WILL YOU ONE DAY HAVE MONEY BUT BE UNABLE TO SPEND IT?

 

WILL YOU ONE DAY HAVE MONEY BUT BE UNABLE TO SPEND IT?

BEYOND THE KNOWN | Special Investigation into the Future of Money

10:00 AM. You Have Money, but You Cannot Buy Food.

You walk into a shop to buy food. You select what you need, reach the counter, take out your phone, and attempt to pay using mobile money.

The transaction fails.

You try again. Nothing.

You check your balance. The money is there. You know you have not spent it, and you have no idea why you cannot access it.

The shopkeeper looks at you. The customers behind you begin to lose patience. You try to explain that you have money, but the payment service is not working.

You decide to take cash out of your pocket.

The shopkeeper says, “Sorry, we do not accept cash.”

You stand there in silence.

You are not in debt. You have not gone bankrupt. Nobody has stolen your money. Yet something fundamental has changed: you have money, but you have no way to use it in that situation.

Now imagine that this does not happen in just one shop.

Imagine it happening on public transport, at hospitals, in grocery stores, at fuel stations, and across other services you depend on every day. Imagine that most businesses have stopped accepting physical cash, while digital payments have become the main way to pay for almost everything.

Would your life continue as normal?

That is where the real question begins.

As we make money increasingly digital, are we making life easier—or building a system in which our money becomes useless whenever the technology fails?

This is not a prediction that cash is about to disappear. Nor is it a claim that every digital payment system is designed to control people.

It is an investigation into the transformation of money, the benefits it offers, the risks it creates, and the questions we must ask before becoming almost entirely dependent on systems that operate behind our screens.

Because sometimes, the biggest problem does not begin when you lose your money.

It begins when you still have it, but the system that allows you to use it stops working.

1. MONEY USED TO EXIST OUTSIDE YOUR PHONE. NOW IT EXISTS WITHIN SYSTEMS YOU DEPEND ON.

For much of human history, money was something people could see and physically hold.

Different societies used livestock, grain, seashells, metals, and eventually coins and paper banknotes. These systems evolved as trade expanded and people needed more convenient ways to exchange value.

Banknotes made it easier to carry money without transporting large quantities of metal. Banks allowed people to store funds, borrow money, and conduct larger transactions. Payment cards and online banking then made it possible to pay without physically handing over cash.

Mobile phones accelerated this transformation.

Today, someone can send money to a relative in another region, a small trader can receive payment from a customer without meeting them, and a bill can be paid within minutes.

For many people, these are major improvements.

Imagine a small business owner who once had to travel long distances to deposit money at a bank. Today, they may be able to receive payments through a phone. Imagine a parent sending money to a child studying far from home without having to travel.

Technology has removed some of the barriers that once made financial services difficult to access.

But there is something important to understand.

Making money digital does not simply mean moving it onto a phone. It can also mean that your ability to access it depends on systems that store, transfer, and authorise payments.

When you use cash, an in-person transaction can take place without an internet connection or an electronic payment system operating at that moment, provided both parties accept the cash.

With a digital payment service, the situation can be different. You may need an active account, an available payment system, transaction verification, and sometimes an internet connection.

This does not mean digital money is unsafe or that cash is better in every situation. Each method has advantages and limitations.

The important question is this: as we become more dependent on one payment method, are we creating reliable alternatives for the moments when that method is unavailable?

That is a central issue in the future of money.

2. THE WORLD IS PREPARING FOR A FUTURE IN WHICH MONEY MAY BECOME EVEN MORE DIGITAL

This is not a subject discussed only by technology enthusiasts. Central banks around the world are also examining how technology could transform financial systems.

In a 2025 report based on its 2024 survey of central bank digital currencies and crypto, the Bank for International Settlements (BIS) reported that 85 of the 93 central banks surveyed were exploring central bank digital currencies, commonly known as CBDCs.

That represents approximately 91% of the central banks that participated in the survey.

But we should not jump to conclusions.

This statistic does not mean that 91% of those central banks have already launched digital currencies. Exploring a technology is not the same as deciding to adopt it, and adoption is not the same as making it compulsory for the public.

So why are central banks investigating this technology?

The reasons vary. They include improving payment systems, making money transfers more efficient, exploring cross-border payments, and examining the role of central bank money in an increasingly digital economy.

