Opinion
By Yiannis Georgoulas
We are moving ever closer to abolishing cash for consumers and businesses. A European Central Bank survey showed that 7 out of 10 consumers in Cyprus and Greece use cards instead of cash for their transactions. A few years ago, this would have seemed far off, but the pandemic has accelerated this shift. The advancement of technology in electronic transactions has enhanced many aspects for consumers and businesses, such as user experience, convenience, safety, and speed, resulting in increased card usage over cash.
New technologies now allow for direct payments in real time through digital applications, enabling money transfers anywhere with ease and speed. Payments can be made via NFC (Near Field Communication) by simply bringing a card or mobile device close to a POS terminal. When using a mobile device, there is no need to remember a PIN, as identification is done through biometrics that the application reads. Digital wallets like Apple Pay or Google Pay allow us to store and manage different cards from various banks and payment institutions.
The integration of artificial intelligence further enhances our experience by managing and analyzing large amounts of data, offering personalized services. With the impending introduction of the digital euro, the end of cash as we know it is imminent. This will improve transparency and further reduce fraud. In short, technological evolution is leading to the end of cash, benefiting both consumers and businesses.
Mr. Yiannis Georgoulas is a strategy and business consultant.
[This article was translated from its Greek original]
