Advantages of a Cashless Society

A cashless society is where people rely more on electronic forms of payment, such as credit cards, debit cards, and mobile payments, rather than using cash. Seeing how many people already have mobile phones, and credit and/or debit cards, this might seem to make sense to move people to.

This requires people to have access to technology which would allow them to access their

If we do, there are several advantages we can all experience:

• Convenience/time saving
• Reduced costs and risks for businesses (fewer counterfeit bills to deal with)
• Faster and easier transactions
• Less crime and corruption
• Better money management and tax compliance
• Easier currency exchange
• More equal and accessible exchange of value

Why we need to shift toward a cashless world | World Economic Forum (weforum.org)
Who Benefits from a Cashless Society? Know to Grow – Digital Mahbub

Much of the idea in time savings is that people don’t have to count cash. In theory, it’s faster to swipe a card, assuming it is quick to approve.

The other major advantage, and why a lot of governments support it, is it makes finding and collecting (sales) taxes easier and harder to hide money by paying someone “under the table”. Technically, you are supposed to report sales made at a yard sale to the government, but how many people do this? With a cashless society, every dollar you spend could be tracked.

Many people will say that it will make access to money easier, and easier to save money, especially for low-income people. However, socio-economics will prove this false. It also won’t make it cheaper without government intervention. So this can be cheaper in countries where the government owns and/or controls the banking industry.

The few places we’ve seen it implemented, has either the government also controlling the banks, and/or a strong government control over their citizens. Failure to have one, or preferable both, of these, will make implementation take longer.

Advantages of a Cashless Society was originally found on Access 2 Learn