This Week's Herman Trend Alert

Leadership in Normal 2.0

  The Herman Trend Alert

April 24, 2019

The Coming Cashless Society

When it was tax time this year, I discovered in the entire year, I had not written one check. Payment in the United States is changing; instead of writing checks, many of us now send money electronically through our banks and other payment services, like PayPal and Venmo. However, the US is not evolving as quickly as other countries, especially Sweden and China.

Sweden goes cashless in 2021
In 2023 Sweden becomes the first world's 100 percent digital, cashless society, after introducing its own digital currency in 2021. In 1661, it was the first country to adopt banknotes in Europe. Recently, more than 80 percent of all retail transactions have been conducted electronically. This retail percentage is similar in the balance of the Nordic countries that includes Finland, Norway, Denmark, and Iceland.

Disappearing cash
Cash is fast disappearing from China. Consumers have abandoned paper and coin RMB in favor of paying with their Smart devices in growing numbers. China's embrace of a cashless economy is the sign of a global trend.

Unique smart-phone payment services
For the most part, people in China---especially the younger generations---do not use cash; they use WeChat Pay (a function of the WeChat App) or Alipay (from the Ali Baba site). The older generations do use plastic but only as debit cards. Not only are young people preferring these payment methods, but they are also the top two payment options among China's high net worth individuals. And they are using these options to pay for everything from bills to booking a taxi. According to the Hurun Chinese Luxury Consumer Survey 2018, Alipay, an affiliate of Alibaba Group Holding, remained as the number one preferred payment system among China's super rich for the second year in a row. In China, even beggars take these mobile services.

Bank cards are losing to mobile services
Two years ago, bank cards ranked as the most preferred payment system in a similar poll of wealthy individuals. However, since then, bankcards have fallen to become the third most popular choice, though they still rank ahead of cash.

Our cashless future
Sweden and China are showing the rest of the world how a cashless economy can be done. We believe it is only a matter of time until all of the countries of the globe embrace these savings. Clearly countries will save a lot of funds by not having to print paper money and mint coins. Blockchain software is the last piece we needed to make a cashless economy work well for humanity. It is only a matter of time until cash disappears from the planet.

© Copyright 1998- by The Herman Group, Inc. -- reproduction for publication is encouraged, with the following attribution: From "The Herman Trend Alert," by Joyce Gioia, Strategic Business Futurist. 336-210-3548 or To sign up, visit The Herman Trend Alert is a trademark of The Herman Group, Inc."

Our author Joyce gets quoted in TIME Magazine and other national media on a regular basis. You can, too! Sign up for You will be found by the news media and in Google search: 1. Through your personal search-engine-optimized press room by 39 topics you choose; 2. By news releases pushed out 10 ways including Google News; 3. Be found in the 2020 printed Yearbook of Experts, Authorities & Spokespersons. Save 15% when you register by October 31st @

The Association of Professional Futurists proudly presents its annual online learning experiences on Full Spectrum Futures. Network with leading futurists from all over the world. And best of all, it's free to attend, though contributions are encouraged to help defray costs. For more information, visit here.

Excellent translation services from English, French, or German into Spanish. Especially well-versed in medicine/pharma and automobile industries. 5-year Bachelor Degree in Translation. Also editing and proofreading of all kinds of Spanish language documents. Flexible rates, depending on number of words, degree of difficulty/technicality, and turnaround. For an instant quote email Mariana Campora Lesti at or contact her on SKYPE at marianacampora.

To read this Herman Trend Alert on the web:

Herman Trend Alerts are produced by the Herman Group, strategic business futurists, Certified Management Consultants, authors, and professional speakers.

New subscribers are always welcome. There is no charge for this public service. The Herman Trend Alert is read by over 30,000 people in 90 countries, including other websites and printed periodicals. Click here to sign up for the Herman Trend Alert.

Do you enjoy receiving this weekly e-mail update? Contact us about our co-branded Herman Trend Alert service.

Subscribe or Unsubscribe to weekly Herman Trend Alert
View this week's Herman Trend Alert
Archived Weekly Herman Trend Alerts


[ Home About Products Resources Media ]


7112 Viridian Lane
Austin, TX 78739
Voice: 336-210-3548
Toll Free in US & Canada: 800-227-3566

  © The Herman Group. All rights reserved.

Web site design by WebEditor Design Services, Inc.