It is the prevalence of cashless payments that is predicted to exclusively dominate financial transactions in the near future, however, cash is unlikely to be entirely eradicated. This essay will examine the possibility of a cashless society and the reasons behind some groups persisting in physical currency.
To begin with, I believe that, owing to the convenience and prevention of cash-related crimes, a cash-free world is bound to emerge in the future. Firstly, given that the world is increasingly packed with speed and hectic schedules, both businesses and consumers always seek faster and more convenient methods to handle transactions. Online transactions are seamlessly integrated into such a process, allowing users to make payments anywhere and at any time. For example, shifting to cashless purchases has remarkably reduced long queues and waiting times at checkpoints. In addition, owing to the requirement of personalized passwords, digital payment methods such as bank cards or phone applications appear to considerably reduce crimes associated with carrying conspicuous bank notes and coins.
On the other hand, I am of the opinion that a wide range of users lack sufficient training and guidance on how to conduct online transactions safely, making online criminals ,such as hackers, able to take advantage of such a situation and drain accounts immediately. Such a phenomenon can serve as a strong deterrent to individuals moving entirely towards a cashless society. Moreover, the lack of necessary knowledge to use online banking services or cards, particularly among the older or illiterate population, increases the reliance on physical currency. For instance, it is common to see many older or illiterate individuals at ATMs, asking others to do their banking transactions.
To conclude, bringing ease and efficiency and reducing cash-related theft, cashless transactions are likely to happen in the future. Nevertheless, inadequate digital knowledge among some segments of the population and cybersecurity concerns ensure that cash will always continue to have a place in society.