Band 5+: Many countries are rapidly moving towards becoming cashless societies, where all financial transactions are conducted digitally. While some people argue this transition benefits economic growth and public security, others believe it isolates vulnerable groups and threatens personal privacy. Discuss both views and give your opinion.

The rise of digital payments systems has led to people believing it will eventually make monetarey currency obsolete, but others speculate that physical money remains essential for privacy and financial inclusion, particularly for valunerable groups.

On one hand, people believe the significant increase of digital payment systems will eventually make cash out of use. With the rise of technological advancment, paying with phones has made it more accessable and convinent for the transaction of money. Indviduals can pay their loans or any fiancial statment from anywhere. For instance, a customer of a nearby supermarket can pay by using their cellphone without the need of carrying any cash. This has resulted in transaction of money being more convenient and effective, which makes customers prefer digital payments such as ebanks and venmo.

On the other hand, people contend that cash is still crucial for privacy and financial inclusion, especially for vulnerable groups. Physical monetarey payments like cash remains available for almost everyone in the world opposed to digital payments. It ensures privacy and financial inclusion especially for those who can’t affored smartphones to make financial transaction. Many people face an obstacle when using digital payments: one of those being not abel to affored smartphones to carry out payments. For example, a family with a relatively lower income can’t access smartphones so they tend to use physical currency which provides a sense of privacy and financial inclusion for them.

In my view, I think both physical currency and digital payments are important and the use of them should be well balanced. For thoses who cant aquire digital payments, i belive they should use cash. However, those who can affored it should use digital payment tools. This two should be a choice which can be exchanged for one another rather than being a competion for who prevails longer . for example, if a family cant affored to pay on phone they should just use cash and if they can they can use digital payment tools.

In conclusion, I belive cash and digital currency should be a choice rather than a competion. Those who are comfortable using physical currency should use that and those who are not should use digital payment.