For me, I don't think the government should completely get rid of cash currency, I know that the world is increasingly digitally and it's fair to say that in many ways, digital payments have made life easier, i can send money to someone without meeting them in person, pay for items using my card and even pay with my phone transfer
Yes, digital payment is convenient.
However, the importance of cash cannot be ignored.
I don't think we should get to a point where physical cash becomes completely useless.
There are still many people who depend on cash for their everyday activities, everyone does not have access to a smart phone or bank account or stable internet, In Nigeria we use transfers a lot, but there are still places where the easiest and in some cases only way of payment is cash.
Suppose you went to a local market and you want to transfer money for all the items you are supposed to buy.
Truthfully, some traders will just look at you anyhow.
At times, when we purchase a product and the network just goes down without notice You have funds in your account and can't use them. You don't get notified and the person you are supposed to pay doesn't receive alert, and now both of you are standing there debating whether or not the transfer was successful.
This is something we have all experienced.
So what happens if there is no cash at all?
What happens when there is a network failure, a power outage, a banking app problem, or some kind of technical issue? If all our money exists digitally, we could suddenly find ourselves unable to access our own money.
That is one concern that I have.
Cash also provides people with an alternative when one method doesn't work.
I also believe that banning cash altogether may have impact more on those not very savvy with technology, particularly older individuals, some people are used to handling physical money and may struggle with a completely cashless society.
Then theres the issue of privacy,
With everything going digital, nearly all transactions can be traced, there is a lot of upside to this, particularly in the fight against fraud and in financial record keeping, but I feel people should have some choice over what they spend their money on.
I'm not saying that digital payments are bad
They are quite helpful and I use them too! Some times I don't know how we were able to survive without transfers before now.
I think both cash and electronic payment need to co-exist.
There should be choice of which one suits people best.
Perhaps the government doesn't need to ban out physical cash, but go on promoting digital payment and enriching the banking system,Make digital payments more secure, easier and better, but do not take away the option that many still rely on.
After all, technology should make our lives easier.
It shouldn't make life harder for people who can't be expected to keep up with each and every change.
For me, cash is still important.
While digital transactionsis convenient, cash is the reliable option.
I don't believe that we should eliminate it altogether.
Let both exist.
What is the point in having one when there is another one that can do something different?
Image Credit : Chatgpt
