A Cashless Society

In: Business and Management

Submitted By leznehr
Words 502
Pages 3
Many people today are using a mix of cash and online methods of payment. People are increasingly paying their bills through banks and using credit cards and other online transactions. In fact, sometimes some stores are becoming reluctant to accept cash. Does this mean that cash is about to disappear? Many people think so, but others maintain that notes and coins have too many advantages to disappear overnight. This essay will examine whether or not we are moving to a cashless society.

However, notes and coins have been around for thousands of years because of their many advantages. One outstanding characteristic of cash is that it is very fast. There is no waiting for the transaction to take place. Furthermore cash is a universal language. Illiterate people can use it, and the best currencies can be used anywhere in the world. A third point is that cash does not require a highly developed infrastructure to support it. There is no need for telephone lines, internet connections, credit card reader machines, or other devices in an economy that depends on paper notes. This makes cash a very practical solution in poorer countries, where the bulk of the world’s population lives. A big advantage of cash is that the spender is able to spend only as much as he or she has. Contrast this with credit cards, where the user may spend far more than he or she has, and can even end up in debt. Some people expect that we will soon pay for everything from a microchip embedded in our hand or in an ID card, but there are many people who oppose such concentration of information in one source, and who prefer the anonymity of cash transactions.

Despite being around for a relatively short time, credit cards, and other online transactions have become popular because they offer several advantages over cash. Electronic transactions can be tracked and analyzed, and this can help people to…...

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