In this technological era, it is believed by some that digital money will take over physical cash in future. While some of them thought that hard cash will still have some uses. I will discuss both the sides in ensuing paragraph with my view of point.
To start with, there are several reasons behind the former thought process. First of all, digital money is very convenient to use as well as very easy to carry like you can use by your card or by your smartphone, not only this but also from that you can get cashback when you use your card more often. Secondly from digitalization we can try to eliminate curroption which is possible with hard cash because if we all use card and online banking in that we have all records and from this approach we can minimize curroption. For instance in India government ban physical cash few years back for some time to promote online payment and to curb curroption rate. Despite of having some trouble at begining, at the end of the year corruption rate deceased.
On other hand, some of them still believe in letter thought like, hard cash always acceptable and useful in every place in the world. For example so many places don’t have that online payment method and sometimes in remote places you are not able to use your smartphone or card because of network problem, at that time physical money is the only option available to counter that situation. Furthermore, some people are not very much familiar with digital money and they always have that fear of fraud if they use digital money, so they prefer physical money rather then using online banking.
In conclusion, while digital money has its advantages such as, easy to use with all track records and also it helps to decrease theft and corruption rate, the same can have drawbacks such as hard to use card and online payment in rural area and remote places. Therefore, it is evident that the benefits of digitalization outweigh the drawbacks.