Nowadays, due to the wide spread to the technology and advances banking,most of the shops have discarded the method of cash payments and gradually, this trend is introducing in many countries but this will have a significant impact on lower class community. This essay will argue on such initiative.
First and foremost, in the era of computer literacy, people are now gravitating towards the latest shift set in society. Furthermore, many local markets and entrepreneurs have abandoned cash payments, and started to receive payments through bank transfers. For example, Amazon has initiated to take payments through their app, and in future nearly all retailers will be following a similar strategy, as it is more convenient and hassle-free for the customer. Moreover, salon businesses have started a campaign to offer discounts in online payments rather than cash.
Conversely, companies opting for cashless schemes have tangible benefits, but it is undeniable that the population belongs to lowerclass will be reluctant in embracing this method, because of the lack of awareness on digital banking and limited resources of income. Furthermore, it can have an adverse effect on travelling community, as evidenced, the government of Sweden has imposed a cash less policy, as a result, tourist hesitate to explore sich destination. Additionally, small bussiness suffer this trend as their bussiness is dependent on daily wages.
To sum up this, according to the aforementioned proposition, even though there are both advocates and detractors for giving up cash, it is said to be believe that our obsession with technology is a slippery slope, that will eventually end on us giving up cash.