Today’s modernized world revolves all around technology. For the past 5000 years, original and untechnical money has made up the history of world currency. However, is it time to put old fashioned paper money to the side and turn to digitality?

Contactless payment in the UK has been the go-to payment method for decades now. With the first credit cards being introduced just after the mid-20th century, they have become more and more popular. People loved the idea of a quick and easy way of payment, as well as the versatility of all your money being stored in one place. The recent Covid-19 pandemic also promoted the use of cards over paper money, as people were forced to make online purchases more frequently and the exchange of banknotes or coins was prohibited in some stores to reduce physical contact between people. Nowdays, almost every young teenager owns a debit card after banks opened cards for younger people after finding out how popular they were. With the UK possibly going cashless within the next few years, facing the technological side may be most beneficial for everyone.

Cards are undoubtedly the most convenient and comfortable method of payment. It beats the idea of carrying lots of coins and banknotes in your wallet or purse or writing checks. Almost every bank company which distributes credit or debit cards have a practical, designated app which makes it easier to manage your purchases. These apps can also lock or ‘freeze’ your card, meaning if the card is misplaced or stolen, your money is still safe, whereas if you lose cash, it is a lot harder to regain it, and there is a slim chance for you to find it again. Credit cards are also travel friendly, as nearly all cards can make transactions in different countries, which avoids the difficulty of changing currency every time you go on holiday. If money is being replaced with digital payments in the future anyway due to the rapid development of technology, it may not be worth it to keep using cash.

On the other hand, cash can be more financially beneficial. By using cash, you are a lot more reliant on the budget you have, which may be better for managing your money, rather than credit cards which can build up debt and are significantly more tempting to make unnecessary and overpriced purchases. Old fashioned money was also the way of teaching children and younger members that money is not something that appears out of the blue, therefore they may learn to value it more, leading to more responsible spending. Cash offers rare or no form of interest build up meaning you can stick to your designated budget.

Should our society switch to card only, or stick to the original way?