Lesson 27 Cashless Society

Lesson 27 – Cashless Society

Lesson 27. Cashless Society

Learning

ObjectivesAfter this lesson, students will be able to:

Lesson Objectives 2

1. Identify the stages of money evolution.2. Asses the aspects of the various modes of payment3. Discuss the types of cashless payments.4. Restate pros and cons of going cashless.5. Judge situations when cashless is better or worse.6. Recognize defining and non-defining clauses.7. Define money-related vocabulary through context clues.8. Choose the consonant sound present in majority of the words and

pronounce them properly.

Warm Up 3

Watch the video, summarize and state the main points.Listening 27.1

The Evolution of Money - YouTube


https://www.youtube.com/watch?v=TNjNaULISGs

Introduction 4

Where did money come from?

Evolution of Money is probably one of the biggest invention in human history.The money was not invented but it evolved with passage of time according tothe changing requirements of economies. It is not a result of brain stormingof some economist rather there is a long process of evolution since start ofcivilization to this modern complicated credit system.

Source: 6 Stages of History And Evolution of Money – Notes Read


https://notesread.com/evolution-of-money/

Keen Observation 5

Asses the following aspects about the various modes of payment.

Payment Method

Convenience Control Security Costs SpeedPractice

Percentage(1-100%)

Bartering

Cash

Credit Card

Cheques

Online payments

Mobile Payments


Vocabulary Building 6

Types of Cashless PaymentsMatch and give examples for each. How familiar are you with these? Refer to the source.

A. Banking cardsB. Unstructured

Supplementary Service Data (USSD)

C. Mobile walletD.QR ( Quick

Response) CodesE. Contactless

paymentsF. ECS (Electronic

clearance service)G.Gift Cards or

vouchersH.PoS terminals

1 2 3 4

5 6 7 8

Source: https://www.digipay.guru/blog/towards-a-cashless-society-major-benefits/


https://www.digipay.guru/blog/towards-a-cashless-society-major-benefits/

▪ Lower Crime Rates▪ Automatic Paper Trails▪ Cash Management Costs Money▪ International Payments Become Much Easier

Reading Exercise 7

Read the rest of the article by clicking the source below.

Source:The Pros and Cons of Moving to a Cashless Society (thebalance.com)

The Pros and Cons of Moving to a Cashless SocietyDiscuss the vocabularies below:

launder anonymously

evade muggers

instantaneous innocent mistakes

run out merchants

dry up penniless

downsides cash in

wind up interest

▪ Digital Transactions Sacrifice Privacy▪ Cashless Transactions Are Exposed to Hacking Risks▪ Technology Problems Could Impact Your Access to Funds▪ Economic Inequality Could Become Exacerbated ▪ Payment Providers Could Charge Fees▪ The Temptation to Overspend May Increase▪ Negative Interest Rates Could Be Passed Onto Customers

THE PROS

THE CONS


https://www.thebalance.com/pros-and-cons-of-moving-to-a-cashless-society-4160702

Reading Comprehension 8

Answer the questions below.

Discussion Points1. Why does carrying cash make you an easy target for criminals?

2. What makes money easier to launder for criminals?3. How is moving money around and protecting large

sums of cash thought to be?4. True or False: • When you travel, you don’t need to exchange your

dollars for local currency.• Electronic payments are private enough as cash

payments.• Cash allows you to spend money and receive

funds anonymously.3. Discuss how the poor population will be affected

by this change.4. Explain how going cashless may have the

tendency to overspend.5. Which countries have gone cashless?

Better when Cashless

Worse when Cashless

Tips

Hacking

Banking

Getting Discounts

Debt

Business

Discrimination

Transportation

Internet traffic

Is cash better than cashless for these things? Why?


Listening Exercise

Listening 27.2

Supply the correct word/s asked in the parentheses.

Bitcoin: digital crypto-currency

1. Well, crypto is a (1 word) meaning (3 words) – it comes from the word(1 word) which means (3 words) to understand.

2. First, it’s not (3 words) or banks, which means that it’s not (2 words).3. Exactly. Governments (2 words) it as an (2 words), although it acts (3 words). You can

use it to (4 words) who will accept it, and its (2 words).4. There are (3 words) to get (1 word). You (3 words) from someone, or you

(2 words).5. A (2 words), a (2 words) where the (1 word) will be a month from now, (2 words)

18,000 dollars. That means that (2 words) Bitcoin, which started the year(2 words) 1000 dollars will continue to (3 words), (1 word) at a slower rate.