To understand this transformation, we need to understand what a CBDC actually is.

CBDC stands for Central Bank Digital Currency. In simple terms, it is a form of central bank money in digital form.

It is different from an ordinary bank account balance or a mobile money balance. A bank deposit generally represents a claim against a commercial bank, while mobile money operates under the provider’s system and the rules governing that service.

A CBDC, by contrast, represents central bank money. Its design, accessibility, and permitted uses depend on the decisions of the issuing country.

A CBDC also does not necessarily have to be a cryptocurrency built on blockchain technology. The underlying technology can vary.

Therefore, when we discuss the future of money, we are talking about several systems that may operate in different ways.

The important question is not whether this technology is universally good or bad. It is how each system will be designed, governed, and used to protect the people who depend on it.

Source: Bank for International Settlements, Advancing in tandem: Results of the 2024 BIS survey on central bank digital currencies and crypto, 2025.
https://www.bis.org/publications/paper-159-advancing-tandem-results-2024-bis-survey-central-bank-digital-currencies-and-crypto

3. THE SECOND SECRET: YOUR PAYMENTS CAN REVEAL INFORMATION ABOUT YOUR LIFE

Imagine someone who knows which shops you visit, which services you pay for, and whom you send money to.

If that information is collected over a long period, it may reveal aspects of your life you never expected to become visible through your financial transactions.

Is that possible with digital payments?

To some extent, yes.

Some payment systems retain information such as transaction amounts, payment times, the accounts involved, and other details required to operate the service.

Depending on the system, these records can help confirm that a payment occurred, resolve disputes, detect fraud, and meet legal requirements.

These are important benefits.

But consider what could happen when large amounts of information are collected and combined over time.

Payment records may reveal how frequently someone shops, which services they use, whom they pay, and whom they receive money from. Such information can be valuable to businesses, financial institutions, and analysts.

However, it is important to distinguish this possibility from what happens in every system. Not every provider can see everything about your life, and not every institution has direct access to every transaction. Access depends on the system’s design, applicable laws, and the permissions involved.

But one fundamental point remains: financial information can be sensitive.

Imagine your information being exposed following a cyberattack. Or accessed by someone who is not authorised to see it. Or used for purposes you never expected when you signed up for a service.

Would you know that your information had been misused? Where could you go to complain?

This is where privacy becomes central to the debate about money.

Privacy does not mean hiding illegal activity. It also means having clear boundaries around who can see your personal information, why they can see it, and under what conditions.

That is why we must ask:

• What information is collected during a payment?
• How long is it stored?
• Who is allowed to access it?
• How is it protected against theft and misuse?
• Are users clearly informed about how their information will be used?
• What remedies are available if their information is misused?

These are not questions for people who have something to hide. They are fundamental questions about an individual’s right to control personal information.

As more of our activities move into digital systems, protecting financial information becomes an increasingly important part of protecting our privacy.

4. CAN SOMEONE HAVE MONEY BUT BE PREVENTED FROM USING IT?

This is the more difficult question.

An account may be restricted for legitimate reasons, such as a fraud investigation, a legal order, or measures required to protect funds. Sometimes, however, automated systems make mistakes, services become unavailable, or customers become trapped in lengthy identity-verification processes.

In such circumstances, a person may temporarily lose access to their money even when they believe they have done nothing wrong.

This can have serious consequences for someone who depends on those funds for everyday needs.

Imagine a driver who needs to buy fuel to continue working. Imagine a trader who must pay a supplier before receiving goods. Imagine a parent who needs to pay school fees or buy medicine.

When money becomes inaccessible, the consequences can extend far beyond the balance displayed on a phone.

This does not mean digital systems are designed to deprive people of their money. It is a reminder that any system controlling access to funds needs accountability, clear communication, and a way to correct mistakes.

There is a difference between a system that blocks a suspicious transaction to prevent fraud and a system that leaves a customer without an explanation or a way to obtain assistance.

A good system should be able to do two things at once: protect funds against crime and ensure that users can exercise their rights when something goes wrong.

Important questions include:

• How will a customer be informed when their account is restricted?
• Can they reach someone who can help resolve the problem?
• How long should a complaint investigation take?
• What happens if the system makes an error?
• Is there an appeal process?
• What alternative arrangements are available when the service is unavailable?

