Welcoming a world without cold hard cash
By Elliot Chan, Opinions Editor
Formerly published in The Other Press. March 23, 2015
With the ubiquity of credit cards and mobile payment, fewer and fewer people are carrying cash with them on a daily basis. I barely ever carry cash around, just a couple of bills in case of an emergency—like if a hot dog stand doesn’t accept debit. Aside from that, I rely mostly on my cards and mobile device to pay for my purchases. If suddenly cash ceased to exist, I don’t believe it would affect me much.
In a way, I believe cash will inevitably become obsolete, the same way gold coins at a market can only get you odd looks. Cash, after all, costs money to make, which is a paradox worth some time pondering. In a 2014 poll conducted by Leger Marketing, 56 per cent of Canadians reported that they would be happy to never touch money again and only use digital wallets. If you are currently relying predominantly on cash, it’s a probably a good time to start implementing a more modern way of payment. After all, the new way is more organized, it’s more accessible, and it’s even cleaner.
Relying on another form of payment aside from cash is a reliable way of keeping track of funds. Payment and banking innovations have changed the way people handle money. Instead of having a roll of fat cash in your pocket or a stack of bills in your wallet, you’ll just have a number. No more miscounting or miscalculations. There will come a day when we will never have to fumble with change to tip our server or board the bus. It’ll simply be taken off your credit, tab, or account.
Security is a still a prime concern for those engaging in digital payment. In a cashless world, frauds, privacy infringements, and identity theft will be ever-present crimes. There is no reason to be afraid of such an incident as long as we are responsible. Muggings and robbery have been happening for ages, in every form of currency from coins to chickens. Crime is a natural part of the system, and the security infrastructure currently in place is as dependable as any infrastructure to protect a person’s valuables.
We are approaching the world without cash. Maybe it won’t happen this decade, but if trends are to continue we will be relying on the dollar bills less and less. We will be buying stuff with cards, tokens, codes, and whatever else our smartphone utilizes. Our money will always be in our control, but how we interact with it is changing. Social media is a now a payment transaction vehicle. I’m ready for it. It’s going to make spending easier, and for those who hate shopping, like me, I’m eager to get what I want without thumbing through my hard-earned money.