Cash or Card payment: Which one getting famous in current world?

The study aims to find out the acceptability of card and cash payment around the world considering different economic areas. It analyzes the pros and cons of card and cash payment methods, the effect of e-commerce, and the thinking of general people about both payment methods. The study also discusses the possibility of card and cash payment around the world.

Research Project

Table of Contents
Title of the Study.............................................................................................................................1
Chapter 1: Introduction....................................................................................................................1
1.1. Cash and card payment concept......................................................................................1
1.2. Importance of concept of payment system by cash and card..........................................2
1.3. Rationale and importance of the Research......................................................................3
1.4. Research Aim and objectives..........................................................................................3
1.5. Research Questions.........................................................................................................4
1.6. Structure of the Dissertation............................................................................................5
Chapter 2: Literature Review...........................................................................................................7
Idea about the future of these two types payment..................................................................7
Pros and cons of card and cash payment method...................................................................7
Analyse the effect of e-commerce..........................................................................................8
Benefit and risk of using technology in economy..................................................................9
Thinking of general people about both payment methods.....................................................9
Chapter 3: Research Methodology...................................................................................................9
Chapter 4: Pros, Cons & future of Cash payment............................................................................9
Chapter 5: Pros, Cons & future of Card Payment............................................................................9
Chapter 6: Possibility of Card & Cash payment around the world..................................................9
Chapter 7: Conclusion......................................................................................................................9
Chapter 8: Personal reflection..........................................................................................................9
References........................................................................................................................................9
References......................................................................................................................................10

Title of the Study
Cash or Card payment: Which one getting famous in current world?
Chapter 1: Introduction
1.1. Cash and card payment concept
The dissertation topic mainly initiated to find out the acceptability of card and cash
payment around the world considering different economic area, therefore, payment systems and
remittances mainly presents the foundations of financial sector stability and financial inclusion.
Thus, the aspect of payment systems basically supports financial stability by decreasing systemic
and settlement risks, acting as firewall to avoid contagion of losses, facilitating effective and
efficient liquidity assessment or via the suitable transmission of monetary policy and norms. In
addition to this, the payment systems are also recognised as the critical enabler of financial
inclusion. Transactions accounts mainly allows individual – including the “unbanked” – to create
and receive payments in a cost-effective manner. Payment systems also encourage economic and
financial growth: developments in the national payments system which leads to savings for the
overall economy, while financial markets mainly gaining significance through the suitable post-
trade processing and the safe custody of securities. However, the emergence of digital tools and
technologies has transform the way of conducting business and also alter the payment system to
developing the operational ability of the business. Digital advancement has created a wide and
effective evolutionary growth within the finance, economics, operational cost and the developed
business performance. The development of the e-commerce and the digital advancement has
made a new financial requirement and thus the electronic payment system has appeared that is
quickly replacing a cash payment system. An electronic payment method can be defined as the
paying for products and services over the internet. It mainly involves all the financial operations
by applying the electronic devices likewise computers, smartphones and the tablets. In the
modern and recent business era, individual are seeking for using card system to making payment
then using cash facilities. Therefore, credit cards are recognised as the most efficient and
convenient and secure method as compared to carrying cash. As long as an individual is making
payment or paying any sort of bill then a credit card is termed as the logical and desirable
alternative to cash for in individual purchase and necessary tool for making online transaction.
Credit cards and debit cards are defined as the most popular and effective choice globally for the
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online purchases, although their market share has been dented within the current time through
eWallets. Different studies have initiated that, the requirement for more convenient options of
paying as for example around 17 percent of UK based buyers are relay over the availability of
the assorted finance options as the most essential aspect with around 36 percent admitting they
would shop again at retailer offering it. In addition to this, the retailers are also recognising the
significance of card payment like developed customer’s loyalty and repeat purchase developed
basket conversations or the sales uplifts of up to 30 percent through executing the buyers finance.
However, the study contains that, in the modern rea, the integration of digital advancement has
transform the way of conducting business and live life, thus, card method is more effective than
using cash payments as this provides suitable safety and security of the payment and easily made
by people with using any of payment method or mobile applications.
