Have you ever considered what would happen in a cashless society? I am not speaking of a “digital” cashless society but rather, a cashless society. The first question that comes to mind is, why is it necessary to go cashless? Why is it not possible to transact without cash?
Firstly, the term cashless is not self-explanatory. One might say that there are no bills as we know them and therefore, people have moved to debit cards or other credit cards.
This explanation does have merit in its own ways. What we do know is that a large number of transactions are still made in cash. It is a well known fact that if you wish to pay for something in cash, the merchant will not accept the electronic form of payment.
There are certain merchants who will accept the electronic form of payment. On the face of it, this may seem unproblematic but the question is, how can the electronic transaction possibly replace the need for cash. This type of cashless transaction is dangerous and could cause problems.
For example, let us suppose that you wish to pay for a product online but, the electronic payment is not working properly. This means that the payment cannot be made. The only way out is to go to the cashier and hand over the money which is very inconvenient and difficult for some people.
There is also the risk of having your money stolen if you hand over the money to the wrong person at a certain merchant. After all, we know that no one wants to lose their money so, it is best to go ahead and make the electronic payment.
If you have your own devices, you could be given a discount on the price of the goods. This is not a very good idea as these devices will have to be returned if they are damaged. Therefore, it is obvious that the situation would never change.
Secondly, there is a perception that cashless transactions have become commonplace due to the increased use of electronic payments. However, this argument could not be more wrong.
With the increasing use of electronic transactions, more people are going cashless. It is more convenient than using electronic payments because you do not have to carry around lots of cash and because there is always the fear of losing your money.
The problem with electronic payments is that it is not a reliable method for the safety of your money. Sometimes, the system could become compromised and it could take up to 24 hours for the transaction to be confirmed.
Electronic payments will not always work. Moreover, you might not get the money that you had hoped for.
With electronic transactions, there is a lot of hassle and there is also the risk of losing your money. Therefore, it is obvious that there has to be a better way out.