After Covid-19, and the drastic change in payments methods. is there is still room for cash in the future?
By: Almunthir Alghamdi
Banking is one of the oldest merchants dating back to ancient civilization. It started as an exchange for goods and valuable materials such as gold, silver, and at times food. Then evolved into loans and a depository for valuables and money.
The banking industry continues to evolve because of its importance to the economy while adapting to the needs of people, which is key to its longevity.
COVID-19 saw a huge change in payment methods used by merchants and everyday banker. Cash became unnecessary as more people opted to use online or digital banking for their transactions and investment. Soon ATMs and branches will tales people tell their grandchildren. Physical credit cards will soon be a thing from the past with the rise of digital wallets and services like Apple and Samsung pay and Paypal.
With all the accessibility and ease of payment of digital currency, it also creates a double-edged sword. On one hand, it made people’s lives easier and more convenient, and on the other hand, consumer spending and debt increased.
Then there is the issue of privacy, which remains a concern for online users. As banks and other industries strive to evolve, so will the need for better security and privacy.