Digital payment has been made easy and accessible for all. With the use of a bank card, bank transfer, debit card, and mobile app, transfers can be done and life is made easier without the need to be with cash. Even a small purchase now gives us the liberty of paying through bank transfers and debit cards. As digital banking is developing and accessible for everyone, the need for cash is reducing gradually. Some people now believe that digital payment should be the only option for everyone and the only means of payment, but I don't think that's okay. Regardless of the fact that digital banking develops daily, most times we are faced with some situations that obstruct network. Maybe due to the environment we find ourselves and also not everyone can use digital banking, especially older people, who find it too difficult to navigate how to use banking apps and code. Getting rid of cash isn't a good idea or a wise decision for us.
There are millions of individuals in rural environments, and it might surprise you to know that they still don't have a bank account and they only recognize physical cash. Also, there are communities with poor network coverage. Some don't even have a network to run a bank app or utilize a USSD code.
They have no Internet service and banking services. Some people lack digital literacy to successfully use digital banking. So, while digital banking might sound modern and convenient to some, that doesn't mean it's convenient to all.
Digital banking might be convenient enough, but we also can't neglect the fact that it's very vulnerable to hacking. It makes hacking easier for fraudsters, and promotes online scams, especially for those who have limited or no knowledge about passwords privacy . This is one reason most people are unbanked till date. Experiences like this have made people prefer to stalk cash at home and not use digital banking. Some even believe the bank could scam them one day, funny but that's why most people prefer their money in cash and hidden in their house. It's not like money is home is safe and can't be stolen, it can be stolen, but people deserve an option to keep their money at home and have their physical cash instead of going to bank. Eliminating cash transactions might cause serious problems for many people out there .
We can all agree that in most rural states, cash remains the easiest and fastest way to run smooth transactions. Places where electricity, network, no Internet, poor banking system and people don't even have phones, there will always be issues with online banking. Cash remains the main means of payment in these kinds of places. I know places like this exist and that's why cash payments are still necessary.
For some, it's not an environmental factor, they just prefer keeping their money in cash and only visit the bank for withdrawals one day in a while.
Running a cashless system alone could leave millions of people excluded from the country's economy.
Personally, I use both systems. I believe they can coexist together. Digital transfers can be unpredictable. Most times, they can be fast and reliable. For some days, you might find yourself struggling with the network and will need cash to run your transactions. This is why I will always have cash available for emergency purposes and a solution to network failure and delay from the bank.
We deserve more choices, choices that will favour everyone. Instead of eliminating cash transactions, the primary focus should be making digital banking accessible to everyone, working on the security of banking transactions, so that more people will consider them safe. Improving the digital banking system is very essential , while the use of physical cash remains for those who need it. This approach will provide flexibility and protect people's choices. Cash plays a huge role in making sure everyone is carried along.
