Paying the expenses like mobile bills, insurance premiums, dining at the restaurant, traveling, etc..all has gone digital. Just with a click, transfer of funds take place. The use of debit/credit cards has been rising. This mode of payment is convenient and easy. Who would like to carry 25k to pay an insurance premium or who has the time to visit the bank to pay the premium? Give it a click or swipe the card, Life is simple!
All good.. if life is simple. Between all these developments, are we going to miss the physical cash in future? I think yes... we are certainly going to miss the currency notes and of course the feel of holding it. Over hundred million of cards in circulation alone in India and still counting...and the rise in the cash less transactions during the past few years, shows that the focus is shifting from a paper based money to e-money. May be kids in the next generation would be taught of what Master Card/Visa, IBFT, etc mean in their primary classes, rather than being taught of which leaders photo appears on a currency note.
The convenience that accompanies e-money is great and this factor is going to play a vital role in chaning the paper based economy into a digital one...and allowing the physical cash go missing!
All good.. if life is simple. Between all these developments, are we going to miss the physical cash in future? I think yes... we are certainly going to miss the currency notes and of course the feel of holding it. Over hundred million of cards in circulation alone in India and still counting...and the rise in the cash less transactions during the past few years, shows that the focus is shifting from a paper based money to e-money. May be kids in the next generation would be taught of what Master Card/Visa, IBFT, etc mean in their primary classes, rather than being taught of which leaders photo appears on a currency note.
The convenience that accompanies e-money is great and this factor is going to play a vital role in chaning the paper based economy into a digital one...and allowing the physical cash go missing!
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