In the past, people usually made purchases only by means of cash as a mode of payment. However, nowadays, this payment method has changed a lot due to new advancements in technology. In my view, I would argue that this practice has already been in place. Even with the new forms of transactions, such as card and mobile payments, there are scores of people who do not want to give up cash because of a sense of satisfaction and safety issues.
First of all, I personally believe that the public has already started using this due to digitalization in the primary services of the government and private sectors. The government is insisting on all citizens using digital means with cashless transactions to boost the economy and control inflation variations. For instance, the government started to accept NFC payments and phone pay services at primary health services and private multispecialty hospitals. Additionally, youngsters are increasingly attracted to digital services. Digital services provider companies are offering more deals and promotions to lure teenagers. For example, a movie ticket can be booked at a much lower price, and it is also possible to reserve it from anywhere. Because of this, many complexities in our daily lives have been greatly reduced at all levels, and the traditional forms of trading and shopping have been replaced. Even though, in the near future, this type of trading method will transform into a new enhanced level, there will be some masses who still prefer to adopt older means.
Secondly, a considerable proportion of the public is not elated about giving up money for a sense of satisfaction and safety considerations. It is often thought that using a physical penny can provide fulfillment and satisfaction rather than digital money. They also have faith that it is easy to access whenever needed. Moreover, some elderly people who do not have much knowledge of online banking have doubts about the safety measures for money from hackers. On the contrary, they would believe that physical money is easy to manage and safeguard from online thefts. Therefore, these are some of the reasons for pupils to get stuck with currency.
To sum up, the usage of digital currencies has already been in practice, and it is evident that it will not be neglected in future payments, even though it is not welcomed by a considerable number of people.