6. Yes. But he also (1 word) that the banks have a lot of (1 word).

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Grammar Chunk 10

Relative Clauses: Defining and Non-Defining

We use defining relative clauses to give essential information about someone or something – information that we need in order to understand what or who is being referred to

We use non-defining relative clauses to give extra information about the person or thing. It is not necessary information. We don’t need it to understand who or what is being referred to.

Spoken English:In defining relative clauses we often use that instead of who, whom or which. This is very common in informal speaking.

Spoken English:In speaking, we often pause at the beginning and end of the clause.Ex. “And this woman – who I’d never met before – came up and spoke to me.”

Punctuation:In writing, we don’t use commas in defining relative clauses:Ex. This is a man who takes his responsibilities seriously.Not: This is a man, who takes his responsibilities seriously.

Punctuation:In writing, we use commas around non-defining relative clauses:Ex. Etheridge, who is English-born with Irish parents, replaces Neil Francis, whose injury forced him to withdraw last week.

Defining vs Non-defining

They should give the money to somebody who they think needs the

treatment most.

Doctors use the testing kit for regular screening for lung and stomach

cancers, which account for 70% of cancers treated in the western world.

Examples:


More details: Relative clauses: defining and non-defining - English Grammar Today - Cambridge Dictionary

https://dictionary.cambridge.org/us/grammar/british-grammar/relative-clauses-defining-and-non-defining

Application 11

Determine whether the following sentences contain a defining or non-defining clause. Discuss your answer.

1. Money, which a lot of people want, is the root of all evil.2. A Banking card which allows the holder to purchase goods or services on credit is called a credit card.3. A country that is called Sweden is now a cashless society.4. Sweden, which is now a cashless society, makes us think about what life is like without cash.5. Cash, which has been found to be less likely to transmit disease, has a possibility to be abolished in the near

future.6. Cashless systems can be problematic for people who currently rely on cash.7. Cashless systems eliminate storage of cash as a means to escape nominal negative interest rates, which are

used to fight deflation by discouraging savings.8. 2008 is the year when the trend of cash being no longer required as withdrawals and deposits were

possible (in limited amounts) through machines.9. PayPal is an electronic commerce company that facilitates payments between parties through online funds

transfers.10. Bartering which is thought to be the oldest form of commerce is still practiced by people in some parts of

the globe.


Useful Expressions 12

A lack of money, typically due to spending more money than is being earned.A cash flow problemEx: After years of unaddressed cash flow problems, the company went bankrupt.

paying for something in cash money, not in checks or credit cardHard CashEx: I am going to pay for my new car in hard cash.

To waste or squander money; to spend money foolishly or carelessly.Pour money down the drainEx: Don't buy any more of that low-quality merchandise. That's just throwing money down the drain.

more than average, above normal, more than the face value of a bond or stock or currencyAbove parEx: The currency was selling above par at the small exchange shop.

Discuss and use the idioms in your own sentences.


Speaking Drill 13

Express Yourself1. Think of things you’ve bought in the past week. Why did you buy them? How did you pay for

them?2. What does the expression ‘Money doesn’t grow on trees?’ mean? When do people say it?3. Do you and your family have a weekly budget?4. Do you know the typical interest rate on your credit cards?5. Do you try to put aside savings? If so, how often? If not, why not?6. Do you feel that you know how to make investments?7. What impact does a pandemic do to our ways of purchasing goods?8. Do you think that cash is cumbersome? Why/why not?9. Do you prefer cash or digital payments? Why?10. Would you miss cash once it’s gone?11. To what extent has your country already gone cashless?12. Is it inevitable that cash will phase out?13. How can we make sure that there are no people left behind when we go completely cashless?


Pronunciation Exercise 14

Choose the odd one out. One word in each group does not have the same consonant sound as the other words. Identify the consonant sound.

church Chester such ridge

shape hiss push passion

German justice chicken postage

yacht university major you

gate pig germs great


The End

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Documents

Lesson 27 Cashless Society