Will we really face the world of using cash on longer?

June 27, 2016

yejinMoney was created as an easier way for payment when people started to trade their goods. There are several kinds of money. First, metal currency like gold, silver, and copper, and its real value is high. Secondly, cash and its real value is low while its nominal value is high. Last is electronic money.

Today, electronic money was emerged by IT industry. It is recently used the most. Among electronic money, there is a plastic card in which IC chip is embedded, credit card and cyber cash(bit coin) that are put to use through PC and smart mobile phones.

Credit card is portable, and when paying with their credit cards, people don’t need changes and even they get points, while people could spend the money much more than they expected and private information could be exposed. On the other hand, in case of paying with cash, people spend less and private information is not exposed. However, cash also has its disadvantages like a credit card. It is difficult to be portable of much money, and too much money is needed in minting, circulating, and managing it. Furthermore, when lost or burnt by fire, it is impossible to be recovered.

Will we really face the world of using cash on longer due to electronic money?

I believe the day will come in the future. People increasingly make us of electronic money, leading to a rapid down in paper money. According to statistics of 2015 by The Bank of Korea, the rate of paying with credit card was 50.6%, cash was 17%, and account transfer was 12.4%. Also, a survey on how to pay showed that the younger people are, the much lower they pay with cash; most twenties pay with check card or cash card, many forties pay with credit card, and sixties with cash. Particularly, a smart mobile phone makes people be able to pay any time and any place they want. People feel it is simple and easy. That is why people make frequent use of electronic money.

Seeing from the above fact, I believe that the development of internet and electronic checking by the smart mobil-phone would cause paper money to be not useful in the future.

One Comment

  1. kelly

    November 26, 2017 at 4:45 PM

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