As digital systems become more important in everyday life, these questions deserve greater attention.

Money is not just a number on a screen. It is a person’s ability to buy necessities, run a business, and meet their responsibilities.

5. THE DANGER OF DEPENDING ON ONE SYSTEM: WHAT HAPPENS WHEN IT GOES DOWN?

Imagine that, in a particular area, most people rely on one main payment system.

Shops depend on it. Transport services depend on it. Traders receive money through it, and customers rely on it to pay for goods.

Then, one day, the system experiences a major outage.

Payments become stuck for thousands of people. Some customers cannot confirm whether their money has been deducted. Businesses cannot tell which payments have succeeded and which have not.

Even if the problem is eventually resolved, many everyday activities may already have been delayed.

These are hypothetical examples, but they demonstrate the risk of relying on essential infrastructure without emergency plans.

In the digital world, there is a difference between a system that works well on an ordinary day and one that can withstand disruption.

Payment systems may be affected by network failures, software problems, power outages, cyberattacks, or disruptions involving service providers.

These risks do not mean digital payment systems are inherently unreliable. They mean that systems need preparation.

Banks, payment companies, and other institutions need plans for restoring services, protecting information, informing users, and resolving transactions that become stuck.

Users also need to understand how to verify a transaction before trying again. Otherwise, they may accidentally pay twice when the status of the first transaction is unclear.

For example, if an application shows that a transaction is still pending, it is sensible to check the transaction history or contact the service provider before sending the money again.

This is an important lesson for anyone who uses digital payments.

A strong system is not simply one that has never experienced a failure. It is one designed to limit the damage, restore services, and support users when a failure occurs.

6. TANZANIA: COULD WE ABANDON CASH COMPLETELY?

Tanzania already has substantial experience with mobile money.

These services have transformed how people send and receive money, pay bills, buy goods, and run businesses. For some people, a mobile phone has become a more convenient way to conduct transactions than travelling to a bank branch.

According to an IMF report on Tanzania drawing on FinScope 2023 data, formal financial inclusion reached 76% in 2023, compared with 65% in 2017. The report also documented widespread use of mobile money services.

These figures demonstrate the importance of financial services in the lives of Tanzanians. However, they do not mean every Tanzanian uses these services in the same way, or that all barriers to access have disappeared.

Imagine a farmer in a rural area who needs to buy agricultural supplies, but the network is down.

Imagine someone without a smartphone, or someone whose phone has broken and who cannot afford to replace it immediately.

Imagine an older person who knows how to use cash but struggles to understand a new payment application.

Should these people lose access to services because the system has decided that digital payments are the only acceptable method?

This question matters because financial progress should expand opportunities, not create new barriers.

Tanzania has different circumstances: areas with reliable communications infrastructure and areas where connectivity remains a challenge; people who are highly comfortable with technology and others who need assistance; large businesses and small traders operating on narrow profit margins.

A system that serves everyone must account for these differences.

It is also important to understand that widespread mobile money use does not mean Tanzania has decided to eliminate cash. Mobile money, bank accounts, and physical banknotes can continue to coexist.

Instead of asking only whether Tanzania should become cashless, we can ask more useful questions.

Can digital services be accessed affordably? Are users educated about fraud? Is there a straightforward way to report problems? Can services be restored quickly after an outage? And will people continue to have alternative ways to pay?

These are the questions that can help ensure financial progress benefits more people.

Source: International Monetary Fund, report on financial inclusion in Tanzania.
https://www.imf.org/-/media/Files/Publications/CR/2023/English/1TZAEA2023003.ashx

7. WHAT ADVANTAGES OF CASH MIGHT WE FORGET?

We often discuss the disadvantages of physical cash: it can be stolen, lost, damaged, or difficult to transport in large quantities.

Those are real problems.

But cash has a characteristic that can become important in certain circumstances: an in-person payment can take place without an internet connection or an electronic payment system operating at that moment, provided both parties accept the cash.

This can help during payment service outages, communications problems, or emergencies.

Digital payments, on the other hand, can be more convenient for remote transactions, record-keeping, and reducing certain cash-handling costs.

The debate, therefore, should not become a battle between cash and technology.

