The world is certainly at war in the means of economic and health crises. There have been thousands of fatalities recorded in enormous regions over the world due to the pandemic. As we know the government of several countries is in a state of calamity. Health protocol and quarantine guidelines had been enforced from the national to the local level. New suggestions for tighter guidelines are already being planned or imposed. All for the cause to protect and inform the common public.
Our day-to-day living greatly involves socialization. Which unavoidably would require physical contact in some cases. As our human nature, we need to sustain our being with primary commodities, job, education, shelter, and religious activities. And all this stuffs certainly involve the currency of value of which something is being paid or spent. As our traditional mode of payment of all transactions, we use cash in almost everything. Cash is the most common material that humans could ever depend on.
People can reduce hand to hand engagement with other individual but not through money in all situation. This is not about deprivation of people to possessing or acquiring money but rather to instances of global health-related risks on spreading infectious disease by the circulation of physical money. Some may think it exaggerated but practically highly possible, as to how it is happening now. Some people who seem to prefer the traditional physical currency might be at a greater risk. Paper money will most likely be preferred to custom society. But the good thing is the emergence of a cashless system. The cashless system enables humanity to evolve more in terms of universal adaptation to new technology conformity. Simultaneously, e-commerce and trading all over the world have become in almost an instant, viable and ultra secured. All due to the birth and upgrade of the cashless system.
Evolution is essential to humans, and so with money, which has evolved from basic metal properties coin to paper banknotes and now with digital and cryptocurrency. Among digital cryptocurrencies, Bitcoin is greatly known. The cashless system is already been utilized in different sectors of society. Bank, malls, markets, mining, gambling, and even trading stocks and exchange. We may classify the cashless system into various types.
Cashless System
Online or Internet Banking
Banking Cards - Credit and Debit Stripe Cards
Mobile Wallet Apps - Digital Fiat and Cryptocurrency
Point of Sales System
These are the most common types of cashless transactions in-used today. Undeniably the birth of this phenomenal system is a breakthrough to mankind. Increased human curiosity and capability to the fullest like never before.
Today, the world is devastated with this strain of virus call Ncov or Covid-19 which we can say might be the most contagious of it's kind, and have been infecting millions of people all over the world. The world health organization declared the virus as a category pandemic from its first identification as an epidemic. The birth of the cashless system is a God-given gift that could be our safest mode of transaction with the least physical interaction involvement.
This new system may not be perfect and might not be exempted from some futuristic cybersecurity risks. Like other early systems, which also went through numerous drawbacks and improvements. As a path to developing consistent and reliable universal system. Prior to gaining success and approval to the massess. Undeniably this system is timely and compatible to the new generation needs especially in the New Normal age.
Nice article