John Cryan gave cash less than 10 years a few years ago: how much longer are we still going to pay cash?

Cash is an obsolete model no matter how much we still emotionally cling to it. The fast pace of time, digitization, and the advances in artificial intelligence technology will make it unimaginable in the foreseeable future that retailers will continue to spend their money on us, and we’ll even have to go to a cash register.

What the cash costs us daily …

But not only in retail and other industries, many resources are tied to the administration. Even on the part of the states, not only are the logistical costs ex-works, and the administration, including the counteracting of money erosion, immense. Above all the costs, which counteract the manipulation and the crime with the cash, burden the states and consequently also the taxpayers. Not to mention: In addition to money laundering and counterfeiting, we also speak here of financing criminal activities. These businesses will be able to put the final death blow for the most part!

Maxim Bederov also cares about the ecological aspect

Another benefit for the community is the environmental aspect. If we stop paying in cash, we will no longer need resources such as wood for illusion or metals. The entire CO2 emissions will decrease rapidly when payments are processed digitally. Of course, not every new technology in this area is “clean”. Here is to pay particular attention to which technologies u.a. Blockchain are ecologically and sustainably aligned.

Maxim Bederov: “Time is the most important resource these days!”

We have not even considered the most important resource here: What is the most important resource today? Time! Cash steals us time. Not only that we have to go to our bank to withdraw the money at the machine: We wait for cash, pay it in coins back to our accounts, rummaging it out of our wallet and much more. In the end, we hardly have an overview of where our money actually goes. We can compare it to the evolution of mobility at the time of industrialization. Initially, numerous carriages rolled through the streets with horses that had to be cared for and fed. The people made comfortable progress, but who would have thought a short time later, continue to drive carriage as the cars were affordable for the first time? None! So it is today with the cash. In the long term, the trend towards digital means of payment is unavoidable.

Have the security in view

This will also mean much more security for the banks in the future. These will undergo a complete restructuring. The cybersecurity branch is already growing today and is becoming increasingly important. Suddenly, specialists are more in demand than ever. The store network will also be different. In the near future, the store network will give way to service points where people interact. Thus, we will see this change urban planning. At significantly more places and in many more shops, service points, machines, will be available to people for payment transactions. Normal branches? Hard to hold. Another area with similar development: At that time, messages were sent by letter. Through the connection to the Internet, e-mails, SMS, messenger etc. put the letter on the siding.

Conclusion Maxim Bederov

There has long been no alternative to physical money to express the value of a commodity. In the Stone Age one exchanged with stones or shells depending on the region. Reason: There was no alternative here! Now, in the digital age, instead of paying for cash, whose management burdens our budget, is uncertain and whose resource depletion puts pressure on the environment, we can easily pay with digital signs. Therefore, the cash is abolished and dared the step into the new age.

Author: Maxim Bederov