The time we live in is one of the most fast paced eras when it comes to information, communication and interactions. With the current events transpiring in the world, we have the recipe for a completely isolated world where digital interactions are the “new” normal. The most interesting thing about our societal and economic interactions is that they have changed so abruptly. Analysts of all different fields and practices would tell you that the Internet and the advantages it provides will eventually cause a shift from the typical physical interactions to completely digital ones. That time has come now more than ever and anyone that wants to keep up with the times we live in will have to adjust.
One change to everyday life is how we purchase things, whether it be food, clothes or appliances. These items are now more commonly purchased online. Now, this was always an option, but the frequency in which we handle transactions online has skyrocketed to a level that we thought would take years to get to. The abrupt transition in the way money is exchanged means that people can no longer use money. Cash has always been labeled as a fast way to complete a transaction because the amount could be easily presented and counted upfront. This means the consumer can be happy, ensuring that they won’t have an overdrawn account or not have enough funds by not paying attention to balances. While the merchant is happy that cash is coming in without having to pay the fees associated with accepting online transactions, since transactions have been switched to online, both merchants and customers must deal with or adapt to a fully online world. Society tends to gravitate toward what is more convenient and comfortable for us.
So, if the world continues to be in this current state and people have to continue using other electronic methods of payment, people will want to use cash once the world is back to normal. The advantages of cash will still be there, but the psychological effect of cash will diminish as people adjust to different forms of handling the transactions. This shift in methods of paying for our goods may be seen as a huge stepping stone for new ideas and or inventions. When problems arise or something imminent is demanded, solutions are created to solve the problems and fill the demand. Before cash, there was trade and now we look forward to seeing more electronic transactions like debit, credit, PayPal and Bitcoin. With these methods, we may find that they are easier, more efficient, and safer than our previous method just as cash was easier than trade.
With technology, we expect progress and innovation, and the type of way a transaction is done should be no different. Wherever we are as a society, we must understand that we can be better than we were yesterday. That continued thinking has gotten us to where we are now and will continue to get us to the places we want to get to tomorrow.