Apparently, monetary transactions have inclusive payments nowadays. The use of credit cards and online verified platforms are arising over 20 years, thus many people adapt these efficient pay methods. There are several concerns being drawn out–will physical cash fall entirely away in the future? Why do some people resist to using card or phone payment rather than cash?
Form my personal opinion, the usage of cash may diminish away in some developed countries. I will refer to a study for Brooklyn university and a column from CNN news to provide further elaboration for my statement.
On the one hand, as a research from a Brooklyn University scholar shows digital payments and censor cards are significantly rising and accepted by developed countries since the continue progression of payment technology, thus these modifications are gradually adapted by people in daily exchange. For example, 90% of people lives in China use verified platforms like Wechat Pay, an Alipay for purchases in their life. These applications allow money transactions more efficiently and smoothly which also have potential benefits to accelerate market growth.
On the other hand, there is A lifestyle column from a CNN journalist discusses about some people insist to use cash rather than card or digital payments. The observer points out this phenomenon is specifically occurs in elders people. The reason is due to elder are unfamiliar with new payment and worrying about the security and safety for online money transaction. In contrary On the contrary, the younger generation is more adaptive to various payments, it is because the youth are more easily access to the information of new payment, such as occasionally glance of advertisement in public or on mobile phone. This difference from the elder and youth is distinctively what allows elders to be more inclined to use cash only.
To summarize, credit card and mobile phone payments are considered to replace cash in some countries. In the future, if, the information of new payment is transparently clear, then elder may grow secure and begin to use credit card or digital payment. The user of cash will decrease and may fall entirely away in the future.