Vocabulary  

1. Quarantine: 

 2. Embracing:

 3. Transactions: 

 4. Detect (fraud): 

 5. Budget (verb): 

 6. Marginalised: 

 7. Transitioning:

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.1 __. 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. 2 __. Mobile
payments are even more secure. As well as that, all your transactions are logged,
making record-keeping far simpler. 3 __. 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 __. 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 __. 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 __.
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.

1. Fill in the gap with the sentences that best fits the context.