“We don’t accept cash here.” Get ready, this is coming soon to a destination you will visit.
With the majority of the world operating in digital payments, more vendors are moving to accept plastic or mobile payments only.
Example – my Starbucks app. I purchase value that is stored inside my app, I swipe it to check out and collect stars that rewards me with a free drink every now and then.
Take that concept and multiply it to every vendor – and vending machine – internationally.
Most major airlines have already jumped on this program. If you want to purchase optional meals or drinks on any flight, no cash is accepted.
Many countries are quickly moving into primarily digital for all transactions.
The Prime Minister of India shocked the world (Nov 16) with banning the country’s largest bills – by the way, effective the next morning! This move was aimed at terrorist, known for counterfeiting those bills. For those with legitimate large bills, that would have been disastrous to be a traveler. Source: NY Times
The reasons for this shift to cashless are varied. If you are interested in reading more, consider this well-written article in ZeroHedge.
Curious as to the most cash-less countries? The World Atlas has published a chart showing Belguim at the top of heap with 93% of their transaction values coming from digital payments.
Read about foreign currency issues here.