We love money, and there is little else that pleases us more than holding a fat wad of Cash, even one-dollar bills would suffice. When we think of wealth and being rich, we think of cash, not a checking account hovering around in some virtual database somewhere. But that dream of swimming in your own money could be at risk, times are changing fast, payment systems are evolving, and a brand new, cashless society may be inevitable.

But why would anyone want to get rid of our cash?

Cash has it flaws, its weaknesses, and a few competitors are looming over the horizon seeking to eliminate our need for it.

Smartphone Evolution

Smartphones have already killed or badly injured the market for pagers, flashlights, cameras, microphones, calculators, television – the list goes on. And, cash may be their next target.

The Smartphone’s main weapon in this fight are NFC (Near Field Communication) Apps, like Apple Pay. You just hold the phone close to the console and in a second or two, you’ve paid. Apple pay works with iPhones, iPads, even Apple watches – I guess we should all buy Apple.

And sure, it’s convenient. You don’t need to hold any more money, or even a wallet. You could argue it’s safer since f you lose your phone well, your balance is accessible online elsewhere. But it will not defeat cash.

Not every business accepts NFC payments, and even if they did, not everyone has an iPhone, AND EVEN IF EVERYONE had an iPhone, if you forgot to charge it last night, you’re screwed. Plus, who knows what those phone companies will do with your transaction data.

Debit Cards

Oh please, if debit cards could eliminate cash they would have done it decades ago.

Debit cards have their strengths, they’re small and light, they don’t require electricity unlike the Smartphones and they’re generally universally accepted. But you do need to have a bank account linked to it and that could be a bit annoying, but it’s not that great of a weakness.

Truth be told, debit cards are less likely to eliminate cash than Smartphones are to eliminate debit cards. Smart phones are rapidly becoming an essential human need, I personally know dozens of people who would rather be homeless with their iPhone than having a home and an old, albeit fully functional Nokia.

Sorry debit card, I mentioned you out of respect, but… you don’t really stand a chance.

Bio-metric Payment

Now this is some dystopian shit. Paying with your fingerprint, or your eye? That really does sound pretty convenient. If your fingerprint was your bank account access, there would probably be a lot of thieves cutting off fingers. Not fun.

It’s just too easy to manipulate, you could easily get someone’s bio-metrics without them even knowing and it’s that easy, you have access to their account.

This doesn’t even mention how traceable you will be, all anonymity and privacy will be thrown out the window with this system.

What’s left?

Unless checks(cheques) or Venmo kick start some payment revolution, there’s nothing that can eliminate cash.

A personal experience, five years ago I went on a vacation to Zurich, Switzerland – a fitting locale for a story to do with money. Anyway, I took a cable cart up from the base of the Alpine mountain, Titlis, and found myself somewhere higher than I was when I started.

There was a restaurant up there, the only one at that elevation, and all of their card readers broke, they would only accept cash. I lucky had the perseverance to exchange some of my home currency, at the time the Euro, into some Swiss Francs. I was the only one in a group of 50 odd travelers who ate that day.

Cash

Cash just provides the utility that those other things don’t have, you don’t need power, or an iPhone or a bank account to accept it or to use it. You don’t need any additional systems or hardware. Plus, cash is safer to use – it’s not as traceable. In our current society being tracked and mined for your data is more likely, and just as harmful, as being mugged (unless you die I suppose, then it’s more harmful to be mugged).

For illegal immigrants, cash may be the only way they can receive any payment as it requires no account or set up. (Even if you disagree with illegal immigrants, they still need money to eat). Cash allows minors to purchase goods and services (most other payment methods require you to be 18 years of age).

Cash is without a doubt, not what it used to be. Its use has lessened since it’s great war against the barter system and the gold standard, but for now it will not be eliminated, and we should all rejoice that it is here to stay.