Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question we might ask ourselves is what is a cashless society? What are the implications of living in a cashless world?
To begin with, a cashless society could be regarded as a world where all bills and debits are paid for with the use of electronic money ...view middle of the document...
This switch into the use of electronic cash or cashless society also brings the issues such as security, privacy, crime and computerization. One thing is certain and that is the fact that not all people would accept it (Arbeau, 2009). Like people will say “If you cannot beat them you join them.” Nevertheless, as financial institutions are implementing debit cards, internet banking, and credit cards, more people are beginning to accept it. In order for each and everyone us to benefit fully from this program or “cashless society,” we need to have basic idea about the pros and cons of cashless society.
The question of whether the world should become a cashless society is a tough question to answer and hard to boldly say yes or no. There are many issues associated with the world becoming a cashless society. It has both positive and negative implications. For people individually and collectively to accept a cashless society as a way to go, the positive benefits should outweigh negative benefits. Switching onto cashless society would mean that we will not be able to made immediate payment for goods purchase in the market. Another interesting reasons why shifting to a cashless society would be hard to accept are privacy, security, losing the liberty of cash, and the computerized society (Avusanjin1, 2009). However, accepting cashless society does help in reduction of cash related crime and monetary advantages.
What are the advantages of a cashless society? One of the advantages of a cashless society is that it helps in eradication of money laundering. People could easily carry cash around, go to casino, and gamble their life. The point here is that when the use of credit cards, debit cards and internet banking are fully institutionalized, people will hardly spend money illegally by disguising the true nature of money and abusing it (Arbeau, 2009). Having electronic cash would be a better way to track down and control high rate of gambling.
Another advantage of a cashless society is that it makes transaction effortless. One way this help is that the person making a purchase doesn’t have to be at a shopping mall in person to pay for goods that has been purchased. The risk and cost of travelling to make a purchase order country is reduced because those goods can easily be order online (CreditorWeb, 2009). The fear that cash mail through the post office will get lost or stolen is eliminated or reduces.
The use of credit cards, debit cards, and internet banking will completely eradicate the need of cash. For those who live in a country where crime rate is excessively high would not need to be troubled or anxious of be robbed. It further helps to reduce paper work. For example, storekeepers, importers and exporters, brokers etc can keep their clients record on their computer rather than having issue paper on regular purchase or transaction (Arbeau, 2009). However, to have efficient or best possible benefits of cashless society, the government will...