As the economy grew stronger, cash payments could not meet the payment needs of the entire economy. Therefore, the application of cashless payment which is more convenient and safer, is what any country is interested in. I absolutely approve that a cashless society is advantageous to the progress of a nation.
To begin with, the first advantage is that crime rate and bank robbery will decline. It is simple to steal money with cash, whether the amount is large or small. Likewise, illegal transactions, like the drug trade, typically take place with cash so that the seller can be certain about getting paid. In addition, it costs money to print bills and coins. Besides, there is no management of cash. Businesses need to store the money, get more when they run out, and deposit cash when they have too much on hand. Most importantly, the currency exchange is uncomplicated. Take for example, whenever one visit a foreign country, they may need to purchase local currency. But it becomes easier if both nations can deal with digital payment. Rather than figure out another currency, your mobile device handles everything for you.
Nevertheless, there is no denying that using a credit card has some disadvantages. Electronic payments mean less privacy, you might have nothing to hide, but your payment information could turn up in ways that are impossible to predict. Hackers are the bank robbers of the electronic world. In a cashless society, the consequences are higher if somebody drains your account because you don’t have any alternative ways to spend. Moreover, the poor and unbanked will have an even harder time. They don’t have expensive devices for making payments, and those who operate in the informal economy would have no way to get paid or receive aid. However, there are more benefits than drawbacks.
Taking everything into consideration, from my point of view, being a cashless society is much possible as long as the progress is gradual and the infrastructure is sufficient. The government should be responsible for handling data and security for the sake of the citizens.
As the economy grew stronger,
cash
payments
could not
meet
the
payment
needs of the entire economy.
Therefore
, the application of cashless
payment
which is more convenient and safer, is what any country
is interested
in. I
absolutely
approve that a cashless society is advantageous to the progress of a nation.
To
begin
with, the
first
advantage is that crime rate and bank robbery will decline. It is simple to steal money with
cash
, whether the amount is large or
small
.
Likewise
, illegal transactions, like the drug trade,
typically
take place with
cash
so
that the seller can be certain about getting paid.
In addition
, it costs money to print bills and coins.
Besides
, there is no management of
cash
. Businesses need to store the money,
get
more when they run out, and deposit
cash
when they have too much on hand. Most
importantly
, the currency exchange
is uncomplicated
. Take
for example
, whenever one visit a foreign country, they may need to
purchase
local currency.
But
it becomes easier if both nations can deal with digital
payment
.
Rather
than figure out another currency, your mobile device
handles
everything for you.
Nevertheless
, there is no denying that using a credit card has
some
disadvantages. Electronic
payments
mean less privacy, you might have nothing to
hide
,
but
your
payment
information could turn up in ways that are impossible to predict. Hackers are the bank robbers of the electronic world. In a cashless society, the consequences are higher if somebody drains your account
because
you don’t have any alternative ways to spend.
Moreover
, the poor and
unbanked
will have an even harder time. They don’t have expensive devices for making
payments
, and those who operate in the informal economy would have no way to
get
paid or receive aid.
However
, there are more benefits than drawbacks.
Taking everything into consideration, from my point of view, being a cashless society is much possible as long as the progress is gradual and the infrastructure is sufficient. The
government
should be responsible for handling data and security for the sake of the citizens.