In the future, people may no longer be able to pay for things in shops using cash. All payments may have to be made by card or using phones. Do you think this will happen one day? why do you thinks some people might not be happy to give up using Cash?
Fintech has enabled society to perform digital
payments
through credit cards and gadgets. Although
there are certain challenges, cashless transactions will be the ultimate choice. In my opinion, digital transactions will be highly encouraged in the upcoming era.
It is impossible to eradicate cash
payments
. Since there are shortcomings with technology, in specific circumstances, it will be the only option. For instance
, the elderly population struggles with technology and is not able to fully utilize it. In addition
, there are a number of reported scam cases where people have lost a lot of money without being noticed that their credentials are misused by scammers. Furthermore
, in remote areas, unavailability
of either power or internet coverage is a huge obstacle. Correct article usage
the unavailability
Hence
, in light of the aforementioned problems, a segment of society will pay in cash
.
However
, the majority of transactions will be performed via online methods. Because of convenience ultimately people are going to opt for it for a number of reasons. To illustrate, from the government's perspective a lot of resources will be saved by avoiding currency bill printing. Moreover
, it will be easier to maintain a record of income and expenditures to tax accordingly
. From the individual point of view, instant payments
could be carried out and bank statements will help to keep track of expenses, loans, and taxes. Also
, it will optimise the shopping experience without worrying about threats to cash
. Overall
, in the upcoming modern era, cashless payments
will be an undeniable fact.
In conclusion, cash
payments
will not be eliminated in future. Nevertheless
, digital payments
will be the popular medium among the majority of demographics.Submitted by Haris Khan on
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