Are we entering the time where we are at the beginning of the end of cash. Technology Evangelists believe so. But, it’s not so simple to assume that cash will disappear.
This post features a documentary by DW Documentary, and Nikolas Badminton’s keynote on the future of cash businesses in a cashless world presented in 2018.
How cash is becoming a thing of the past
Cashless payments are on the rise. They are fast, easy and convenient. Worldwide, cashless transactions have become the norm. But Germany’s central bank and government are still clinging on to cash. Can they stop the move towards a cashless society? This DW documentary shows who is behind the worldwide anti-cash lobby. Banks want to get rid of coins and bills for cost reasons, and politicians think less cash will cut the rug out from under criminals and terrorists. Central bankers want to abolish cash because it would make it easier for them to enforce negative interest rates. And digital payment companies like Paypal or Visa simply want to profit from money transactions and collect as much financial data about consumers as they can. Their aim is to gain complete control over our buying behavior. For example, the “Better than Cash Alliance” in New York is supported by financial corporations such as Visa or Mastercard.
They say the more people that are integrated into the international financial system, the more growth and jobs it will promote. But as our financial behavior becomes more and more transparent, states are also using payment data to find out more about us. The ordinary citizen’s view of cash as a store of value, independent of third party interests, is being increasingly ignored. But for them, cash is and will remain a symbol of freedom.
Nikolas Badminton presented to the attendees at Pawn Expo 2018 in las Vegas on the Future of Cash. He looked at the economic ecosystems of Sweden, Iceland, China, and the United States.
He also talked about disruptors and how mobile payments, eCommerce, artificial intelligence, and other technologies will upset the pawn (and other) cash-based businesses. See the keynote below.
Nikolas is a world-leading Futurist Speaker that drives leaders to take action in creating a better world for humanity. He promotes exponential thinking along with a critical, honest, and optimistic view that empowers you with knowledge to plan for today, tomorrow, and for the future.