How long does it take for money to disappear?

How long does it take for money to disappear?

Technological advances are reducing the carrying of bills and coins in our wallet. Cryptocurrencies, bismuth, paypal or credit cards make it easy to make payments and send money without using it, does this mean that there will come a time when it will disappear completely?

Today we are more than we used to be Send and receive money through mobile apps. Nearly half of Spanish companies believe banknotes and coins will disappear Before 2030 90% continue to use cash and carry an average of 50 euros in their wallet.

Will the money disappear in 10 years?

This is a complex question that only experts can answer, although last year 2020 was in the midst of an epidemic Registration size Regarding the number of rupee notes in circulation. Large transactions are done digitally in many countries where the use of money is limited to avoid money laundering.

Introduction to our community Apps like PayPal, Accepting payments in companies and businesses with bismuth or cryptocurrencies encourages us to stop using money. All forecasts of when the money will disappear have been accelerated by the global Covid 19 epidemic, which has prompted many users who are not used to buying online to do so frequently. The Electronic money This has become widespread and it has become very common to pay for coffee or a loaf of bread using a credit card or other unrelated payment method.

Use of money in Spain

According to some studies, Europeans are more connected Physical money As a general rule, Asian countries should use alternative payment methods. As we can see in the following map, Spain is one of the countries where physical money use rules. Almost 9 out of 10 Spaniards They opt for cash instead of using credit cards or application payment methods.

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In the case of Spain, not all autonomous communities have the same idea of ​​the disappearance of physical money. About 70% of companies in Murcia believe that money will never disappear, while 52% of companies in the Madrid community maintain the belief that physical money will disappear from the map within ten years.

Cash utility map in Europe

Card or cash?

According to statistical data, Spain is the second largest European country in terms of cash use, while it is the seventh largest user of cash after China or France. In the case of our country, the tool Mobile Payments Bizum is one of those who have opened the door on consumer confidence when extending digital payments and transfers. Integrated with our banking application, this tool allows you to easily settle accounts with friends, make purchases online at affiliate stores, and make donations to a voluntary charity.

Graphic use of the card as a payment method

What is clear is that we are constantly moving towards one An increasingly digitalized world. Who knows if the money will disappear in 10 years. Studies and statistics suggest that this is possible, but the evolution of society’s consumption habits in the coming years will mark the date when money will disappear completely.

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About the Author: Seth Sale

Seth Sale is an all-around geek who loves learning new stuff every day. With a background in Journalism and a passion for web-based technologies and Gadgets, she focuses on writing about on Hot Topics, Web Trends, Smartphones, and Tablets.

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