Coins and Paper Money Will Soon Be Replaced by Credit and Bank Cards

Topics: Money, Coin, Numismatics Pages: 1 (323 words) Published: May 23, 2013
With the technological advancements in the banking system, nowadays people are presented with numerous ways of paying for purchases. It is often said that electronically operated banking cards will displace the use of paper money and coins. However, I don’t believe that modern payment methods will take over completely from traditional banknotes and coins.. There are various advantages of modern monetary exchange. Firstly, it is now increasingly common for people to shop online where they cannot use paper money and coins to pay. Thus, people eventually embrace the modern method of payment to be able to participate in online commerce. Secondly, the security features of credit cards and online method of monetary exchange give authorities the capability of tracing the use of the cards. However, if the person carrying money is robbed then it is difficult to find out where the stolen money is used. Furthermore, the safety features of modern monetary exchange will be invaluable for people who want to keep their hard earned money safe. Even though electronic cards have brought tremendous comforts and convenience to people, these can not entirely replace the traditional money exchange. Paper money and metal coins have long been used as a medium of exchange and a standard of value in almost all societies. Thus, traditional monetary system has a cultural, historical and social background that are impossible to change. Internet banking is not always fully secured. There are ample evidence of computer viruses, hackers and crimes. Human have developed a certain emotional bonding with paper money and coins. Coin collectors for example will inevitably get hurt after entire replacement of traditional money and coins. In conclusion, modern monetary exchange has certainly benefited people by bringing convenience and avoiding certain problems from using paper money and coins. However, the entire replacement of traditional paying method by credit cards is only theoretical as the...
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