In today’s contemporary society, a debate between whether people may no longer able to pay for things in shops by cash and can be done through card or mobile phones undeniably exists. In my stance, this method the declines the habit of holding cash in hand and can be carried through mobiles. However this essay shall explore such possible ways and potential reasons with relevant examples followed by a reasonable conclusion.
To begin with, Through the rapid advancement of technology and changing preferences of consumers had made it a plausible ways of cashless transactions which dominate the future. With the advent rise of technology, There is no more need to carry money in hand or purse which eliminates from theft and pick-pockets wherever we go. It can be used by smartphones by linking our bank account in “UPI” (unified payment interface) which is a gateway of storing money online. These types of payment are used for public transportation which saves time by standing in queue and also many small vendors in the street are developing to this type of payment in order to eliminate risk and for time saving factor.
Despite the potential benefit of cashless society, Some people may be hesitant abandon the use of cash for some various reason. One of the main reason is the issue of privacy and security. In some countries, particularly among the older population, there is a sense of mistrust towards digital platforms and fear of falling victim to cyber fraud. For these individuals, cash offers a tangible and anonymous mode of payment providing a sense of security and control over their financial transaction. Additionally ashless systems may inadvertently exclude individuals who do not have access to digital technology or who face barriers to technology adoption, leading to concerns of financial exclusion and marginalisation.
In conclusion, the transition to a cashless society seem inevitable and also given a pace of rapid advancement of technology. However, some individuals may be reluctant to embrace this change due to concerns surrounding data privacy and potential financial exclusion.