More and more people are becoming uncertain about the future of cash. Many economists doubt cash will be in existence in a few decades to come. And with the advent of cryptocurrencies, money exchange apps like DeeMoney (which you can use to send cash from Thailand overseas), and loads of other payment options, you can see why they think so.
However, many people seem to like the convenience of having these options. This much is clear judging by the fact that businesses with ‘No Cash Allowed’ signs seem to be doing quite well.
However, cash has been in existence for quite a long time, and it would take a lot of factors lining up to kick it to the curb. But as time passes, it seems like the stars are aligning against it.
The case against the future of cash
If you take a few steps back and view things from a vantage point, it will become more apparent to you why economists say the cash days are numbered. Here are some reasons why we think so too.
Electronic payment methods are on the rise
Not only do we now have options of debit and credit cards, but we can also make direct deposits, online payments, and bank transfers. What’s even better, there are money transfer services and apps, including DeeMoney which enable you to send money instantly from Thailand to individuals across borders.
If you think about it, it’s convenient to make payments electronically, especially when you have access to the internet and when vendors, merchants, and recipients are miles away from you.
Fighting Against Crime
There are several factors to consider here. First, cash has been associated with drug-related crimes many times than we care to remember. The fact that cash is ‘invisible’ makes it effective in fueling criminal activities. For this reason, getting cash out of the equation potentially means impairing and crippling illegal activities.
In addition to this, many people prefer not to carry cash (especially large amounts) around for fear of being robbed. While it is true that credit and debit cards can and have been stolen in the past, the financial repercussions can be contained by canceling and replacing the cards. On the flip side, once your cash is stolen, you should consider it lost.
Walking around with loads of cash makes you a target for the lazy individuals in the society who love to reap where they never sowed.
Now, one might argue that these electronic payment methods and money exchange platforms are not secure either. After all, there have been cases of hacking and money lost. However, as technology advances, so does the security protocols put in place by these companies.
Some of the security protocols include data encryption, safe login screening and multi-layers authentication protocols.
Simplifies processes and saves businesses money
With the elimination of hard cash, credit unions, banks, and financial institutions will comfortably reduce the number of employees. Handling cash is far more time consuming and tedious as opposed to dealing with digital money trails. Tracking the flow of money electronically is easy, and with the improvement of tech systems, takes little time. This means that financial institutions will save cash in the long run.
The advantages of going cashless
What are the implications of having a digitized economy? Well, for one, digitally transferring cash means you’ll never have to wait for your friend to have exact change to pay you back. Unlike physical cash, cashless transactions allow the transfer of exact money. Take DeeMoney, for instance, you can send a precise figure of say $56. This is better than giving $60 and having to wait around for $4 in change.
In addition to this, transactions are fast and efficient, and there is a reduced risk of citizens evading taxes or participating in illegal cash transactions.
From a macro point of view, a digitized economy encourages public spending, which consequently leads to an improvement in economic conditions. Governments (if they put the right measures in place), can even stop losing millions.
Eventually, cash may disappear. However, when and how this happens is the question. It might disappear in some countries and remain in others. And this process might take a century or less to actualize. But as we wait for this, you can partner up with a digitized money exchange platform like DeeMoney, which will allow you to transfer cash into different countries from Thailand instantly.