It’s impossible not to notice the fact that the more we live in our society, the more money becomes digitalized. You can use credit cards pretty much everywhere now, and it’s understandable. It’s a lot more comfortable to pay using a card than by carrying along huge piles of money each time you go shopping.
That’s just one of the advantages. According to CNN, Eswar S. Prasad, who’s a professor from Cornell University, speaks about how it’s just a matter of time until we won’t see cash anymore.
You should consider buying “The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance”
“The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance” is the name of Prasad’s new book where he unveils his view upon the future of money, as you’ve already guessed from the title. Perhaps not everybody would like to live in such a society, but you know how things usually go: whenever major changes occur, there’s also room for protesters.
When asked, “Is cash destined to wither away?,” here’s what the Cornell University professor responded, as CNN quotes:
The convenience of digital payments to both consumers and businesses makes it highly unlikely that cash will survive much longer.
In China there are two private payment providers, Alipay and WeChat Pay, that have blanketed the entire Chinese economy with very low-cost digital payments. You can use those for something as simple as buying, say, a piece of fruit or a couple of dumplings from a street vendor. In advanced economies like Sweden, the private sector is doing an equally good job of providing very low-cost digital payments.
How about you? Do you like the idea of not having to carry physical money with you each time you go to buy something? Feel free to tell us in the comment section!
