CashLess Society, Advancing Toward a Cashless Future: The Role of AI in Shaping a Secure and Inclusive Digital Economy

The transition to a cashless society is being driven by several factors, including advancements in artificial intelligence (AI), machine learning (ML), and blockchain technology. These disruptive technologies are fostering a cashless payment ecosystem that offers faster and more secure financial transactions.

In Sweden, for example, the use of cash has significantly decreased, with only 50% of the money in circulation actually being used regularly, and four out of five purchases are made using electronic systems or cards. Citizens are increasingly using mobile apps for money transfers, and payments via smartphones and smartwatches are expected to become as common as pulling out a wallet.

Moreover, the macroeconomic benefits of a cashless society include reduced crime since illegal businesses often rely on cash to evade tracking by authorities. Less use of cash could also diminish activities like drug trafficking, money laundering, scams, and theft.

However, the COVID-19 pandemic has further accelerated the adoption of digital banking solutions, with an increased use of digital banking technologies both online and outside of traditional branches, reducing reliance on physical cash. This has led to the need for digital banking standards to safeguard the use of payment platforms powered by advanced technologies like AI, ML, and blockchain.

AI-driven autopay systems are on the rise, with technologies like geofencing allowing automatic payments when entering a store, which reduces the need for cashiers and point-of-sale systems. This shift is enabling the inclusion of underbanked individuals into the digital payments economy, who might have previously encountered barriers to entering the traditional banking system.

In a broader context, the idea of a global banking system takeover has been in the works for some time, and the pandemic has further accelerated the creation of a new global banking system that will transform banks into digital banking platforms controlled by a new global trackable currency to eliminate fraud. This aligns with the rapid need to digitize financial services to meet today's mobile customers' demands, including security with flexibility and the tools to provide cashless payments across platforms.

In summary, the AI-supported cashless society is on track to become a more widespread reality, motivated by both consumer demands and macroeconomic and security advantages. However, concerns persist about the financial exclusion of the most vulnerable in such a society, posing significant challenges for its universal implementation.