As the years go by, we’re moving towards a world where cash has no value. New solutions are being brought up everyday and people are slowly adapting to the new ways. Over the years, transactions took a turn and went towards being cashless. Think about it, when was the last time you paid the bus driver with cash? Almost all countries require a bus card for public transport.
The disadvantages of using cash are many and if we manage to live in a world without it, then we’ll get better results.
Sweden is a great example of this change, almost 900 out of Sweden’s 1600 bank branches no longer accept cash deposits and cashless payments are becoming a daily routine. With the way things are going, the world will soon become a cashless society and all transactions will take place through transfer of digital information.
Currently, there are tons of methods to make cashless payments. The most popular being banking cards with big companies like MasterCard and Visa behind them. Another type is wallet apps, where people can store money to their mobile wallet and make transactions online.
These methods are convenient, safe, and secure. Instead of carrying cash with you everywhere, all you need is your phone and your banking cards.
So why is a cashless society necessary? Will it even benefit the majority of regular people? Let’s talk about the benefits.
Like we mentioned, the types listed above are safer. When you carry loads of money with you around the city, you are risking many factors. Not only is your life at risk in case a robbery occurs, but you can also be at risk for counterfeit money and transportation issues. Modern methods of payment have been designed for maximum security, meaning that if such risks were to occur, you have control of what happens next; cancel your card or lock your account. The only factor that you need to keep in mind is that you should share your information!
With just a few taps, you can transfer large amounts of money to other accounts. These transactions happen almost instantly and that saves you a lot of time. Many businesses have switched to payments without cash just for these reasons; speed and security. Such transactions will not only save you time, but they make room for less errors and more satisfaction.
Notice how the criminal always uses cash when being chased by cops? They do that so their payments are done without a trace, but this does not only apply to criminals. Corruption happens everywhere around the world, one of the reasons as to why it happens is that payments are not transparents and people can easily steal or take large amounts of money without a trace.
A cashless society means that each payment is recorded and each transaction is transparent. This lets you look back at your payments and allows for better payment tracking. The flow of money will be monitored and there would be a lot less room for theft and corruption, because every payment you make is recorded. Governments can easily track these transactions and make the right policies for the citizens based on the data they collect.
The transition may not be smooth, but is definitely necessary. A cashless society will benefit us all and will create a safer, secure and sustainable environment.