1.2. Importance of concept of payment system by cash and card
Payments system vary across the world as each and every one use appropriate mode for
doing any kind of transaction. According to the current days, the system of card payment getting
more popular in developing country including UK. Basically, the transaction of money starts
with coin and in the 7th century first note was come on the market. As, note are more popular,
common and easy to accessible as compare to coin. In 1950, America is one of the prime
location wherein card payment is introduced and implement. This is because of digitalisation as
it the card payment system becoming more popular and day by day the no of card payment user
increased. When talk about previous year, In UK around 51% transaction were made by card.
Mainly, this type of payment is popular in only developed countries. On the other hand, due to
trust and lack of technology people are not liking or accepting the car payment system in
different countries like Nigeria, Brazil, Bangladesh. Furthermore, developing countries are
mainly relying on method of card payment that also provide opportunities to developing
countries by making their economic condition more strong. In addition to this, as per Bank of
England, more than 45000 cash machines are provided for free services because more people are
use cash payment because they think that mode of cash payment is more beneficial as compare to
card. Apart from this, current scenario of pandemic situation of Covid-19 changes the way of
payment and also put significant impact over the economic system. Due to this situation, various
shops stop cash payment method and also deny for taking cash payment. At the same time also
influence customers to switch from cash payment to card payment. This is the major reason that
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both card and cash payment is more popular and interesting aspects that provide proper
understanding over the same.
1.3. Rationale and importance of the Research
The potential rationale of executing the study based on the aspect of finding out the
acceptability of card and cash payment around the world considering different economic area, is
that, it is the most concerned area of study, now days, as individual and businesses in each
segment are concern over analysing that Cash or Card payment which one is getting famous in
current era. The study is effective in enhancing idea and recognition in relation to the aspect of
using cash and card payment method or analysing which one is the most suitable and applied
sources in the modern era. The study helps in enhancing wider knowledge base in relation to the
aspect of using card facility rather than implementing the cash payment method. The study is
effective for the business and individual in analysing the most efficient payment method which is
widely considered by the different economies. The another intention of executing the research is
the personal interest of the researcher, as the investigator wants to enhance own knowledge and
skills in relation to the chosen study area. However, the study is effective in providing subjective
knowledge in the chosen study area and academic knowledge like data collection ability, time
assessment, use of methodology and so on. Thus the enhanced knowledge and ability helps an
individual to developing personal and professional skills which aid value in attempting the future
studies and projects in more liable manner. The personal knowledge would be effective in
gaining effective academic records and the professional knowledge of data collection, time
assessment will be creating benefit in developing the future projects in more efficient manner.
1.4. Research Aim and objectives
An investigation aim expresses the potential intention or an aspiration of the investigation
study; it mainly summarises within a single sentence, which states what an individual or
researcher hop to attain at the end of the investigation project. This is the most important area of
an investigation which helps in providing a predetermined statement over that the entire study is
based. Therefore, the key aim of this research is “To find out the acceptability of card and cash
payment around the world considering different economic area”.
Research Objectives
The investigation objectives are mainly determined as the aspect that, what an investigator
expect to attain through the study. However, these are mainly expressed in a lay manner and are
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effectively assisted as much to the investigator s to the client. In addition to this, the research
objective is mainly termed as the clear, concise, declarative statement that renders assistance to
investigate the variables. Generally, the investigation objectives are concern over the path to
analyse the variables likewise to identify or describe them. The effective objectives of the
present study based on the aspect of find out the acceptability of card and cash payment around
the world considering different economic area, are effectively evaluated as under. Thus, the
selection of objectives is mainly encompassing over the aim of the study.
 To get an idea about the future of these two types payment.
 To find out the pros and cons of card and cash payment method.
 To analyse the effect of e-commerce.
 To discuss the benefit and risk of using technology in economy.
 To know the thinking of general people about both payment methods.
1.5. Research Questions
An investigation question is defining as the question which an investigation project sets out
to answer. Selecting the suitable investigation question is an important aspect of both qualitative
and quantitative study. A research is effectively needed information accumulation and evaluation
or the methodology for this will vary effectively. This is the another important aspect of
investigation as it is widely relay over research aim and objectives as the suitable questions of
this study, that incorporates over the specified aim and objectives are associated as under:
 What is the idea about the future of these two types payment?
 What are the pros and cons of card and cash payment method?
 What is the effect of e-commerce?
 What are the benefit and risk of using technology in economy?
 What are thinking of general people about both payment method?
