There is still disagreement over the ideal method of exchange, and many people have expressed their opinions on what they believe should be the method that is fully embraced.
Over time, there have been plenty of opinions shared on how well paper money will last, especially with the introduction of technology that comes with a lot of expectional transacting modes.
Even aside from that, the abuse of paper money is another factor that needs to be considered. The rate at which some African countries abuse the use of their currency is really alarming, and that has indeed given the government the node to think about putting an end to the spraying of cash at parties, as that is one of the means by which people abuse its use at times.
Before the introduction of online payment or electronic means of payment, it's all about paper money. I remember vividly during the COVID-19 outbreak that there was limited use of paper money due to the outbreak, and this indeed pushed the debate further, with plenty of individuals thinking it could be replaced with electronic means of payment.
The scarcity of cash in Nigeria at the beginning of the year is another reason plenty of individuals are using to support their debate, and that alone shifted plenty of individuals' attention from the use of paper money during this period. Undoubtedly, almost everyone shifted their attention to the use of electronic means of payment; even the roadside seller adopted the use of taking transfers as the means of payment for goods sold.
There are plenty of advantages attached to the use of paper money, and that alone is indeed another vital reason why it's still being contemplated on being replaced totally.
(1) Quick access for payment: This is one importance attached to paper money; people's ability to make use of it when needed urgently is definitely vital, aside from when there is a scarcity of cash.
(2) No need for third-party validation: For electronic means of payment, there is a need for third-party validation; it requires that the internet network be very sharp and smart, but for paper money, transactions are fast and smooth without requiring any network validation before execution.
(3) Fast Mode of Payment: Over time, most people have said e-payment is the fastest means of making payment, but for some reasons that has been contested, based on fact, the use of paper money is absolutely the fastest means of payment as it can't experience any network downtime regardless of the location.
Nevertheless, there is a need for things to be properly checked. Paper money might have come with plenty of advantages, but it comes with stress while looking at how well you can't make payments from the comfort of your home without having to drive or leave your house premises, this is what the introduction of electric payments has given.
There are other numerous attributes attached to the use of online modes of payment.
(1) Accuracy: This is something that makes the use of electronic means of payment more valuable. Accuracy: the use of e-payment brings about accuracy when it comes to the amount of money to be paid, as that has automatically eliminate the need for confirmation of cash in the case of paper money.
(2) Safe against theft and easy mobility: There have been cases of robbery with the use of paper money, especially while moving huge amounts of money from one place to another. Unlike paper money, huge amounts of money can be moved from one place to another with the introduction of technology, which is impossible with the use of paper money.
(3) Comfortability : The ability to pay for goods and services from anywhere in the world is another advantage attributed to the use of electronic modes of payment. This is definitely something one can't do with paper money, as one will have to get to where they need to get what they want before it can be gotten, but with the use of online payment, purchases can be made and received without having to leave your premises.
Conclusion
Even with the aforementioned points of view and perspectives, I genuinely think there is much more to say and analyze about the use of paper money. Another important question to consider is whether it can be replaced.
