We are moving towards a cashless society. Since 2018, Starbucks has been piloting cashless store campaign, successfully expanding the system nationwide in Korea. As more stores are adopting cashless payment system, most of franchise stores and even small businesses are implementing digital payment devices such as POS and kiosks. Thus, cash payment is becoming more and more obsolete.
Such phenomenon suggests more than the diversification of payment systems or advancement of technology. We need to pay attention to a more fundamental change taking place in our world. While the movement towards a cashless society is an external phenomenon, the cause of such change is due to the digitalization of money and the transition to a non-contact society.
With the internet taking over the everyday life, people have become accustomed to the digitalization of values. We know that the numbers on the bank account are not just numbers, they are values. This means sending and receiving numbers mean an exchange of value. This is a digitalized trust system. We no longer need to carry money in their wallets, because digital payments are possible anytime, anywhere with a smartphone that can perform complex functions in simple steps.
Moreover, the outbreak of Covid-19 pandemic forced the implementation of non-contact daily life fo the gloable population. It has become the norm to wear a mask. In addition to wearing masks, many aspects of our society are already transformed to adapt to a non-contact society. It is no coincidence that cash payments are disappearing and while digital payments are taking over. We must be ready to face to such a huge flow of change.
Changes are often perceived as crisis. Change is a process of going through pain to discard familiarity in everyday life with unfamiliarity. However, one can accept the change as an opportunity for improvement or innovation. Whether to accept change as a crisis or an opportunity depends on one’s choice. People who see change as a crisis stay stagnant. Those who see change as an opportunity will continue to move forward. Eventually, the world will adapt to change over time. In the end, people will realize that the Covid-19 pandemic was the catalyst for further progress. The digitalization of money and the transition to a non-contact society foretell the emergence of a new market. Such changes are also a golden opportunity to for those who seek to venture into unfamiliar territory.