Did you know that 70% of the population are cashless now adays? And this number is expected to increase for the next decades. Many people find the use of cards or phones makes lives easier because you would not have to carry a specific amount of cash with you. On the other hand, some believe that banks are not trustworthy.
The rate of the increase of the use of credit cards has increased in the past decade as people are relying on electronic forms of payment which they think it could make life easier and faster, and this idea is spreading widely across the globe. Although it may happen slowly, I think that one day people would eliminate the use of cash, and all transactions would occur using electronic devices or credit cards. Shops are currently tending to accept electronic payments, one reason is it would ensure the arrival of the money to the business owners as they do not have to keep checking the cash payments each day. Therefore, it would eliminate the urge of checking cash payments each day.
On the other hand, many people do not trust banks for handling their money because their accounts are exposed to robbery if a the banks system got exposed to a data breach. Also, many scams are happening these days, targeting elderly people who they think that they are easy to scam. For instance, my grandfather got scammed for a huge amount of money because of a group of hackers mimicking the bank. Consequently, a majority of this generation tend to keep their money with them in the form of cash.
In conclusion, paying using electronic devices has made transactions more easier. Even though it would have some setbacks, people in the future would be cashless and would rely solely on e-payments.