1.6. Structure of the Dissertation
An investigation structure is mainly an outline of the investigation and an investigator
expected to render the investigation structure towards the end of the introduction chapter in the
dissertation. This section of investigation is effective in explaining the procedure and addresses
the issue of the investigation philosophy. This is the most important aspect of the study as it
supports the entire investigation via providing systematic evaluation over the chapters that are
involved in the dissertation and helps the researcher to aid the study in right manner to create
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significant results. In the present study based on the aspect of analysing the acceptability of card
and cash payment around the world considering different economic area, suitable assessment of
dissertation structure will help in systematic executing the study in right manner. The suitable
chapters that are involved in the study are associated as under:
Chapter 1: Introduction
This is the fundamental area of an investigation as it renders a suitable and in-depth
evaluation in relation to the aspect of investigation area. The first chapter of the dissertation
mainly provides general concept of Cash or Card payment: Which one getting famous in current
world, therefore, the study provides suitable background regarding the major considered aspect
from these two methods. This section also states the rationale of executing the present study and
the aim and objectives of the research over which the investigation is based.
Chapter 2: Literature Review
This is the another important area of the investigation as it aids support to the investigator in
increasing recognition in relation to the specified area of investigation with the integration of
secondary sources like journals, books, articles and so on. This chapter mainly illustrates the
literature over the aspect of Cash or Card payment: Which one getting famous in current world,
therefore, the subject mainly devotes idea about the future of these two types payment, the pros
and cons of card and cash payment method, the effect of e-commerce, the benefit and risk of
using technology in economy, the thinking of general people about both payment methods. This
section of investigation is effective in developing in-depth understanding in relation to the
chosen study area.
Chapter 3: Research Methodology
This termed as the another most important area of an investigation as it helps the entire
investigation in providing the suitable assistance to aiding the study in right manner. This section
of investigation involves assorted methodologies like research philosophy, research approach,
research strategy, research choice, data collection tools, ethical consideration and the limitations
of the study. The suitable selection of methodology is important to assisting the entire study in
right manner to generating the suitable results.
Chapter 4: Pros, Cons & future of Cash payment
This is the most important area of this dissertation as it aids value in developing detailed
analysis in relation to the advantages and disadvantage pf cash payment and the future of cash
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payment method in the globe. Therefore, this section is mainly effective in developing
descriptive understanding in relation to the aspect of cash payment.
Chapter 5: Pros, Cons & future of Card Payment
This termed as the another effective area of investigation as it provides suitable analysis
in relation to the area of analysing the benefits and challenges of card payment method and also
stating the future of card payment method in the world. However, this aspect of study is very
much efficient in developing detailed study about the aspect of card payment method and how
this will support in future to the economic development of the country.
Chapter 6: Possibility of Card & Cash payment around the world
This is the another important area of investigation for current study which comprises of a
discussion about the possibility of payments through card and cash around the world. It has been
analysed and seen that the Cards are the most considered sources for making payments in the
Americas with more than 50 percent of the market share within each country of region, but
beyond cards preferences diverge. The actual competitive organisational environment has
opened doors for the new and effective opportunities within the market. Thus, the pay later
solution has attained an effective popularity through eliminating the requirement for the credit
card.
Chapter 7: Conclusion
This is the last but not least area of investigation study, as it helps the investigator in
achievement of research aim and objectives in effective and efficient manner. In this section of
research suitable analysis has been rendered over the aspect of analysing the aspect of Cash or
Card payment: Which one getting famous in current world. Therefore, the study initiated that,
card payment is the most considered method which is widely implementing by the different
economies in the world, as this aid value for the countries in making easy transaction and
developing the economic stability.
Chapter 8: Personal reflection
This is also a vital part of any investigation which comprises of information about the
personal experience and learning of researcher while performing and undertaking a research and
investigation. Personal reflection basically comprises of the use of, and evaluation of, personal
experiences and values to demonstrate analysis and interpretation of data in the context of the
research focus.
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Chapter 2: Literature Review
This is considered as an important section in entire research because it provides theoretical
knowledge about the topic of cash and card payment system. Basically, it is referring to the
procedure of collecting in-depth data from different published data that assist researcher in
understanding the concept of particular area on which research is based. Along with this, it is
also providing overview of previous published data over a specific area of interest that assist in
gathering relevant data and information (Liu, Luo and Zhang, 2021). With the assistance of this,
researcher can easily draw a valid conclusion and make overall research more reliable and
authentic in nature. Mainly, it includes various methods or ways through which researcher have
collect data from books, journals, articles, magazines and many more. All these are assist
investigator to provide justify results at the end of the study.
