In , it was argued that more and more societies around the world are on their way to become a cashless society. In many places, card and digital transactions are up and cash transactions are down. Sweden, in particular, is on the forefront of this, as over 99% of adults has made a non-cash payment. As a numismatist this makes me wonder what this trend, if it does indeed continue, would mean for our hobby. Will coins and bank notes become as obsolete as the VHS tape which became forgotten in mere decades? Or will it be like vinyl records, a medium that went away but has now made a comeback among younger generations, with vinyl records sales strongly on the upside? Let’s explore.
The U.K. passed a major milestone on its journey to becoming a cashless society last year when it was that electronic payments overtook their paper counterparts for the first time]. According to the Payments Council, only 48 percent of payments made by British consumers and businesses in 2014 were in cash, down from 52 percent in 2013.
Cashless Society? | Adask's law
We can learn from Sweden here – as one of the first countries looking set to become a cashless society – when in 2013 a bank after he discovered the branch kept no cash on site. Separately, paper money is also propping up the shadow economy and costing us all due to the anonymity it provides for elicit transactions.