Electronic payments for goods and services has deleted the need for cash in the financial ecosystem as it stands. Do you think that people would lean more towards doing financial transactions with mobile transfers?
What is the future of the cash minting press? Would it totally stop to exist in the future?
In my country we're nearly cashless already. Cash is nearly exclusively used as 1) some old people's day-to-day money handling, 2) birthday presents for children and 3) for illegal transactions (drugs, unreported employment etc). Other countries in Europe, especially in Scandinavia and the Baltics, are going in the same direction, and I'm guessing that's the way we're all heading.
When paying with cash there is always a redundant problem is that buyer doesn't have enough money to pay back your money unlike pay with QR Code or debit card then you pay exact amount for merchandise taken, the cash will disappear soon or later but not a long period of time.
With the way things are going, cash would completely go extinct in the next 7 years. Most businesses have already adapted and prefer to take electronic money transfer now.
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