Idea about the future of these two types payment
According to the viewpoint of Hsieh, (2021) the payment industry is dynamic and keeps on
constantly changing. Nowadays consumers are more leverage towards digital options that lead to
significant rise in card payments. There is a significant emerging trend seen in card payment
methods. It has been evaluated that there is a significant shift from physical to electronic
payments which is ever expanding and replacing cash. In this modern era the trend of card
payment is significantly increasing due to the revolution of digitalization. Along with this it has
been underlined that due to contactless payment options cards are replacing cash payment in
order to promote easy payment options to consumers. Furthermore, it has been identified that
after the emergence of covid-19 number of companies and business operators are offering
cashless payment options to the users. This indicates the significant increase in the use of card
payments as comparatively to cash payment options. In addition to this according to the artificial
Intelligence and Crypto and Blockchain it has been stated that there is significant long-term
future of the credit card which will dominate the world in upcoming years in future. Card
payment will fundamentally transform the manage of accumulation inflow and outflow of
values. Along with it has been evaluated that card payment options are significantly emerging in
most of the part of the world in order to promote contactless transaction facilities. In addition to
this, due to the evolving customer habit and the significant development of new technology there
is an indication that card payment is going to witness a significant increase in usage across the
world which will even surpass cash payment in the future. According to the above-mentioned
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analysis it has been identified that there is a significant and positive future of card payment
method will be seen in upcoming years which even increase in a broader aspect to the outbreak
of covid-19.
It has been evaluated that technology is making revolutionization in money and payment
method due to the advancements in technology and increase in the use of digital payment
method. There is significant enhancement in the utilisation of card payment method around the
world. It has been evaluated that the outbreak of pandemic like covid-19 also enhance the use of
card payment method around the globe. This states the demand for cash payment method in
future. In addition to this it has been evaluated that there is a significant inclined of individual
towards cashless society as they undertaker advantage of card payment method rather than cash a
number of aspects. According to the above-mentioned analysis it has been identified that future
of cash payment method is somehow uncertain due to the significant advancements in the use of
technology around the globe. This form of payment method is offering number of facilities and
advantages in number of manners that allow them to conduct the transaction in a easy and
flexible manner.
Pros and cons of card and cash payment method
According to Garrouch, (2021) in the modern or digitalisation has transformed the way of
conducting business or living life as people are very much concern using digital tool and
technologies in their day to day life as well as implementing the efficient technologies their
business operations for improvising the abilities for attaining growth. In this regards, payment
system is also varying and also providing different style or form for any kind of transection. As it
can be in cash and card as well. Basically, payment might be referring to the one word but at the
same time it includes various or multiple forms. When talk about the term of payment, as it is an
action of paying but it includes various ways in which action can take by people as per different
mode of payment. As per the digitalisation and development of internet, in the first half of the
90s the pioneer online payment services has started and operated as well. Mainly, development
of card payment is closely related with the online commerce and also improved day by day
because of advanced and digital technologies (Pandian and Duraisingh, 2021). In this, online
payment is one of the effective and more suited to customers’ requirements as compare to
traditional payment system. As per current scenario, there are different mode of payment like
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online banking, debit and credit card. For better understanding, there are various advantage and
drawback of using cash and card payment system which can be understood by following points:
Pros of Cash payment method:
No security breach:
The major advantage of cash payment method is no security breaches, as by paying cash
individual can protect their money as well as personal information from security breaches. It has
been identified that if an individual pay by cash, then there is no way of leaking personal
information as it is not involved details. Thus, it has been identified that cash payment is having
major advantage in terms of no security breach.
No hidden fees:
There are some forms of hidden charges which is included and later get detected if an individual
gives online payment method (Fleck and Ozlanski, 2021). In this the biggest benefit of paying
with cash is that in this there is no form of additional charges that will deduct. It has been
evaluated that by paying with cash method eliminate any form of extra fees.
Cons of Cash payment method:
Limited record keeping
The major disadvantage of cash payment is that in this there is no automatic record
keeping which restrict individual to track their expenses. As comparatively to card payment
individual can track transaction as it automatically recorded in the banking database. It allows
customers to see every single transaction that has been done by them. While in terms of cash
payment it has been evaluated that in this person have to keep manual record Keeping and are
also required to maintain budget.
