too much information and control over the lives of citizens .
The UK looks set to go cashless in 2026 , but that could be sped up , or slowed down , according to public opinion and decisions by banks to maintain cash services . But Malhotra predicts that it will take less than two decades to create a cashless global economy .
He says : “ The world will be largely cashless within 20 years . The momentum behind online payments and electronic settlement is what is driving us towards a state of cashless-ness .”
Ultimately , digital financial superhighways are the future of commerce . However , in a world where climate events and cyber attacks dominate the headlines on a daily basis , the fallback for communities hit by a crisis would need to be cash because its tangible nature is not affected by griddown situations .
But , unless greater attention is paid to the continued endangerment of our notes and coins , they will likely be completely phased out by 2040 . In comparative terms , the first online payments occurred in the early 1990s , and this would make the demise of cash – the bedrock of our financial systems for almost 3,000 years – extinct in just 50 .
In acknowledgement of the power banks have over this transition , Malhotra adds : “ Cash may still be available , but , perversely , it will be accepted for curiosity value , rather like issuing music on a CD ! Once banks stop accepting cash , or make it even more expensive to process cash , it will all but disappear .” fintechmagazine . com 75