The prospect of a cashless society is more real now than ever, regardless of whether you want it or not. While it is true a society without cash could prove to be problematic in some ways, it could also bring about a lot of positive and convenient changes. Here we discuss several ways a cashless society could change your life.
Many businesses and companies still rely on counting cash manually, which can be a tedious process. In a cashless society, this system can be redefined. Technology possesses processing speed that humans simply cannot match. While it might take several hours for a person to count a company’s weekly earnings, a computer could calculate the total in minutes if not seconds. With the time saved, that employee can dedicate time elsewhere that will prove to be beneficial to the business. This time-saving aspect does not solely apply to businesses and companies either. Many people have to file their own tax returns – especially those who are self-employed.
In a cashless society, you could have a firm record of every ingoing and outgoing expenditure that can be totalled up with ease. This is particularly beneficial when you consider paying with cash could result in inaccurate figures. With a record of all ingoing and outgoing transactions, people will be able to manage their finances and accounts with more efficiency.
Another benefit of a cashless society is that it will provide people with more accessibility. When purchasing foreign goods, the pricing is often presented in that country’s national currency. In a cashless society, the equivalent in your national currency will already be determined in real time. For example, if you are purchasing a pair of trainers from the USA, the pricing might be listed in USD as well as GBP.
Customers in the UK will then be able to buy US goods with ease – they will not need to be in the US nor work out the relevant currency conversion. This isn’t limited to the UK and USA either. Goods can be purchased worldwide from China to Australia. In this sense, a cashless society helps unite the world globally as opposed to being limited to purchasing goods sold in customers’ country of origin.
Cash can be stolen
People who carry around large amounts of cash are at risk of being targeted by thieves and criminals. If you are planning to go on a big shopping spree, you are safer purchasing your items through a credit or debit card. This is because cash is easily stolen or lost – and it can be difficult to reclaim the money. It is true that there is an ever-growing number of fraud and theft cases with online banking too – however, these incidents are easily disputed. Furthermore, providing you have adequate security on your accounts, it is more difficult for a hacker to obtain access online than it is for a pickpocket to steal physical cash.
A cashless society does not guarantee your funds are safe, but neither does one with cash. If your card has been stolen and the thief embarks on their own shopping spree, there will be CCTV in effect that can prove it was not you who spent the money. If they stole your cash, there is no record of you not having spent that money. Alongside this, if you know your card has been stolen, it is easy to cancel the card through your service provider to prevent the thief from causing major damage to your bank account.
It costs a lot of money to print physical bank notes and mint coins. It also requires a lot of electricity and energy power to facilitate the printing of money. In a cashless society, this issue is null and void. Institutions that print money can be slowly removed from society, thereby reducing the amount of wastage which ultimately harms the environment.
Countering counterfeit money
There is another lingering issue with a cash-driven society in that bank notes can be counterfeited. This can cause a variety of issues such as having false notes circulating in the economy and driving up inflation. Through demonetisation, this issue can be alleviated. Electronic payments have a firm record of all ingoing and outgoing transactions, which will allow governments the ability to trace all transactions to spot fraudulent behavior. This doesn’t just benefit you – it benefits the world. A cashless society is coming one way or another
A cashless society seems closer now than ever, and it seems like it is coming one way or another. It presents tangible convenience when you can simply scan your card to purchase your weekly shopping, and it can help reduce physical cash theft and bring more accessibility. A cashless society at present does not necessarily mean cash will be eliminated altogether – it will take some time before the transition is complete. However, a cashless society offers benefits that can change your life for the better.