The rapid spread of digital payment methods in recent years has led to a significant decline in cash usage.
Digital payments have begun to replace cash in many areas of everyday life. In markets, public transportation, cafes and restaurants, and even some taxi services, payments are now primarily made by bank cards and mobile apps. Even in situations where cash is required, citizens ask, "Can I transfer money from one card to another?"
While this process, on the one hand, creates convenience in everyday life, on the other, it raises important questions for society: are we moving toward an era when cash will no longer be needed? Could paper money disappear from circulation entirely in the future?
Yeniavaz.com reached out to economists to clarify these questions.

Eldaniz Amirov
Economist Eldaniz Amirov stated that the withdrawal of cash from circulation is inevitable in the long term amid the development of digital payments:
"The rapid growth of digital payments is observed not only in Azerbaijan but throughout the world. It is safe to say that one day, cash payments—both metal and paper banknotes—will completely disappear, and their use will cease. I believe that the complete disappearance of cash will take at least 30-40 years, perhaps 50 years or more. I believe that we, as a society, must be prepared for the gradual disappearance of cash."

Elchin Rashidov
Economist Elchin Rashidov noted that the spread of digital payments is sharply reducing cash circulation worldwide:
"If we look at global experience, we see that in some countries this figure is very close to zero. How close it is to zero is irrelevant here. For example, 10-15 years ago, it fell from 50 percent to 5 percent. Below 5 percent—to 3 percent, 1 percent, 0.1 percent. In some countries, it's even below 0.1 percent. When companies and people exchange money in everyday transactions (B2B, B2C, C2C, etc.), such payments are made using cards."

Farida Asadzade