Insights Magazine from CMSPI
Page 19 | November 2021
WHAT MIGHT THE FUTURE LOOK LIKE?
The idea of digitizing currency worldwide is an attractive one. Government payments such as Social Security or unemployment insurance benefits have been made by digital forms such as direct deposit rather than paper check or cash for many years. The same is true of most employer paychecks, and many consumers pay their bills electronically. The pandemic has accelerated digital payments and the practices are likely to be sustained. In addition, much of monetary policy is currently enacted digitally, with the purchase and sale of government bonds occurring instantly. Meanwhile, digital purchase options such as digital wallets, mobile apps and QR codes are already widespread in the retail market, also accelerated by the pandemic. That is good news for a digital “cash” future because the infrastructure for digital payments will have been developed before acceptance of digital currencies becomes ubiquitous among retailers. In an entirely digital economy, merchants will have to be at the forefront of acceptance and adoption for digital currency to function effectively.
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