The trend of cash-free transactions has experienced significant growth in recent years, particularly since the COVID-19 pandemic. Many speculate that cashless payments will dominate the global payment system in the near future. However, I believe that it is unlikely to completely replace cash payments, especially in underdeveloped regions where cashless infrastructure is still lacking. This essay will discuss why the total replacement of cash payments is impossible and why some individuals are reluctant to adopt cashless options.
In our fast-paced, technologically advancing society, people often lead hectic, stressful lives, making time management crucial. As a result, the unprecedented development of online and card transactions has been a lifesaver for many. Cashless payments gained popularity after the COVID-19 pandemic when governments encouraged contactless transactions to curb the spread of the virus. Nowadays, numerous retail stores and small shops have adopted cash-free payment methods due to their ease, convenience, and security. For example, QR code scanners, digital wallets, and contactless cards have become popular payment options as they are fast and streamline the purchasing process.
However, cashless payment options also have their drawbacks. For instance, in many underdeveloped countries like Somalia and in rural areas of India, people still rely heavily on cash payments because many cannot afford the internet or smartphones. Additionally, the Goods and Services Tax (GST) applied to every cashless transaction often deters people from using it for smaller purchases. Moreover, technical failures can frequently disrupt the digital payment system, resulting in failed or delayed transactions.
In conclusion, while cash-free transactions have made our lives more seamless, it is unlikely that cash will be fully replaced in the near future. Until the limitations of cashless systems are addressed and they become more accessible globally, cash will remain essential for many people.