The concept of cash will be consigned to the history books in a matter of years in favour of a global digital currency, according to Mohammed Amin, senior vice president Dell Technologies in the Middle East, Russia, Africa and Turkey (MERAT).

Amin told Arabian Business that the move towards a cashless society has been exacerbated by the global coronavirus pandemic, as businesses and individuals alike look at different ways to transact safely.

He said: “So many of the central banks in the world are going for a digital currency. I believe that cash is going to be over in the next few years and I believe that digital currency is going to take over, but not the digital currency like bitcoins and others, it’s going to be a digital currency that’s legalised, a legitimate digital currency.”

It comes as China has launched one of the biggest real-world trials for its digital currency as it pushes closer towards creating a cashless future. Last week, the government in Shanzhen carried out a lottery to give away a total of 10 million yuan (around $1.5m) worth of digital currency – almost two million people applied and 50,000 were said to have won.

Amin said: “I’m sure you’re going to see the debate in a while between the west and east, which currency will prevail and when we get an agreement on what will be the new global digital currency. That’s going to be the next 12 to 24-months debate in my opinion.

“What kind of standard and what kind of global digital currency we’re going to adopt. It’s not going to be an easy discussion or an easy debate because.”

According to the recent Global Consumer Insight Survey from PwC, 53 percent of people were using smartphones for online deliveries over the Covid-19 crisis, and over 90 percent said they would continue to do so once the virus has gone.

Amin said: “Globalisation is going to go in the reverse direction. We’ve talked for so many years about globalisation, but I don’t believe it will be a global thing any more, I believe it’s going to be more nationalism.

“If you go for more nationalism to trade with eachother, you will definitely need a digital currency. This is going to make the whole business.

“I do not believe the travel and the movement in the future is going to be the same as what we’re used to. It’s going to be very different. That’s why digital currency is required for agility as well for the new global economy.”

Amin was speaking ahead of the launch of Dell Financial Services in the UAE and Saudi Arabia, which is designed to give organisations more choice and flexibility to access and leverage technology to drive business continuity and growth.

“In today's volatile economic climate, it has become very clear that technology is a crucial driver of business continuity. At the same time, businesses are striving to balance their need to invest in IT, while aligning to their organization's goal of optimising capital spending,” he said.

“With the introduction of Dell Financial Services in these three markets, we are giving organisations the ability to opt for technology payment solutions that comes with strategic, operational and financial benefits to them.”