Cashless Society
How do you feel about the idea of our society becoming cashless? Many government agencies and large financial institutions have been driving the move toward a cashless world. Let’s examine the pros and cons of a cashless society.
I will start by talking about the advantages of a cashless society. Firstly, digital convenience. People with the technological ability to benefit from a cashless society will likely find it more convenient. With your card or phone, you have instant access to all your cash. Secondly, lower crime rates. This is because digital transactions can be traced later, so there is no actual money to steal or launder, and no way of avoiding taxes. Thirdly, reducing management costs. Printing bills and minting coins costs money.
On the other hand, there are also drawbacks. I will mention three disadvantages. Firstly, privacy issues. In a cashless society, your private data may be exposed. The more information you have floating around online, the more likely it is to fall into the wrong hands. Secondly, hacking risks. The banks are frequently targeted by cybercriminals. Hackers thrive in cashless societies. Thirdly, economic inequality. A cashless society would cause significant difficulties for the poor. Those who cannot afford smartphones will be left behind.
So, there are both merits and demerits in the cashless society. Which would you prefer? A cashless society or a cash society?
How do you feel about the idea of our society becoming cashless? Many government agencies and large financial institutions have been driving the move toward a cashless world. Let’s examine the pros and cons of a cashless society.
I will start by talking about the advantages of a cashless society. Firstly, digital convenience. People with the technological ability to benefit from a cashless society will likely find it more convenient. With your card or phone, you have instant access to all your cash. Secondly, lower crime rates. This is because digital transactions can be traced later, so there is no actual money to steal or launder, and no way of avoiding taxes. Thirdly, reducing management costs. Printing bills and minting coins costs money.
On the other hand, there are also drawbacks. I will mention three disadvantages. Firstly, privacy issues. In a cashless society, your private data may be exposed. The more information you have floating around online, the more likely it is to fall into the wrong hands. Secondly, hacking risks. The banks are frequently targeted by cybercriminals. Hackers thrive in cashless societies. Thirdly, economic inequality. A cashless society would cause significant difficulties for the poor. Those who cannot afford smartphones will be left behind.
So, there are both merits and demerits in the cashless society. Which would you prefer? A cashless society or a cash society?