Going Cashless

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Last week, I attended a conference about the future of money, and the speakers had very different opinions. One economist announced, “Cash will disappear within ten years.” Another expert disagreed and stated that digital payments would never completely replace physical currency. The debate was fascinating.

My grandfather, who is eighty-five, often says, “I do not trust these electronic cards.” He told me that he had always preferred paying with notes and coins because he could see exactly how much he was spending. When I suggested that he try mobile banking, he replied that he was too old to learn new technology. I tried to explain that it was simple, but he insisted that traditional methods were safer.

Meanwhile, my cousin, who owns a small cafe, told me that going cashless had transformed her business. She said that transactions were faster, and she no longer worried about handling large amounts of cash at closing time. However, she admitted that some customers had complained about the change. One elderly regular had asked, “Why can I not pay with cash anymore?” She felt guilty but explained that the decision had reduced her costs significantly.

I am not sure which side I support. Digital payments are convenient, but they also exclude people who cannot access technology. Perhaps the answer is choice rather than complete elimination. As my grandmother used to say, “Do not put all your eggs in one basket.”

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