Are you ready for a revolution? You might have just missed it. The digital payment revolution may have already changed the world, as cash may be the odd currency out. The global economic landscape is changing almost daily, with governments and banking working together to remove cash as an option. Many will be funneled into a globally monitored economic watch list, according to a new article in The Guardian.
Remember when cashiers used to ask you ‘cash or card?’
These days, the choice may be “debit or credit” but that’s like asking “chicken or steak” for a flight meal. But the bigger issue is that banks, regulators and businesses are starting to turn their backs on cash.
London buses have stopped accepting coins and paper currency in favor of cards that use NFC. In Louisiana, House Bill 195 recently passed into law, banning the option to use cash to buy used items. Shopkeepers must fill out regulatory paperwork, including the customer’s personal information for every cash transaction, treating cash more like a check.
Even Citibank’s Citi Group’s top economist, Willem Buiter made news by calling for a ban on cash,