No one will be able to pay cash for things in stores in the future due to the prevalence of digital money. I agree with this statement, and from my perspective, these things will happen in the foreseeable future because many people accept this method, and it is beneficial for the economy of a country. Nonetheless, a segment of society is reluctant to drop the use of cash because they have potential fear of fraudulent activities, and they are unaware of technology. These aspects will be examined here.
Everyone will use credit cards and mobile banking in the future for transaction. First of all, most of the individuals embrace digital mode of transferring money from small to department stores. These methods are reliable and fastest as compared to handling paper money. Second, as the government is entailing to use the plastic money and UPI. It is ultimately beneficial for lowering economic strain. For example, alleviating black money and saving exorbitant cost of printing paper money.
However, a few individuals are not in favor to give up cash due to rising digital scams, and they are unaware of new methods. In particular, online fraudulent activities dissuade individuals from relying on cards and Net-Banking. They think, it is not safe, and they will lose their money if they give their card details to others. Furthermore, people are not educated enough, and it will be cumbersome for them to use cards and mobile banking with security pins and ATM. Some people do not have smartphones due to lack of budget. For instance, senior citizens, impecunious people and those who live in remote areas.
In conclusion, in the light of the aforementioned argument, it is clear that if government disseminates awareness by introducing expeditions and reduce crime rate, then everyone will accept digital payments in the future. It is advantageous for the government and people for the advancement of nation. No-doubt one day individuals will no longer to pay cash in shops, as the trend of digital currency is increasing.