Scribd
Upload
6 views5 pages

HOVSEP

The document discusses the shift towards a cashless economy accelerated by the Covid-19 pandemic, highlighting the benefits of electronic payments such as security and ease of tracking transactions. However, it also notes that cash remains important for certain demographics, particularly during economic hardships, and warns against marginalizing those who rely on cash. The document emphasizes the need for a balanced approach that accommodates both cash and electronic payment methods.

Uploaded by

karalyok
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
6 views5 pages

HOVSEP

The document discusses the shift towards a cashless economy accelerated by the Covid-19 pandemic, highlighting the benefits of electronic payments such as security and ease of tracking transactions. However, it also notes that cash remains important for certain demographics, particularly during economic hardships, and warns against marginalizing those who rely on cash. The document emphasizes the need for a balanced approach that accommodates both cash and electronic payment methods.

Uploaded by

karalyok
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Do we really need cash anymore?

When the Covid-19 pandemic spread around the globe, many banks took
action. The Federal Reserve began to quarantine money, while in some
regions of China, banknotes were taken away and disinfected. At the same
time, banks encouraged the public to avoid using cash and make electronic
payments where possible.

The public responded positively. In the UK, the number of contactless


payments increased by 36% between 2020 and 2021.

Today, many people are embracing the cashless economy. After all, it comes
with many advantages. For a start, it’s safer, as cash is easily stolen. Credit
and debit cards are too, but it’s possible to trace payments and cancel the
cards.

Mobile payments are even more secure. As well as that, all your transactions
are logged, making record-keeping far simpler. 3 Banks, businesses and
governments are also keen to make the transition.

Cashless transactions make it easier for them to collect data, identify


economic trends and detect fraud.

However, it seems as if we are just not ready to say goodbye to cash for good.
Recent data shows that cash has made a comeback since the cost of living
started to rise steeply. 4 That’s not unusual since people tend to prefer having
paper money at hand when times are hard.

It was the case during USA’s Great Depression and in Iceland during the
Credit Crunch of 2008. Using notes and coins helps people budget, whereas,
with electronic payments, it’s harder to keep track of where your money is
going.

Even if cash payments do not vanish entirely, our economies are transitioning
to become far less reliant on cash than they once were. And while switching to
electronic payments is simple and convenient for many people, this isn’t true
for everyone. 5 There are concerns about those who rely on cash, such as the
homeless, the undocumented or the elderly.

An increasing number of stores have stopped accepting cash payments


altogether, meaning that such people may become more marginalised.
Moreover, alongside the decline in cash usage, the number of ATMs and local
banks has dropped significantly. 6 This makes access to cash increasingly
hard for those who depend on it.
Despite the popularity of electronic transactions, it’s clear that they won’t
become the sole transaction method, at least in the near future. And as
companies rush towards finding ever more convenient transaction methods,
it’s important not to abandon those who prefer to pay in the traditional way.

Take the reading test


Page 1 of 6

1 Gap 1

a.Credit and debit cards are too, but it’s possible to trace payments and
cancel the cards.

b.At the same time, banks encouraged the public to avoid using cash and
make electronic payments where possible.

c.This makes access to cash increasingly hard for those who depend on it.

d.Banks, businesses and governments are also keen to make the transition.

e.That’s not unusual since people tend to prefer having paper money at hand
when times are hard.

f.The most cash-friendly societies in the world, China and Sweden, utilise
innovative ways to make quick, simple payments.

g.There are concerns about those who rely on cash, such as the homeless,
the undocumented or the elderly.
Teenage Social Media Millionaires

Many kids dream of becoming millionaires before they’re twenty, but few
realise their dreams. Some do, however. Harnessing new technology, their
ideas become thriving multi-million-dollar businesses that inspire others. Let’s
see how some of them did it.

Dominic McVey

Dominic became a millionaire at the age of 13 due to a simple misspelling. He


had been searching on the internet for information about Visa credit cards but
mistakenly spelt it Viza. This took him to the website of an American company
that sold scooters. Dominic had always wanted a scooter but couldn’t afford
one. So he contacted the site and offered to sell their scooters in the UK. The
company gave him a deal: if he could sell five scooters, he would get one free.
He scraped the money together, ordered the five scooters and sold them
easily. After that, demand for scooters went up, and before long, he was
selling thousands per week. He was later honoured by the queen as a young
entrepreneur.

Maddie Bradshaw

10-year old Maddie wanted to decorate her school locker but couldn’t find
exactly what she wanted in the stores. So instead, she came up with her own
idea. She had recently been given 50 bottle caps by her uncle, who had an old
Coke machine that didn’t work. She decorated these, added magnets to the
back, and soon the handy, attractive magnets on her locker were attracting
attention from all over the school. Her ideas didn’t stop there, though. With
help from her mother and a few hundred dollars’ investment, she converted
her bottle-cap idea into jewellery. At the age of 12, she created ‘Snap-cap’
necklaces with exchangeable magnetic pendants and add-ons, allowing girls
to make custom designs that reflected their personalities. She made her first
million when she was 13.

Nick D’Aloisio

15-year-old Nick was struggling with the amount of news on the internet.
Despite his intention to keep up-to-date with current affairs, there just seemed
no end to the stream of information. So he came up with ‘Trimit’, an app that
compressed news articles into short summaries. Trimit was pretty basic, and
summaries were mostly gibberish. However, the app attracted the attention of
a Hong Kong investment company, which gave Nick $300,000 to develop his
idea. He improved the app and re-launched it under the name ‘Summly’. This
version was very successful and later sold to Yahoo! for 30 million dollars.
Now Nick runs a team of programmers who work on algorithms and language
processing intricacies while he focuses on design.

Sean Belnick

As a young teenager, Sean made money by selling Pokemon cards and


mowing lawns. But he also had an eye for business and paid curious attention
to his stepfather’s work as a manufacturer’s representative for office furniture.
He noticed that customers generally had no need for face to face contact with
suppliers, so he invested $500, learned HTML programming and created a
website from which he sold mid-price office chairs. He sourced these directly
from the manufacturer and stored them in his bedroom. His timing was
perfect, as his business launched when companies were looking to cut costs.
Sean, a millionaire by the age of 16, continues to work with his stepfather in a
partnership that brings together experience gained over time and youthful,
fresh ideas. Their company has won an award for its efforts to reduce energy
consumption and carbon dioxide emissions.

1. Although his/her first product didn’t function adequately, it was noticed and
admired.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

2.An odd gift inspired this person to come up with his/her idea.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

3.This person’s product enabled him and other people to save time.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

4.This person’s business involved importing products.


a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick
5.This person’s artistic designs and products became popular among his/her
peers.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

6.This person's product allowed people to skip a step in the shopping


process.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

7.This person started selling in order to acquire something he/she wanted.


a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

8.This person’s business has been recognised for minimising environmental


damage.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

9.This person’s business took advantage of the fact that people like to express
their individuality.
a.Dominic McVey
b.Maddie Bradshaw
c.Nick D’Aloisio
d.Sean Belnick

You might also like