Pros of Card payment method:
Easy to track expenses
It is one of the most efficient advantage of card payment method as card payment allow
person to track expenses according to their will. Card payment is an effective option which is
emerging nowadays and easy to track expenses is the biggest advantage of card payment method.
With the help of taking advantage of card payment methods person can record each purchase that
has been done by them on their monthly card statement. With the help of this they can not only
determine but can also track their purchases as well as spending. In addition to this it has been
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evaluated that person can also take advantage of the record of expenses for tax purpose and other
form of financial transactions.
Attractive discounts
Now adays number of organisations are offering attractive discounts on card payment
method to grab a greater number of consumers (Moriuchi, 2021). Furthermore, it has been
underlying that card payment method eliminate third party expense that provide organisation a
significant advantage in terms of eliminating any form of additional charges and provide actual
price to customers. This will help both consumers and organisation to get maximum number of
advantages.
Convenience
The major advantage of card payment method is convenience as in this individual can
have easy process of money transaction as card payment is a digital payment method in which
individual does not need to carry cash, check or to withdraw money at ATM (Islam, 2021).
Along with it has been underlined that card payment method can be accessed anywhere and
anytime.
EMI facility
It is also one of the most attractive advantage of card payment method as nowadays easy
EMI facility is enhancing the effectiveness of this payment method. With the help of taking
advantage of card payment method organisation and consumers can have the advantage of EMI
facilities as if customer is looking forward to purchase a product and they are having facility of
EMI facility to avail the product. While if an organisation looking forward to make payment to
suppliers, then with the help of EMI facility that can provide them payment accordingly.
Cons of Card payment method:
Security concerns:
The major disadvantage of card payment method is associated to security concern as it
requires personal information of the user and other form of detail (Sintonen, 2021). Furthermore,
it has been identified that cards payment method includes additional charge high, interest rate
that will increase additional burden on consumers.
Hidden costs:
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Hidden cost is also the major disadvantage of card payment as this payment option appears
to be straight forward and simple but there are a number of hidden charges that can duly increase
the overall expenses. It has been identified that some of the cards are also having number of fees
and taxes such as late payment fees, renewal fees, joining fees and processing fees. Along with
the this loss of card will also towards penalty and late payment which negatively impact upon
users.
Thus according to the above mentioned analysis, it has been evaluated that both cash and
card payment method are having some certain form of benefits and disadvantages associated to
them. It has been underlined that with the help of taking advantage of card payment method
users can track expensive and can avail attractive discounts along with easy convenience and
EMI facilities. While in term with cash payment method it has been evaluated no hidden charges
and security breaches are some of the advantages. Thus, individual or user can undertake
advantage of any form of payment method by focusing upon on these factors and as per
according to their convenience.
Analyse the effect of e-commerce
As per the view of Abeyrathna, (2021) Ecommerce is considering as an important method for
directing business over the internet. As, it is also a major and biggest part of economy that is
crucial for business in order to sell their products and services to its users by using online mode.
Basically, it is included as an ability to reach more and more customers as compare to traditional
way. Thus, it is sated that E-commerce play a crucial role in business and economy as well
because it directly facilitated to the movement of goods and services from suppliers to customers
as well. In the era of internet development, e-commerce will directly affect the economic
condition and at the same time also impact over the productivity and inflation. When talk about
economy and entire aspect day to day activities, the use of internet is continuously increased that
provide assistance to business and general people in improvise their daily activities or transaction
as well. Along with this, e-commerce and online shopping in various countries are attaining
remarkable growth in market place. One of the main advantage of E-commerce is to provide
more secure purchase transactions via internet and also together with the validation of credit card
transactions. In relation to this, there are some positive effects of ecommerce within the
economic aspects:
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 Access for 24 Hours: In case, people are preferring to buy products from online store then
they are spending low operating costs as also get quality services. This is the reason that
ecommerce is more popular and easier to use (Shy, 2021). Along with this, more and
more customers are also attracted towards the online shopping because of new and
attractive deals and coupons. As, the availability of online stores are more effective and
beneficial for both business and individual as well because it provides a path and
platform wherein people are easily order their required products and services to satisfy
their needs. Online price gets reduced: Online transaction play a significant role in managing
customers’ requirements as it may assist in providing positive experience. If people buy
products from then they set their product price and get specific goods. It may assist them
in buying appropriate products that they actually want to satisfy their needs. This is one
of the major reason that e-commerce is beneficial for people that put positive impact over
the economic aspects by providing better services as per customer’s demand. In case,
people are receiving what they actually want then they also ready to pay more for more
quality. It will assist in improving economic condition of specific country. Global market place: It is the major effect of e-commerce as it offers consumers from
around the globe an opportunity to buy services and product on a single platform.
