Payment methods are now going more and more towards turning away from cash. A major part of the reason that this is happening is because paper money has lost any appeal to individuals in terms of convenience and appeal in many facets.
While several individuals do maintain the fact that it will be a long time before paper money is replaced by plastic money that time might be coming faster than expected since the overall world trend is now shifting more and more towards plastic money. Predictions have been wrong before, so this is to be expect but that rate at which plastic money is being given a boost is astounding. As time goes on people want more convenience, the generation of sloggers and hard workers has been replaced by efficiency and functionality. Plastic money provides that to individuals. Plastic money holds three very big advantages over the regular paper money. That is security, convenience and durability.
A debit or credit card will always be coded to an individuals name and can be blocked or prevented from working simply by clicking a button on a smartphone app. Along with that these each transaction is always recorded and the individual who owns the card is informed about it immediately. Making the individual have a high degree of control over it. Whereas once paper money has been stolen from you cannot do anything to recoup your losses. Secondly the convenience factor plays a major role in why plastic money is becoming preferred. Rather than keeping multiple bills one or two cards could be all that you need for making large transactions. No need to carry around all that money, count it, take change etc. the exact amount will be charged to you through the card.
For online transactions you do not have any need at all to carry around a card simply use the card number and security code and thus it becomes even more convenient. Thirdly paper money is susceptible, to wear and tear, scratches, marks etc. Whereas a plastic card has a far higher durability and therefore becomes longer lasting and better for the individuals as well. Young people see all these factors and say that paper money is not needed anymore thus reducing how much paper money is used and greatly increasing how much credit cards etc. aren’t utilized.