A cashless society is a state in economics where financial transactions are exchanged using digital currency rather than physical banknotes and coins.
This concept has been trending recently because of the rapid and and increasing use of digital methods to exchange transactions.
In this blog post, we will discuss the pros and cons of a cashless society.
Pros of a cashless society
The technology behind a digital wallet for a cashless society has the ability to shut it down if the owner feels that it may have fell into the wrong hands. Using biometrics for added security may also make it more protected.
2. Less crime
It will be much more difficult to counterfeit money as well as steal cash since transactions will be digital.
Being cashless eliminates the need to carry cash or plastic. It’s also more convenient to pay with a tap or swipe rather than waiting for people to pay during a point of sale.
By the way, Launch Forth is currently running an IoT Wallet Challenge that could help people manage their spendings. We’re giving away $1,000 to winners with the best idea!
Challenge ends November 13, 2017
Cons of a cashless society
Making the global population switch from cash and coins to digital may be more difficult at scale. Large numbers of population live in remote areas that lack even the necessities such as food and water. Making them switch to digital or having them rely on someone else will be inconvenient.
Also, if your device runs out of battery, you will be unable to purchase any goods.
This would probably be the main concern. Even with credit cards today, hackers are able to swipe information remotely and steal people’s financial and personal information. There will need to be tighter cybersecurity measures to keep a cashless society undisturbed.
Do you think a cashless society will be better or worse?