Can the world become Cashless?

This week I wanted to continue writing about how other parts of the world are doing in terms of becoming a cashless society.

Sweden has announced its goal to become a classless country by the year 2030.
Already 80% of payments made in stores are either by debit card, credit card, or though mobile payments, so I believe it is safe to say Sweden will reach their goal in the next 15 years. 
However there are both pros and cons for becoming a fully cashless society. In Sweden, although robbery has dropped significantly, fraud has increased; and how to deal with these new challenges are still an ongoing topic of debate.

Besides Sweden, Canada and Australia have also expressed their interest in becoming a cashless society. In Australia, a new debit system called EFTPOS is being widely used and hope to make that the primary payment method. Canada estimated that 90% of purchases are already done though cashless means. They have also changed their bank notes from paper to plastic to increase security as well as longevity. And, 2012 was the last year the Canadian penny was minted. 

America on the other hand, will not be cashless for a while. The data in 2012 shows that 40% of monthly purchases are still made with cash. There are many people who either choose not to, or are not able to have credit cards or bank accounts in this country. Seeing that cash is still needed to ride a bus or buy drinks from the vending machines, we will have a long way to go to become fully cashless.

There may be risks and costs to becoming a cashless society, but personally I believe it is safer than having cash on hand. I am certain that sooner or later the world will be cashless. But, until those who have favored and used cash for many years are gone, it is difficult for the world to be 100% cashless


I feel that newspapers will be going though the same road.  

CoCardLa