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.
Feel free to share your thoughts. Thanks.
I live in India and most of the shops in here use digital payments like UPI (Unified Payments Interface).
Many people might know what an UPI is but for those who don't, it is as simple as scanning a QR code and entering the PIN to it to make the payment.
I rarely carry any cash with me as I make all my payments in UPI and the only time I carry cash is when I travel to any other place.
The only reason is sometimes there are network issues and may be UPI won't work during that time.
So through out the year, 98% of my payments are in UPI mode only and I can say that the usage of paper money is decreasing drastically.