In recent decades, technological advances have facilitated the transactions so that major purchases are done made using electronic payments such as phones or cards. Some argue that soon cash payments will soon be deminished diminished, and people can only buy things via electronic payments. I am of the opinion that the cash payment will be fade away. This essay will also explore some contributing factors why some people do not want to abandon cash in their daily businesses.
To begin with, people can benefit from faster transactions if they choose the e-payment method. The money can be virtually transfered transferred to the seller from the customer in a split second, resulting in saving time for both parties involved in the business. Moreover, e-payment is more secure and trackable in case a fraudulent transaction occurs and ; the bankers and can easily prosecute the suspecious suspicious cases of theft and protect their customers. However, for a cash, there is no tracking or even security. On the other hand, governments no longer need to allocated substantial funds to print cash for their citizens, leading to saving resources. For example, in 2009, the US army conducted research on the vulnearability vulnerability of cash versus e-payment and found that e-payment is a far more secure type of money-transfering money-transferring method.
The underlying reason why some people are reluctant to use the e-payment method is that they want less control. In other words, they do not want to give clear information about their expenditures to the tax agencies which can be tracked. Because, because they believe that cash can help them to have freedom of choice and keep their information private. For instance, according to Madrid officials, above 90% of butchers who were identified as illiterate did not approve of using e-payment machines even for free.
To sum up, although there are some thoughts against using e-payment due to confidentially confidentiality reasons by some people, I believe that such an electronic payment will be the prime choice in the near future as it brings a fast and secure way of transaction. It is likely that governments will invest substantial funds to accelerate the e-payment infrastructure.