Post
Topic
Board Economics
Re: Is Cash (Paper Money) Still King?
by
WatChe
on 25/12/2024, 17:34:35 UTC
It is necessary to be prepared for such situations in advance. Before shopping, it is necessary to learn whether cash or card payment is available. Businesses should also be prepared for similar situations and increase their payment method options. In many countries, businesses have more than one payment method and customers do not have any difficulty in this regard, but in some countries, cash is used too much and there is no card payment option.

Governments should make things easier for their citizens in such matters. Governments should tell businesses to increase their payment methods and should check whether they are implementing these methods. Countries that keep up with technology can develop faster. Countries should keep up with technology and offer many options for their citizens. Carrying cash is not easy today and shopping with a card provides great convenience.

One main reason why it's difficult to carry cash is that inflation rate has gone up, as a result prices of different products have gone enormously  up. So you need to have a lot of papers in your pocket if you want to do shopping with cash. Moreover, in my country (Pakistan) government has imposed 15% GST if payment is made through cash while 5% GST will be charged in case you pay via card. Defiantly everyone prefers to pay with card to save GST and it benefits government to keep track of payments. I am sure situation is not different in other countries also.