[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/17\/rise-of-the-cashless-society-are-you-ready\/#BlogPosting","mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/17\/rise-of-the-cashless-society-are-you-ready\/","headline":"Rise of the cashless society: Are you ready?","name":"Rise of the cashless society: Are you ready?","description":"COVID changed buying behaviors across the globe, accelerating the shift away from cash and adoption of alternate payment options. Learn about the business benefits and how to adapt.","datePublished":"2022-02-17","dateModified":"2022-04-04","author":{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/contributor\/amanda-magee\/#Person","name":"Amanda Magee","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/amanda-magee\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d3d69f4ddce68f5d2823f63304be72f8?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d3d69f4ddce68f5d2823f63304be72f8?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"The Future of Customer Engagement and Experience","logo":{"@type":"ImageObject","@id":"http:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2020\/03\/logo-fcee-schema-app.png","url":"http:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2020\/03\/logo-fcee-schema-app.png","width":278,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2022\/02\/cashless-society_1200x375.jpg","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2022\/02\/cashless-society_1200x375.jpg","height":375,"width":1200},"url":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/17\/rise-of-the-cashless-society-are-you-ready\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=1zLsUhOCqyU","contentUrl":"https:\/\/www.youtube.com\/watch?v=1zLsUhOCqyU","name":"Coinbase Super Bowl Commercial. Win $3 million - Bitcoin","description":"$10  FREE BITCOIN+ enter to win $1 million:  https:\/\/www.youtube.com\/redirect?event=comments&redir_token=QUFFLUhqbUhwVFZEVXlMZmF4X0VqUzNQeVAyWGJPdk9Kd3xBQ3Jtc0tsZXNLaTdOZjhMQzVad0hxTUdTeTFPaGpCT01mUUdqOEJtS3VYNjVNcnZIc2RoX3hmTTlTSzdVR2tOQW41WkRGRUxmdmg1dnp5YVNlOEs5Ynk5RlBuU2toVWdGaUlDcEFNTm5QUHVhcFFmUWsxa3g1Zw&q=https%3A%2F%2Fcoinbase.com%2Fjoin%2Fcampos_8r4%3Fsrc%3Dios-link&stzid=UgyIPSa5D93DFW2ARAN4AaABAg","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/1zLsUhOCqyU\/default.jpg","https:\/\/i.ytimg.com\/vi\/1zLsUhOCqyU\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/1zLsUhOCqyU\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/1zLsUhOCqyU\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/1zLsUhOCqyU\/maxresdefault.jpg"],"uploadDate":"2022-02-14T04:08:00+00:00","duration":"PT1M2S","embedUrl":"https:\/\/www.youtube.com\/embed\/1zLsUhOCqyU","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCKtXJ_3AEkqy5HSoFmnnHEA","url":"https:\/\/www.youtube.com\/channel\/UCKtXJ_3AEkqy5HSoFmnnHEA","name":"\ud83c\udf1fAndrew Paulo","description":"My thoughts on personal finance and more!\n\nDisclaimer: The information on this Channel is provided for education, entertainment, and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information contained in or provided from or through this Channel is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The information on this Channel and provided from or through this Channel is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investment, or otherwise, based on any of the information presented on this channel.\n\nAndrew Paulo does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. \n","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AKedOLR70aWgB0fpk6u73uE5sZopkLpoB9AORFUV78JA=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject"}},"potentialAction":{"@type":"SeekToAction","target":"https:\/\/www.youtube.com\/watch?v=1zLsUhOCqyU&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","interactionType":{"@type":"WatchAction"},"userInteractionCount":297380}],{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":1798}]},"about":["B2B Commerce","B2C Commerce","Commerce","COVID-19 and Business","E-Commerce","Finance","Trends","Uncategorized"],"wordCount":879,"keywords":["Cashless Society","Cryptocurrency","Digital Payments","Digital Wallet","Payment Trends"],"articleBody":"As a consumer, you might be more prepared for going cashless than you think, especially if you\u2019ve used Venmo as a verb. COVID changed buying behaviors across the globe, accelerating the shift away from cash and adoption of alternate payment options.Businesses that plan now for a cashless society will be sitting pretty in the not-too-distant future. Analysts predict that Sweden will become the first cashless society by March 2023. The country has decreased the cash in circulation by 50% over a decade.The shift to cashless promises to lower costs, increase convenience, and provide greater security for consumers and businesses alike, but also carries some risks.      Generational payment methods: How Gen Z, millennials, and boomers compare                How do Gen Zers, millennials, and boomers compare when it comes to generational payment methods? New data reveals intriguing insights that can help you provide smarter payment experiences.      