Page 78 - Grasp English C1+ (Workbook)

8 Money Issues

For some, a cashless existence is quickly becoming a
reality, particularly with new innovations which allow
payments to be made using mobile technology. With
more and more supermarkets and small businesses
allowing people to pay by card with no minimum
spend, we frequently see people swiping their card or
using the contactless payment for a bar of chocolate
or a sandwich.
So, will there still be cash in the future? At least in the
near future, we’re not likely to see paper money and
coins fall out of existence. Whilst electronic currencies
such as Bitcoin and Cryptocoin have become popular
in some circles; they don’t have the pulling power yet
to be adopted by the majority of society. And in trade
around the world, money – either physical or as numbers
on a computer screen – is still popular because it feels
more tangible than electronic currencies.
That said, there are still some cultures which survive
without coinage, choosing instead to barter goods
and services amongst community members. Whilst this
obviously happens on a relatively small scale, more
and more people are choosing to take on a moneyless
lifestyle and adopting a freer, more natural existence
of giving, receiving and sharing without the need for a
physical cost.
Another aspect to consider is whether money may
continue to exist, but with fewer currencies. Since
the late 20 century, most countries within Europe
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have been using a single currency which has had
advantages and drawbacks for the member states.
Even outside Europe, it’s seen as a popular currency,
with Iran using it to trade oil and other products.
Similarly, many international trade deals are carried
out in American dollars, despite neither country being
the United States. Some people believe that we could
see a future in which there are only four or five global
currencies.

In short, the future is likely to bring a number of changes
to the way we buy, sell and carry out transactions.
However, a cashless society is unlikely to become a
reality for the next few generations.

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