It should be about understanding which method works best in which circumstances, and how to keep the overall payment system safe and accessible.

Imagine a hospital that needs to receive payments while its internet service is unavailable. Imagine a passenger who needs transport while the payment system has failed. Imagine a trader who must continue selling goods even though their payment service is temporarily unavailable.

Is there an alternative way to continue those activities?

Some digital payment systems can be designed to support certain offline transactions, subject to specific conditions and limits. But this capability is not available in every system, and it does not eliminate all security risks.

Countries and institutions planning the future of payments should therefore consider how to develop new technology while preparing for emergencies.

Convenience matters. But the ability to continue essential activities when a system fails matters too.

8. BITCOIN, STABLECOINS, AND CBDCs: ARE THEY ALL THE SAME KIND OF MONEY?

No. Although they are all associated with the digital world, they have important differences.

Bitcoin

Bitcoin is a digital asset operating on a decentralised network. It is not issued by a central bank as a national currency, and its price can fluctuate significantly.

Some people use it as a store of value or to transfer value, but its price volatility can create substantial risks for anyone relying on it for everyday spending.

Using Bitcoin also requires an understanding of wallet security, private keys, and the risk of losing access to one’s assets.

Stablecoins

Stablecoins are digital assets designed to maintain a value linked to another asset, often a currency such as the US dollar.

However, their name does not mean they are risk-free. Their stability depends on their structure, the assets supporting them, the reliability of the issuer, and the conditions under which users can redeem them.

CBDCs

CBDCs are digital money issued by central banks. Their design and permitted uses depend on decisions made by the issuing country.

Bitcoin is therefore not the same as a CBDC. A stablecoin is not the same as holding physical US dollars. And a CBDC is not automatically the same as an ordinary bank account.

Why do these differences matter?

Because people may hear that the world is moving towards digital money and assume that all these systems will have the same characteristics.

That is incorrect.

Each system has its own risks, degree of centralisation or control, data-handling practices, and terms of use.

Bitcoin can be affected by large price swings. Stablecoins may face risks involving their issuers or the assets supporting them. CBDCs can raise questions about privacy, accessibility, and governance.

No single system should be assumed to solve every financial problem.

The future of money may involve several systems operating at the same time. The challenge will be ensuring that people understand their differences and that consumer protection reflects the risks of each system.

9. COULD DIGITAL MONEY BE USED TO CONTROL HOW PEOPLE SPEND?

This is one of the questions generating the most debate about the future of money.

First, it is important to distinguish between what technology can make possible and how it is actually used in a particular system.

In general, digital systems can be designed with different conditions governing how transactions are processed. But that does not mean every digital money system has those conditions, or that every CBDC will prevent people from spending money on particular goods.

Such outcomes depend on the system’s design, the law, and the decisions of the institutions responsible for operating it.

Nevertheless, the ability to place conditions on transactions raises fundamental questions.

If a transaction can be blocked, who is authorised to make that decision? What reasons are permitted? Must the decision follow the law? Can users challenge an incorrect decision? And which institution oversees the use of that authority?

These questions matter because money is part of everyday life.

When someone is prevented from using their funds, the consequences can affect food, transport, healthcare, business, and family responsibilities.

That is why financial systems need transparency and fair procedures. Users should understand the terms of the services they use, and there should be appropriate ways to resolve complaints.

Privacy and data-protection laws should also clearly explain how transaction information may be used and who may access it.

These are not questions intended to oppose technology. They are part of ensuring that technology operates within an accountable system.

The challenge is not simply what technology can do. It is ensuring that the power created by technology is exercised transparently, lawfully, and with respect for people’s rights.

10. IF CASH BECOMES LESS COMMON, HOW SHOULD WE PREPARE?

The answer is not to fear technology. It is to understand how to use it, recognise its risks, and demand systems that protect users.

There are several practical steps individuals can take.

Protect your confidential information

Never give someone your PIN, password, or verification code simply because they claim they are helping you make a payment. Criminals may use fake messages, fraudulent phone calls, or imitation websites to steal your information.

Verify a transaction before paying again

If a payment fails, do not immediately send the money again without checking the status of the first transaction. Review your transaction history or contact the service provider to reduce the risk of paying twice.

