Quote from: Lida93 on December 17, 2024, 08:26:30 PM

Quote from: Davidvictorson on December 17, 2024, 07:34:00 PM

Quote from: Abiky on December 17, 2024, 06:37:56 PM

Digital payments seem to be in the rise lately. More people are abandoning paper money (cash) in favor of credit/debit cards, and even crypto. Paying with cash is a rarity these days. Especially where I live. I'm beginning to wonder if cash is still King. Countries worldwide are already planning to launch CBDCs of their own. So cash's days are numbered. Am I right?

Feel free to share your thoughts. Thanks.

As a Nigerian living in Nigeria, Cash is still very much the king. I could even add that Cash is the emperor Grin

We pay for 90% of things with cash. Even after my country launched their own CBDCs almost no one uses it. Unfortunately because of how disorganized the country is, citizens have to buy their own currency from cash merchants.

The main reason behind the use of cash by many Nigerians as opposed to digital transfers is because a lot of persons now see the selling of cash as business. I still remembered in the time of cash scarcity how difficult it was just to have access to cash and those who were privileged to where rather selling it with high profits and till date it's now turning to a norm especially now that the festive period is here.

I don't think that it's because people in Nigeria are now selling cash but because Nigerians love spraying cash in occasions. That has made the demand of cash to be high. Another reason is the illiterate market women and petty traders who will tell you that they prefer cash because they don't have bank accounts. I only use cash in places where I cannot make payment digitally.