Furthermore, it has been evaluated that organisation can also attract number of consumers
and can provide the services and products to consumers without making consume visit
physically (Lew and Atan, 2021). E-Commerce significant impact in terms of easy
accessibility through which customers can effectively fulfil their needs and demands
among various choices. It is a significant impact of e-commerce in which organisation
and customers have easy accessibility to fulfil their need. Easy to compare prices: E-commerce platform provides a significant opportunity to
customers through which they can make comparison among price in an easy manner. It is
a significant effect of e-commerce that allow customers to compare product prices of
different companies in terms of quantity, quality and the services that company is
providing. With help easy compare ability e-commerce is significantly enhancing its
scope. It has been underlined that in e-commerce platform consumers are having option
to evaluate different type of specification when they are buying their products. This
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provides a significant opportunity for organisation to attract customers with the help of
different strategies such as easy return and exchange. E-Commerce platform is
significantly having effect on high competitiveness among organisation within an
industry. Return of goods: It is the major effect of e-commerce in which consumers are having
opportunity to return their products. However, it has been underlined that sometime
customer falls into problematic situation in terms of returning their products due to
uncertainty is related to payment or other options. In addition, it has been evaluated that
comparatively to E-Commerce platform consumers face flexibility in returning to their
products on offline store. In this it is essential for companies on e-commerce platform to
make sure that they have facility of return of goods.
According to the above-mentioned analysis it has been identified that E-Commerce is playing
significant method that allow organisation to promote and offer their products and services to
customers with the help of internet. E-commerce is one of the biggest and leading part of
economy in which consumers have option to buy products and services with the help of online
and offline payment mode. E-commerce is playing an essential role in enhancing business
economy as it allows them to attract number of customers in a well-defined and effective
manner. There is a significant effect of e-commerce such as access of 24 hours global
marketplace, easy to compare price and more. In addition to this it has been underlined that E-
Commerce is having significant impact on society as it is achieving remarkable growth and offer
more facilities to customers (Liu and Dewitte, 2021). It has been evaluated that with the rapid
development of transaction facility consumers are having versatile shopping experience and are
having an opportunity to purchase from different sellers. It has been underlined that e-commerce
is having significant effect in terms of high profitability growth and development for
organisation. Along with this e-commerce platform is providing numerous forms of opportunities
for development for both consumers and sellers on simultaneous basis.
Benefit and risk of using technology in economy
According to the viewpoint of Rehman Khan, (2021) emerging technology is having a
significant benefit in economy in terms of rapid increase in growth and development. According
to the most of the economists it has been identified that technological innovation is the key driver
of economic growth and human wellbeing. Technology brings innovation within an economy
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that helps in increasing productivity and make citizens to improve their overall standard of
living. In addition to this it has been underlined that technology has greatly impacted economy
from agriculture to international trade to manufacturing to corporate business and more.
Significant advancement in technology economy around the world is significantly increasing.
Furthermore, it has been evaluated that technology encompasses wide scale of tools and
knowledge that helps in making increase in economy. Technology progress plays important role
for economic growth as well as development. Along with this, it has been determined that
advancement of technology is leading towards improvement of local and global economy in
more effective manner.
Benefits of using technology in economy
Contribution to GDP growth:
Technology significantly helps in contributing gross domestic production growth of many
nations around the world. In addition to this it has been evaluated that technology is playing
significant part in every industry through which business organisations make advancements in
their production, services and further offer them to large-scale of consumers around the world.
By taking advantage of technological innovations business organisations and others sectors
within a country gain market share and keep up with their production (Upadhyay, 2021). It helps
in a significant contribution to gross domestic growth of a country. It has been underlined that
the major benefit of technology in economy is contribution to GDP growth that allow a country
to maintain competitiveness in international market segment.
Increasing efficiency and mobility:
The other major benefit of technology in Economy is the manner in which technology is
helping in making increase in productivity and efficiency across industry. With help of
technology in manufacturing organisations are significantly taking opportunity to maximize their
output with significant technology advancements. In addition to this it has been underlined that
mobility has also been significantly impacted by technology. Internet which is an important part
of technology allow employees to work from remote locations which is the major advantage of
technology in economy. It has been identified that increase in efficiency and mobility is a
significant benefit of technology in economy that keeps on continuing the work irrespective of
many challenges such as dynamic and other.
