cash was less popular in developed countries but when I travelled in some of the best countries in the world, I was shocked at how undeveloped their payment systems were. For example, when I was in Paris, I was shocked that I couldn't pay for a bus ticket with my card on the bus. I'm from a developing country and here almost everyone uses cards these days. You can pay for a bus ticket with your visa/master card on the bus without having contact with the bus driver. You can pay for literally everything with your card, bureaucracy is killed and lots of problems get solved online within minutes. It's not the thing in many developed countries probably except South Korea, Japan and a few others.
Tech is so advanced here compared to many other developed nations that one of our local banks won the award of the best mobile bank app, we have been winning this steadily.

[Su-asa]

I dont think cash or fiat will never go away or at least in the short term.  Each one of cash, crypto, precious metals, etc all have their place.  I like cash for in person transactions still, and moving money with crypto is obviously the easiest way to do that.  Once tax laws amd usability clears up crypto will likely overtake cash transactions in person.  But we are still awhile away from that.

Am sure that cash will never be replaced by any other currency because from the beginning it has been in existence which we have no doubt about that. However, every other currency can stay and lot of people will be using them at their convenience but the truth of it is that cash is easy to use during daily offline markets. Actually even if cash will in anyway be replaced by other means, then it will be hard for other people to understand how to make their transactions because even in this century, we still have some folks that can't make any online payments.

[landheer]

Am sure that cash will never be replaced by any other currency because from the beginning it has been in existence which we have no doubt about that. However, every other currency can stay and lot of people will be using them at their convenience but the truth of it is that cash is easy to use during daily offline markets. Actually even if cash will in anyway be replaced by other means, then it will be hard for other people to understand how to make their transactions because even in this century, we still have some folks that can't make any online payments.

I believe it will happen because some people have difficulty when making online transactions or payments, because cash will be better because it can be seen clearly when the payment is made and it is preferred by many people, it does not mean that online transactions are not in demand but only for certain times when it is really needed, because daily payments are more convenient using cash.

[Mr Reporter]

I dont think cash or fiat will never go away or at least in the short term.  Each one of cash, crypto, precious metals, etc all have their place.  I like cash for in person transactions still, and moving money with crypto is obviously the easiest way to do that.  Once tax laws amd usability clears up crypto will likely overtake cash transactions in person.  But we are still awhile away from that.

in addition to what you're saying every currency has it own advantage and use cases, cash still remain a convenient option for in person transactions especially in the cases where digital payments are not widely accepted.

[arabspaceship123]

I haven't been to Paris so don't know how France's developing as a cashless society. Some developed countries use phones & cards for every payment it's a part of their society. If your country's ahead of France in cashless payments what's your estimate how many years before tech's going to replace cash ?

I always thought that cash was less popular in developed countries but when I travelled in some of the best countries in the world, I was shocked at how undeveloped their payment systems were. For example, when I was in Paris, I was shocked that I couldn't pay for a bus ticket with my card on the bus. I'm from a developing country and here almost everyone uses cards these days. You can pay for a bus ticket with your visa/master card on the bus without having contact with the bus driver. You can pay for literally everything with your card, bureaucracy is killed and lots of problems get solved online within minutes. It's not the thing in many developed countries probably except South Korea, Japan and a few others.
Tech is so advanced here compared to many other developed nations that one of our local banks won the award of the best mobile bank app, we have been winning this steadily.

[shield132]

I haven't been to Paris so don't know how France's developing as a cashless society. Some developed countries use phones & cards for every payment it's a part of their society. If your country's ahead of France in cashless payments what's your estimate how many years before tech's going to replace cash ?

I always thought that cash was less popular in developed countries but when I travelled in some of the best countries in the world, I was shocked at how undeveloped their payment systems were. For example, when I was in Paris, I was shocked that I couldn't pay for a bus ticket with my card on the bus. I'm from a developing country and here almost everyone uses cards these days. You can pay for a bus ticket with your visa/master card on the bus without having contact with the bus driver. You can pay for literally everything with your card, bureaucracy is killed and lots of problems get solved online within minutes. It's not the thing in many developed countries probably except South Korea, Japan and a few others.
Tech is so advanced here compared to many other developed nations that one of our local banks won the award of the best mobile bank app, we have been winning this steadily.

I think that it will take a few generations to replace the cash. In my country, despite the fact that you can pay with a card everywhere and everything, despite the fact that almost everything can be done online, old people struggle and need the assistance of young people. Old people in my country are very far from technology. People in their 50s have no idea about Instagram and can't even register on social networks without the help of their children but young people know almost everything and are very tech friendly. I think that once the old generation passes, becoming cashless is possible but I don't like this idea because the government will easily control people by manipulating the money on their bank accounts.