In the future, people may no longer be able to pay for things in shops using cash. All payments may have to be made by card or using phones. Do you think this will happen one day? Why do you think some people might not be happy to give up using cash?
As the world is progressing, digital payment methods are anticipated to supersede conventional methods of transacting, but there will still be some continuing with the old mediums of negotiating monetary obligations.
To start with, a lobby propounds that online payments are easy and convenient to use. This is to say, one can remit money just by clicking a button on their smartphones while sitting at their homes, eliminating the tedious task of visiting ATMs. Moreover, due to the advent of these means, the relief from the cumbersome task of carrying bulky wallets is encouraging many to use e-transactions.
Similarly, this prediction is also bolstered by the young generation being more technologically oriented, and increasingly making use of this innovative practice to shop in brick and mortar stores, or online, order food, pay bills, and so forth, without needing to plan their everyday budget. Apart from that, several rewards such as cash back, and many offer, is helping make the virtual means of transacting ubiquitous.
Having said that, many, especially the elderly, are likely to stay wedded to the idea of using ancient ways, and be wary of virtual payments since they might not be tech savvy enough to use modern tools. Additionally, some will continue not to trust this new introduction; they will fear that their money might get stolen, helping paper-based retain its popularity. For example, a recent survey revealed that due to the rapid rise in cyber crimes, many continue to use cash even in the digital age.
In conclusion, I profoundly believe that paying digitally will be in fashion, but the traditional channel will surely endure and cannot be written off. Saying that people might switch completely to modern financial devices is a far-fetched idea.
