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

Assistant Professor

Walter Wimberly is an Assistant Professor at a regional college in Tennessee, teaching Computer Science in the Software Engineering track. He works as a student advisor, oversees curriculum changes, develops new courses, and manages the advisory panel.
Walter taught full time for about 7 years, before going back into “industry” as a full stack Software Developer for a dozen years. There he focused on web based projects coding in JavaScript/jQuery and utilizing the Bootstrap CSS Framework on the front-end, and coding in PHP, ASP/ASP.Net, SQL on the back-end.

Since he loves teaching, he taught as an adjunct web and digital media classes for eight (8) years, while working in industry, and has since returned to teaching full time.

He has been married for over 25 years, and is father to several special needs boys. As such, he is working on some projects to help others who have special needs to be self-sufficient, and support the care givers of those with special needs. Check out his Autism blog for more info.

Similar Posts

Military Tech – Stealth & Speed

ByWalter Wimberly

One of the tech areas that the military likes to focus on is survivability. That is making sure their troops, planes, ships, tanks, and even munitions can survive encounters with the enemy. Understand that different countries take different approached based upon preferred tactics, technology know how, manufacturing capabilities, etc. Some countries are even better at…

2 Comments

  1. Pingback: What is a Cashless Society? - Access 2 Learn
  2. Pingback: Disadvantages of a Cashless Society - Access 2 Learn

Comments are closed.