Will cash or physical money transactions disappear in future?
The way the global trend is going on, it might happen in our country too, said Harikrishna Valmiki, a numismatologist and travel professional who exhibited cash and currencies of over 100 countries in Secunderabad.
Sweden is already a cashless society. It is encouraged by law. A merchant can legally refuse to accept cash payments. The bank doesn’t handle cash. Only 3 per cent of all transactions in Sweden are done in cash. Denmark too plans to get rid of paper money by 2030. France, Belgium, the UK and many other countries are also going cashless. 97% of the population of some countries have not seen money, he said. China is coming out with currency with an expiry date.
In this light of background I am exhibiting coins and currencies of 100 plus countries on the eve of ‘World Heritage Day’ being celebrated today, informed Harikishan.
He said I am exhibiting only those coins and currencies that have the importance of tourism.
Harikishna, a travel consultant, has a collection of coins and currencies from over 200 countries. Some of his collections include an Indian one-rupee note printed in 1954. Rs 1000 note issued by reserve bank on 1st April 1954. The punch-marked coins of Magadha Mourya of the 4th century BC, which are 2500 years old; the world’s first Pyramid coin, and polymer currencies of several countries were also exhibited.
My objective behind this exhibition was to showcase them before physical money becomes extinct. The way the government in India and elsewhere is pushing for digital currency, the circulation of the same will disappear sooner or later. Mobile payments, e-wallets, PayTm, GPay, plastic currency, tap-to-pay, debit and credit cards, alternative currencies like crypto, etc.
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Cash will be dying out, used only by a limited number of vendors and generally by an ageing demographic, he added
No doubt these are the last days of coins. And I want to show these to as many as possible. In future, the generations will see coins and currencies only in museums, galleries and exhibitions like this, Valmiki said.
Another objective of the exhibition was to create financial literacy among the people