Understand the service you use

Know the fees, available support channels, procedures for reporting fraud, and processes for resolving transaction problems.

Have a backup plan where practical

Depending entirely on one payment method can create difficulties when that service becomes unavailable. Depending on your circumstances, having an alternative payment method may help during an emergency.

This does not mean everyone needs to carry large amounts of cash. It means thinking ahead about how you would manage if your usual payment method stopped working.

Learn about financial privacy and security

Understand the information you share, how services use it, and what steps to take if you notice a transaction you do not recognise.

Demand accountable systems

Users should receive clear information about the services they use, have appropriate ways to submit complaints, and be protected against misuse of their personal information.

But the responsibility should not fall on users alone.

Banks, telecommunications companies, payment providers, and regulatory institutions have responsibilities to make systems secure, accessible, and equipped with appropriate procedures for resolving problems.

Good technology is not technology that makes everything digital. It is technology that makes life easier without leaving people behind.

11. WHAT SHOULD THE FUTURE OF MONEY BE BUILT ON?

When discussing the future of money, it is easy to focus on phones, applications, blockchain, or new payment systems.

But four important principles should be part of any serious discussion about this transformation.

First: accessibility

Financial systems should account for people with different needs. Not everyone has a smartphone, reliable internet access, or the skills required to use a new application.

Second: security

Systems should protect money and information against fraud, theft, and cyberattacks. Users should also have ways to obtain assistance when problems arise.

Third: privacy

Transaction information should be handled transparently and in accordance with the law. Users should understand what information is collected and the conditions under which it may be used.

Fourth: accountability

If a system makes a mistake, users should have an appropriate way to submit a complaint and seek a resolution. The authority to manage transactions and accounts should be accompanied by fair procedures.

These principles show that financial progress cannot be measured by payment speed alone.

It can also be measured by how well a system protects people, handles failures, and ensures that services remain accessible to more of the population.

The world may continue adopting new payment technologies, but the benefits will be greater if these changes are accompanied by consumer protection and accountability.

CONCLUSION: AS MONEY CHANGES, WHAT WILL HAPPEN TO OUR FINANCIAL FREEDOM?

Let’s return to the opening scene.

You enter a shop. You have money. But the payment system has stopped working, and the shopkeeper refuses cash.

Your problem is not that you have no money.

Your problem is that the method allowing you to use it is unavailable at that moment.

That is why the debate about the future of money must be bigger than the question of whether banknotes will continue to be printed.

We must ask whether people will continue to access their money reliably. Whether their information will be protected. Whether alternatives will exist when systems fail. And whether the institutions handling their money will be accountable for their decisions.

Digital money can make life easier. It can support businesses, simplify transfers, and open access to services for people who were previously underserved.

But convenience should not come at the cost of excluding people, neglecting privacy, or making financial systems difficult to challenge.

We should also not assume that there is only one possible future. Cash may continue to coexist with digital services, while different countries choose systems suited to their own circumstances.

The important thing is to ensure that these decisions take account of people’s needs, transaction security, and consumer rights.

The question is not whether technology will change money. It already is.

The question is whether we will build a system that protects the people who depend on it.

Because money is not merely a number on a screen.

It is the food you buy. The rent you pay. Your child’s school fees. The capital for your business. The money you send to your family. Your ability to make decisions about your own life.

And as money moves further into digital systems, the ability to access and use it safely and reliably becomes even more important.

So, the next time you check your balance on your phone, do not ask only, “How much money do I have?”

Ask yourself:

“Can I access this money when I need it? Is my information protected? And if something goes wrong, is there a system that can help me obtain a fair resolution?”

Because in a world where money becomes increasingly digital, the fundamental question will not simply be whether you own money.

It will also be whether you can access it, use it, and trust the system that holds it.

That is the conversation we should begin now—not out of fear of technology, but with an understanding of what we can gain, what we must protect, and what we should demand.

BEYOND THE KNOWN

Exploring the changes shaping our lives before we begin to take them for granted.

QUESTION FOR THE READER:

If one day most shops accepted phone payments only and cash was no longer accepted, would you see that as a major breakthrough or a threat to your financial freedom?

Would you feel safer because payments were more convenient, or would you want cash to remain available as an alternative?

Share your thoughts. The future of money affects everyone—not just banks and technology companies.