Have you observed how it always showcases that whatever you do be it good or bad equals a downfall of another industry or personnel as the case may be. humans can seem very funny because they operate at both ends. It has been the reason why the world system is like this; misunderstandings and disagreements. Add greed as a spices and it goes a long way bad. There are lots of things that could be resolved overnight but it continues to survive every civilization; that's humans for you, probably a group of persons are benefiting.
I talked about part of it in my earlier article, how it shows fiats papernotes will linger around for a while. It has been a form of good business for those professionals that love doing ‘the professional unprofessional thing’. It also led to other dealings that will still cause papernotes fiat to still remain usable in the economy; at national state to be more precise.
It is ALL about fees; who loves paying charges? I think nobody enjoys all those extra charges. This is one of those things to consider why papernotes still have some hedge. I don't know how it is happening in other parts of the world but in my country, a lot of small transactions are digitally rejected.
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For instance, boarding a bus; those bus drivers and tricycle riders are not after you transfer, pay it cash. I know, it looks so unprofessional, it all boils down to how the internal economy is being run.
money selling has become one of those prioritized businesses. Adding to that VATs are not that convenient either. You should know citizens; ‘what are the government using our oil money to do that they still come back to charge us?’. We go again, that question of ‘who is right and who is wrong’. Let's not delve too far into that.
Getting back to the atop, if minimal figures transaction does not fly in the digital space then there will still continue to be some delays when it comes to a future of ‘all digital transactions’. Seriously, I am not seeing this happening even in the Next 5 decades, don't count me to be siloed or outdated in thinking. As I earlier said, you are dealing with humans who will go a long way to defend any industry that is favoring whether legal or illegal.
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Anyway, digitalized payment would have been to the advantage of the government and betterment of national economies in the long run. First, they get to know how much everyone holds in his account (something that may not be favorable to them in person anyway. I talked about money embezzlement in my earlier article) and secondly, they get their daily due transactions fees; consider how much they would be making if all local transactions went with a percentage charge. What a way to run professional taxing.
But the government are not businessmen who get to love summing up smaller figures to make sense over time. I guess this is why they overlook the opportunity. Localized markets are rejecting digital payments and small entrepreneurs even the town are not after small digital transactions. It looks more like a loss. For instance, if I boarded a tricycle and paid him N200 in transfer, it means the withdrawal will be at a loss of N50 to N100 depending. So to offset fees, transportation has been a business of physical cash.
To conclude, let me add, a lot of loopholes still remains to be addressed when it comes to the issues of future means of payments. Yes, the digital space seems very flexible and worth adapting. Nevertheless, we have to see how fees will blend in especially in national economies where transaction fees get to swallow up smaller figures payments. Till then, we keep doing digital with those that prefer digital and paper notes with those that prefer the old ways.