IELTS Essay on payment using mobile phones

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 payment using mobile phones.

Do you think this will happen one day?

Why do you think some people might not be happy to give up using cash?

 

The concept of a cashless society, where all transactions are conducted through cards or mobile phones, has generated significant discussion and speculation about its feasibility. This essay will examine the likelihood of such a future and explore the reasons why some individuals may be hesitant to relinquish the use of cash.

There is a growing likelihood that society may transition to a cashless system in the future. The rise of electronic payment methods and technological advancements have paved the way for convenient alternatives to cash transactions. Card payments and mobile phone transactions have already gained popularity, leading to a decline in cash usage. Governments and financial institutions are increasingly investing in the infrastructure necessary to support digital transactions, signaling a potential shift towards a cashless economy.

A cashless society offers several advantages. First and foremost, electronic transactions provide convenience and speed. With just a swipe or a tap, payments can be made swiftly, eliminating the need for counting and handling physical cash. Moreover, digital transactions leave a digital trail, facilitating easy record-keeping and financial management. Electronic payments also reduce the risks associated with carrying cash, minimizing the likelihood of theft or loss. Additionally, a cashless system can enhance financial transparency, making it easier to combat tax evasion and illegal transactions.

Despite the potential benefits, there are valid concerns surrounding a cashless society. Privacy and security issues are a primary concern. Cash transactions provide a level of anonymity that digital transactions may compromise. There is a fear that personal information could be vulnerable to cyberattacks or unauthorized access. Moreover, reliance on technology creates a dependency that could leave individuals vulnerable in the event of system failures or power outages. Another concern is the potential exclusion of certain groups from a cashless system. While the majority may readily adopt digital payment methods, there are individuals who may not have access to the necessary technology or who prefer the familiarity of cash. Excluding these individuals could deepen existing social and economic inequalities.

In conclusion, the move towards a cashless society is likely, given the convenience and efficiency of electronic payment methods. However, concerns regarding privacy, security, and inclusivity need to be addressed to ensure a smooth transition. Striking a balance between the advantages of a cashless system and the needs and preferences of individuals will be crucial in shaping the future of financial transactions.

Band 7