The disappearing dollar: Cashless options go mainstreamA cashless society is an economic state in which goods, services, or contracts are purchased using credit cards, digital wallets, or other methods rather than physical currency notes or coins.During the pandemic, contactless payments skyrocketed. In 2020, tapping, holding a phone or credit card to make secure payments using short-range technology grew more than 100% year-over-year in the US for items like groceries and pharmacy purchases. It became common for merchants, especially small ones, to accept only cashless payment.Types of cashless currency:Credit cardsDebit cardsMobile payments– payments made on the go through a mobile phoneCryptocurrency\u2013 a digital payment that does not use banks to verify transactionsDigital wallets– Apple Pay, Google Pay, and Samsung Pay. PayPal and Venmo are also considered digital walletsAudiences of the biggest game in football were served a visually arresting and initially perplexing ad by Coinbase, an online platform for buying, selling, and transferring cryptocurrency. The spot was so popular it crashed the app. Other Super Bowl advertisers included Crypto.com and FTX, indicating that cryptocurrency is on its way to becoming mainstream.Cashless benefits and risksIf you\u2019d told me five years ago that restaurants would replace leather-bound menus with QR codes, I\u2019d have laughed you out of the room. But at this point, it’s easier to comprehend the speed at which things can change. As we prepare for the potential of a cashless society, let’s look at the pros and cons.For consumers, cashless means spending money on your terms is going to get easier. It’s also much less germy than cash. But the trend carries the risk of leaving many unbanked people with few options to buy goods.The FDIC estimates that 18% of American households are underbanked, meaning they use a combination of cash and alternative financial services (payday lender, check casher). Moreover, the cost of overdraft fees for these families averages $350 annually. In addition, cashless can create a barrier for service workers paid in part through cash tips.But the cashless trend could benefit businesses in multiple ways, after they make adjustments. Transactions are faster and international payments are less com complicated. They can increase customer satisfaction by meeting buyers exactly where they are at any given moment. And according to analysts, the cost of doing business with cash is greater than the profit when cash transactions represent less than 7%.Cashless can help brands drive e-commerce growth and also learn more about consumers to more effectively serve them.      Retail trends 2022: A CX and revenue playbook                Retail trends to watch this year include omnichannel, digital-first CX, direct-to-consumer, and hyper-personalized marketing.      Preparing for a cashless realityBusinesses need to learn what payment options their customers prefer and determine the technologies they’ll need to live up to their expectations. Understand that you’ll need to provide options as preferences will vary by age, location, and other factors. Various security procedures will also come into play.Financial technology — referred to as fintech — is helping facilitate cashless payments. During COVID, fintech solutions were a bottom-line saver as they made contactless payments possible.For companies, fintech tools can provide insight on account activities; for consumers, there are mobile apps and dashboards to track balances.Investment in fintech is growing, surpassing $105 billion in the Americas last year.\u00a0One such investment, very popular in online shopping, is embedded finance. For example, as you look at products in a shop linked through Instagram, you might find an option to pay in installments. This service is made possible through fintech APIs, allowing small retailers to offer credit options, despite being non-financial providers.Blurring the lines between shop and lender for the customer’s ease is an example of how a cashless society can offer benefits to businesses and consumers.      How retailers can join the future of mobile payments now                The future of mobile payments is the future of retail, with global mobile payment transaction value expected to reach $14 trillion by 2022.      You don’t need cash to be on the moneyAny change or growth comes with understandable trepidation. In the instance of cashless economies, the change is driven by consumer desires and technological advances.By understanding what’s at stake, and all that can be gained, we can work together, as businesses and consumers, to create realities that are mutually beneficial and sustainable.  E-commerce everywhere.Fast. Personalized. Shoppable.Start HERE."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2022","item":"https:\/\/www.the-future-of-commerce.com\/2022\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"02","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/02\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"17","item":"https:\/\/www.the-future-of-commerce.com\/2022\/\/02\/\/17\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Rise of the cashless society: Are you ready?","item":"https:\/\/www.the-future-of-commerce.com\/2022\/02\/17\/rise-of-the-cashless-society-are-you-ready\/#breadcrumbitem"}]}]