As Fortune point out, in a world without cash, we won’t even have the friction of pulling out a credit card to stand between us and purchases. How on earth will we ensure that we’re living within our means and allocate money to the things that really matter to us? Data of course, and a healthy dose of machine learning.
From Kenya to London to Shanghai, the ability to make “contactless payments” with credit cards, phones and watches is hastening the long-predicted death of coins and paper bills. A world without cash offers a number of benefits – for one, governments and taxpayers can avoid the costs to produce coins and bills. It also makes it easier to collect taxes if individuals and businesses cannot avoid reporting cash income or secretly fund an offshore bank account. With money as invisible as electricity, we’ll enjoy unparalleled convenience, able to satisfy our everywhich need and craving simply by reaching out to grab something off the shelf.