Australia being the sixth-most cashless society on earth in line with the rate of electronic transactions could see an end to most cash payments by as early as 2025. It will be hard to stop cash use completely unless a blanket ban is introduced, it is getting that way as laws have just been passed with it now being illegal to pay for anything in cash over $10,000 Australian Dollars. In spite of the cracking down on cash use, the RBA is printing new banknotes every day and updating the currency to make it safer and accessible.
Swedens cash transaction only amounts for 2% of trade and the government decided that to get rid of cash completely would cut off the most vulnerable in society including the elderly who may not be so up to speed with online banking and digital currencies.
Venezuela’s government and its out of control spending, strict currency controls and other policies have led to massive hyperinflation, the Bolívar has collapsed and banknotes in circulation are worth pennies, some who go to collect their pension from the banks are told to come back to get the rest later, the country is running out of useable currency in circulation due to its soaring prices.
Venezuela plans for a 95% reliance on digital transactions but 40% of the country does not have access to a bank account, for these people they must rely on physical cash but can only purchase this on the black market as there are not enough banknotes in the country.
Shops and restaurants in China are moving toward taking only smartphone payments such as Alipay but it did not go to plan for a new supermarket chain where customers can buy fresh food at the store as well as ordering it online but the one catch is that customers could not pay with cash but only able to pay with a smartphone or at the self-checkouts using debit and credit cards.
It is very common to pay for goods and services with a QR code or using Alibaba’s Alipay in China but after complaints to the authorities, Hana, the supermarket chain had to install cash registers.
There are many cases of government and financial institutions wanting a cashless society but putting this into practice is an entirely different matter and simply unfeasible for many, eventually this will come but it is not as close as we may think, blockchain technologies may help bridge this divide and in time as more and more people become aware as well as comfortable using it, inroads can then be made to rid society of its physical cash.