Improving communication and collaboration:
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There is significant use of Technology there is an efficient improvement in communication
and collaboration in international trade and other areas of economics. Technology eases
communication and collaboration across the geographical distance as well as time zones. It has
to underlined that business or organisations with offices in different countries can effectively
meet with their colleagues as well as customers with help of video conferencing software
(Podolchak, Bilyk and Khim, 2021). Thus, it has been identified that technology benefits in
economy by making significant improvement in collaboration and communication that keeps
business organisation to perform their function while assuring growth and development
irrespective of geographical location.
Thus, according to the above-mentioned analysis it has been identified that technology is
having a number of benefits in economics in terms of contribution to GDP growth, increase in
efficiency and mobility, improvement in communication and collaboration and more (Meng,
2021). With the help of technology many business organisations around the world are taking
advantage of seamless way of doing their business operations which not only helps them to
perform their activities in an effective manner but also allow them to satisfy customers. It
indicates that, technology plays essential role in economy of a country in a well-defined and
effective manner
Risk of using technology in economy
Losing in jobs:
Number of business organisations and other aspects in economy are taking advantage of
technology in order to increase productivity and profitability in limited period of time. This is
causing halt in in employment level, as it has been identified that organisations and take use of
hardware, machinery and other form of software in order to perform their business activities.
This is leading towards many workers losing their job. In addition to this attachment identified
that utilisation of technology is also making workers to lose their skills. It has been underlined
that the major risk of technology in economy is the losing of job as most of the organisation are
dependent on technology to perform that business operations as comparatively to humans.
Full dependency on technology for day-to-day operations
Nowadays business of organisations is fully dependent on technology in order to perform
their business operations. This is the major risk of technology in economy which is not only
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impacting human contribution but also increases the risk of bringing halt into operation when
technology goes down (Nezhnikova, Larionov and Smirnova, 2021). Thus, as per the analysis it
has been underlined that it is the other risk of taking use of technology in economy is fully
dependence on technology by business organisation in order to conduct a business operation.
Moving faster than regulation can catch up:
Technology is moving faster and changes every month to month, this makes regulation
laws and government to keep up with the advancements which is creating the issue, as when
issue arise due to technology reason then there are no guidelines on the manner to proceed from
a legal or regulatory standpoint. It is also the major risk of taking extensive use of technology in
economy as it keeps on dynamically changing on constant rate that makes government other
statutory bodies to catch up with the same.
Thus, according to the above-mentioned analysis, it has been identified that there are some
certain forms of risk of taking advantage of technology like losing in job, moving faster than
regulation that make them to catch up, full dependence on technology for day-to-day operations
and more. The overall analysis states that technology is having number of benefits and risk in
economy. However, it is essential for business organisation to emphasize upon all the factors and
undertake use of technology in order to assure or long-term business growth and development.
Thinking of general people about both payment methods
As per the view point of both cash and card payments plays important role in the payment
system. However, in terms of general thinking of people it has been identified that nowadays
most individual or users are inclined towards digital or card payment method, as it is not only
providing them flexibility and ease but also protect them from many issues. In addition to this
according to the viewpoint of general public it has been identified that they think that card
payment method allows them to track their expenses in a well-defined and effective manner
through which they track and maintain that balance of budget. Accordingly, this they also think
that card payment method is a seamless transaction way that allow them to undertake advantage
of different type of benefits such as EMI, attractive discounts, cashback offers and more.
However, cash payment method is also being adopted in large sector where technology is not
getting prevailing. According to the above-mentioned analysis it has been identified that both the
form of payment method is being adopted by general public. However, there is less use of cash
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payment method due do the number of issues like covid-19 and more, as it is one of the most
effective way through which they can undertake the use of contactless payment method. Thus, it
has been identified that nowadays general public think that card payment method is suitable and
provide them easiness in their transactions. This form of payment method is also increasing due
to the advancement in technology and the outbreak of covid-19.
Chapter 3: Research Methodology
Chapter 4: Pros, Cons & future of Cash payment
Chapter 5: Pros, Cons & future of Card Payment
Chapter 6: Possibility of Card & Cash payment around the world
Chapter 7: Conclusion
Chapter 8: Personal reflection
References
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