It was once a move taken by the government of my country way back in 2023. From January through March was like a hell for all citizens both rich and poor as life became a hell of a living.
New notes were about to be introduced and brought in, cashless policy was to be pushed into the economy of the country and digital economy be adopted by the citizens but unfortunately, less preparation was made by the necessary bodies to ensure that this adoption pushes through and does not backfire.
No one matured enough at this time would easily forget this period in my country back then because it was not easy for anyone. Few prints of new notes were available in the banks and even before an average man could get a hold of 1percent of it, the riches and wealthy had used connection in getting cash directly to their homes, leaving average masses and citizens to queue under the sun or in the rain in the banks, long queue at the ATM stands with tough and rough fights just to get cash of which there's even a limit to what you can withdraw per day.
POS were outrageously charging for withdrawal fees because they were also not having enough cash and the ones they were able to get were bought with money too.
Businesses especially markets women, stores, marts were not making much sales like before because customers had no cash to spend, and they are also not ready to take transfers as most transfers at that moment were mostly fake transfers at the end of the day or delay and reversed due to the high traffic of people using that mode for payments unlike the less usage before.
So with this, you have your money lying there in your account balance but you are still unable to buy whatever you want and you can as well stay hungry because business owners' trusts has been shattered.
This is to let you know that it is a system that has been previously introduced in my country but did not work out.
With no doubts, most people had the privilege to switch to digital means of transacting for their business using these fintech banks which they do ignore before but that still does not make a fish or pepper seller in the market rely solely on digital means like the government wants.
Adoption of both physical cash and digital means of payment can be possible and is feasible to be a lasting initiative but having to impose digital alone as the only means of payment won't be possible here in my country.
There is no way you're on the highway and want to get water from someone who is hawkingon the highway and you start making transfer.
It's still easy and feasible for marts and stores but for local women an men in the market space, they are simply gonna ignore your pleas no matter how sweet it may sound from your mouth.
Adoption of digital may not really affect me negatively as long as it will be accepted by even drivers for my transportation fares and I don't have to worry about one person or another not accepting digital transfer. In fact, I would say that I would love it so much because with that, I would not be bothered about if I had lost any cash or got it stolen from my bag or pickpocketed.
Transferring of money even helps me keep track of my spending better than having cash with me. Seeing or having cash seems to be like breeze funds because as soon as a token is removed from it no matter how small you removed to be spent, the rest is gone and finished.
In conclusion, mixed means for payment of both cash and digital can only work in my country and not just digital.
I'll be dropping my 🖊️ here on the Hive Learners community prompt
Thanks for reading through 🤗
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