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11th Apr 18

Future Now

#FutureMoney: The end of cash?

11th Apr 18

James Francis
By James Francis67 Followers

Is cash dying? Will any of us even need wallets in 2030? The first coins in history were minted thousands of years ago: since then, cash has been king and having a few bob in your pocket has always felt great.

But new technologies are changing that. When internet banking first came into being, the banks actually resisted it. But they eventually accepted the change - today most of banks’ business happens online and banking apps are the new way of doing business.

‘There is no question that the revolution we saw in people moving from physical to online banking is now happening even more rapidly towards mobile banking,’ leading technology analyst Arthur Goldstuck told Vodacom now!. ‘So for the past twelve years we’ve had massive use of cellphone banking, such as FNB banking. But in the last five years the rise of banking apps has been revolutionary.’

This trend couldn’t be more obvious in the World Wide Worx Social Media Landscape 2018 report, where Capitec’s banking app appeared among the top ten free Android apps in South Africa. Everyone is using apps to do their banking and money is becoming more virtual.

So, if this is happening today, what will the picture be like ten years from now?

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