Question

In the future people may no longer be able to pay for things in shops using cash. All payments may have to be made by card or using phones. Do you think this will happen one day? Why do you think some people might not be happy to give up using cash?

Model Answer

It has become increasingly common to see people making purchases with their phones or smartwatches. In fact, electronic payments are now so widespread that some speculate cash might soon become obsolete. Personally, although I believe coins and notes will eventually be phased out, I do not think this transition will happen overnight.

There are two main reasons why I believe a cashless society is inevitable. Firstly, the methods we use to pay for things have always evolved. For example, banknotes were once an innovative means of exchange but are now unquestionably part of everyday life. I believe that just as banknotes replaced other forms of payment, they too will be supplanted in time. Secondly, digital payments are generally much more convenient than using cash. Thus, the notion of carrying around large amounts of money will soon be seen as anachronistic and unnecessary.

Not everyone will immediately embrace the shift to a cashless society, however. One reason for this is that older individuals often place a great deal of trust in tangible assets such as coins or banknotes. In contrast, intangible digital assets may seem less secure and at greater risk of being taken away. This concern is understandable, as the modern banking system relies on complex technology that many do not fully understand. As a result, the replacement of cash may take place over a generation rather than happening more quickly.

In conclusion, sooner or later digital payments will take the place of regular money but it may be some time before they are the only form of payment available.

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