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There will be no future of coins and hard money. It will be completely replaced by plastic money. Do you think it is a positive development of negative?

Indeed, electronic transactions, in the form of credit and debits cards and smart cards, have a gained popularity in this digital world which is definitely a positive development being a convenient way of paying for purchases; however, I do not believe, this monetary exchange can completely supplant the use of paper currency in upcoming days.

It is pertinent to mention that the convenience and comfort provided by plastic money is the biggest merit of having such currency. As the availability of cards has eliminated the need of having huge cash in the wallet which is not safe at all, moreover, people are allowed to buy, even when they are cashless and have no money in their account, by making payments through credit card. Another advantage of using cards is their safety as this kind of money is difficult to mutilate. As even in case of stealing and damaging of it, the cash remains secured due to ease of getting its replica. Thus, the plastic money benefits the individuals by presenting them various ways to pay.

Even though modern monetary transformation brings various pros, but usage of electrically operated cards cannot displace the paper money and coins entirely. As this traditional currency has cultural, social as well as historical significance which can never let it to be replaced. Besides this, note banking is welcomed everywhere. For instance, if a person goes to shop of any local vendor, the facility of payment by smart card is not available there. So, in such cases, hard money is beneficial. Moreover, there is a primary threat of hacking of the bank account while using cards. Hence, the replacement of paper money as well as coins in future is not possible.

To conclude, albeit the exchange of traditional monetary system with modern monetary system has proven favorable to large extent; however, I do not expect the complete replacement of hard money.



Q: People think that E books and Modern Technology will replace traditional newspapers and magazines to what extent do you agree or disagree.



Jitendra Kumar

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Jitendra Kumar