Could we Have a Cashess Society Before Next Year? 03/28/2017

Moody Adams
Could we Have a Cashess Society Before Next Year?

MSNBC report that we could have a cashless society by 2017.
2,00 year old prophecy is being fulfilled.

Revelation 13:16, 17 teaches us: “And he causeth all, both small and great, rich and poor, free and bond, to receive a MARK in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the MARK, or the name of the beast, or the number of his name.

Revelation 14:11 states: “And the smoke of their torment ascendeth up for ever and ever: and they have no rest day nor night, who worship the beast and his image, and whosoever receiveth the MARK of his name.”
Erika Santoro writes, “Dozens more companies—including big banks, retailers and start-ups—have begun to adopt Apple's mobile payments platform, The New York Times reports.

The virtual spending boom

The move toward a cashless society won't occur in one fell swoop. And there won't be one single factor that brings it about.

There are, however, plenty of alternate payment methods that are nipping at its heels. Some have been around for more than half a century. Others have begun to pop up in the past few years. And a few are just getting their start now. But all of them shift the paradigm a bit.

The cashless society is in full swing in the United States.

Nicholas Duva, special to CNBC said, “Certain start-ups threaten to make ATMs obsolete, Apple's making a big bet on mobile payments, and American Express's CEO even declared that he doesn't fear the potential demise of plastic. Current trends seemingly point to a future with increasingly less cash floating around.

‘For certain countries, however, that future is close to becoming a reality, as a number of nations have shifted almost entirely toward nonphysical payment.

India moves toward a cashless nation reorts,“Until recently, cash was used for more than two-thirds of transactions in India. However, just over a month into the demonetisation and the country had already started to see the benefits of digital transactions. Government figures show a 268% increase in year-on-year tax collection from 47 Indian cities for November 2016.

But can India become a truly cashless society? These moves are pushing the economy in the right direction, but is it digitally savvy enough for such a system to survive?

Since the removal of the notes, the government has been working hard to promote digital payment systems to consumers, proactively offering different incentives and rewards. So far, it seems to be working: the government has reported a 400-1,000% increase in digital transactions since the demonetisation.

Critics of what the Government has termed "demonetisation" have focussed on two basic arguments: bad idea, or bad execution.

“By recalling the country's two largest banknotes and (eventually) replacing them, the plan was to void ill-gotten gains from untaxed income or corruption being hoarded in hard currency.

“People had to take the old notes to the bank, where they could be credited to their accounts or exchanged for (limited) replacements.

“Bank officials predicted roughly 15-20 per cent of the $337 billion worth of currency rendered void would not be returned, assuming those with unexplained wealth would not risk it.

“That would also mean a windfall for the India's central bank and Government — cancelling billions in liabilities.”
Sweden moving towards cashless economy

(AP) STOCKHOLM says, ““In most Swedish cities, public buses don't accept cash; tickets are prepaid or purchased with a cell phone text message. A small but growing number of businesses only take cards, and some bank offices — which make money on electronic transactions — have stopped handling cash altogether.”

“Sweden is on track to become the world's first completely cashless economy.

Australia to become a completely cashless society?
Australia on the brink of becoming a completely cashless society?

Michael Edwards reports, “New technology this year which will push Australia even further towards being a cashless society. Later this year the bank will roll out a new system called the New Payment Platform (NPP).
“The NPP will mean money can be transferred almost instantaneously, even when the payer and payee are members of different banks.

"It's really going to be as simple as, I want to pay you $30 now for some service and I can just pay it based on an email address or phone number."

In 2014, 12 financial institutions signed up to build the NPP, partly as a way of bringing Australia up to speed with other countries that are ahead in the race to becoming completely cashless.

Professor Holden estimates Australia could be cash free as early as 2020.
The 2015 Westpac Cash Free report also predicted Australia would be cash free by 2022, as more and more customers move to tap and pay technology.

The move to a cashless society won’t happen overnight. Instead, it is being implemented very slowly and systematically in a series of incremental steps. All over the planet, governments are starting to place restrictions on the use of cash for a slew of reasons. But we are rapidly getting to the point where the use of cash is considered to be a “suspicious activity” all by itself.

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