We often rely on the use of physical cash in order for many of us to get through most of our daily transactions. Even though many of us continue to depend on physical money, it could be something that quickly becomes extinct in the future. Here are some the reasons why physical money still exists and how it could be eliminated using technology:
Tech targeting physical money: new technology that has emerged within the past few years make the process of handling almost any technology very simple through a debit card, credit card or through tap pay on your phone. Technology like cryptocurrency and payment systems like Paypal also make it very easy to get around traditional physical money and the need for physical cash. The electronic payment industry today is finding new ways to keep replacing physical cash from tap pay dongles at vendors to other technologies used in sending payments worldwide.
Why cash is currently safe: Even with this new technology being developed and adapted everywhere from the local food truck to major retail chains, cash is still something many consumers rely on. Many people prefer use cash to control their spending and budgets. Having a tangible asset helps to make sure that payment can be done efficiently and that people can better track their money. Cash is also one of the best ways to efficiently handle low value transactions. It is still one of the preferred methods for giving a tip or paying for small items like a coffee or quick bite to eat. Governments are also introducing new innovations when it comes to counterfeiting technology and making cash more reasonable to produce. By making sure that new cash technology can meet efficiency and safety criteria, it is possible to have physical cash assets that can live on even through technological advancement.