Being a cashless society is what most countries are heading to. Some of these countries support this transition as they believe it will make positive changes to the economy and people’s lives. However, the problem of its security has concerned some people and they shoe no encouragement to undertake this form of transaction. Personally, I would stand for the use of cashless transactions, the reasons will be outlined in this essay.
It is indisputable that governments and citizens can gain many benefits form undertaking transactions electronically, one social advantage is the difficulty of money laudering, tax evasion or funding illegal activities. Commonly, the illegal trade often takes place with cash in order to avoid any evidences or records. Nevertheless, in a non-cash world, this no longer happens as a paper trail will be left, so the authorities can track the transaction easily. This is also true for the case of tax evasion and money laudering. It will be impossible to evade paying taxes if source and application of funds can be checked and under control through financial records. Hence, digital payments not only improve the transpareny of the economy, but they also help reduce the crime rate.
There is no denying that on using cashless transactions, there is a lack of privacy and security. As a matter of fact, when transactional data is stored in servers, it increases the risks of unauthorized breaches by hackers. In addition, records stolen might be intentionally leaked and lead to many other problems. However, I believe that the benefits digital payments bring with oughtweigh the drawbacks. Furthermore, there’s no going back, we need to face the risks and deal with the difficulties to unlock the advantages.
In conclusion, I am totally in support of running transactions technogically rather than with cash. The world is experiencing a rapid and increasing use of digital methods of operating everything, and so should the trade.
Being a cashless society is what most countries are heading to.
Some
of these countries support this transition as they believe it will
make
positive
changes
to the economy and
people
’s
lives
.
However
, the problem of its security has concerned
some
people and
they shoe no encouragement to undertake this form of
transaction
.
Personally
, I would stand for the
use
of cashless
transactions
, the reasons will
be outlined
in this essay.
It is indisputable that
governments
and citizens can gain
many
benefits form undertaking
transactions
electronically
, one social advantage is the difficulty of money
laudering
, tax evasion or funding illegal activities.
Commonly
, the illegal trade
often
takes place with cash in order to avoid any evidences or records.
Nevertheless
, in a non-cash world, this no longer happens as a paper trail will be
left
,
so
the authorities can
track
the
transaction
easily
. This is
also
true for the case of tax evasion and money
laudering
. It will be impossible to evade paying taxes if source and application of funds can be
checked
and under control through financial records.
Hence
, digital payments not
only
improve
the
transpareny
of the economy,
but
they
also
help
reduce
the crime rate.
There is no denying that on using cashless
transactions
, there is a lack of privacy and security. As a matter of fact, when transactional data
is stored
in servers, it increases the
risks
of unauthorized breaches by hackers.
In addition
, records stolen might be
intentionally
leaked and lead to
many
other problems.
However
, I believe that the benefits digital payments bring with
oughtweigh
the drawbacks.
Furthermore
, there’s no going back, we need to face the
risks
and deal with the difficulties to unlock the advantages.
In conclusion
, I am
totally
in support of running
transactions
technogically
rather
than with cash. The world is experiencing a rapid and increasing
use
of digital methods of operating everything, and
so
should the trade.