Digital payments are becoming ever more popular and widespread across the developed countries, but could they really replace cashMoney in physical form such as banknotes and coins. More? Nothing could be less certain. Indeed, banknotes and coins convey numerous values that would disappear in a cashless society.
First, cash plays an important social role. Paying with real moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More involves going out, walking into a store and talking to people, at least to the cashierInitially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. More. Furthermore, cash is part of traditions. Village feasts or bake sales completely rely on paperSee Banknote paper. More money and would lose their charm if everybody was paying with tap and go cards. Besides, it would be impossible to make spontaneous gifts in a fully digitalised system, for example to help a tourist who does not have the changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More to pay his bus fare.
Moreover, cash provides a unique insight into a country’s culture. Indeed, banknotes and coins usually feature key figures of the country’s history and cultural landmarks, something that we will most probably never see on a bank card. In addition, coins serve many other purposes, the most famous being the heads or tails or throwing a coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More in a fountain for good luck.
Finally, various studies have demonstrated that when paying with banknotes, people are more aware of the real value of money. Electronic transactions are certainly time savers, but not enough to scrap the social value of cash.
To read the original article, please click here.