Cashless Society: A Boon or Bane

Humans are progressing at an unanticipated pace, and on a daily basis, we are encountering with those realities which were just imaginations before. Landlines, television, airplanes, etc., came to be a big surprise for our grandparents and mobile phones, the internet, video call, etc., to our parents. But who would have thought in their wildest of dreams that one day we will use money without money.

Who would have thought that pressing some buttons on VeriFone Terminal VX520 CTLS will get our bills done with lightning speed? Revolution to more significant terminals such as VX680 GPRS and then to the world’s smallest VX675 GPRS terminal has made our transactions an unforeseen fantasy. The new era of a cashless society has begun in its full-fledged version now. But is it really so good?

Here are some pros and cons of a cashless society:

PROS:

An Increased Pace of Life

No one can deny the fact that long queues in banks and payment section of malls were a thorn in the flesh of everyone. In this fast moving world, no one has got the time to stand in long lines for paying bills or getting money withdrawn from banks. Thanks to the electronic transaction technology, that now these lines are rarely witnessed. The superfast speed of transactions has saved many hours to people. All thanks to digital and electronic transactions.

Mitigation of Illegal Activities

The world knows the fact that all the illicit payments are done in cash so as to keep them under cover. May it be terror funding, black money transfer or money laundering, every such activity needs bundles of cash to be transferred. A cashless scenario will definitely abate such activities as online transactions are always under scan.

An Anti-Theft Technology

Going cashless made our money safer. Carrying cash is always risky because of theft issues. Electronically generated cards are safer to carry as they can be cancelled in case of theft.

Made Life Much Convenient

Going cashless has made lives much easier than before

• We can pay anywhere, anytime. We can pay bills and transfer money at the convenience of our home.

• Emergency situations are easily dealt with cashless technology. We don’t need to run to banks anymore.

• Security of our money has been increased as these transactions are encrypted and recorded.

• These transactions are saved, thus now no one can deny any transaction, thus preventing frauds.

• Economy paced up with cashless technology as due to convenient merchandising, money flow has increased.

CONS

A Kind of Racism

The dream of getting a completely cashless society might sound amazingly developing, but are we that developed? Still, more than 50% population is out of the reach of smartphones and net technology. So, how are they going to come up with this new trend? Moreover, illiterates, unbankers and those, who are not in the state to understand technology, still occupy a greater segment of the society. So, getting completely cashless is a kind of discrimination to them.

Situation Dependency

Howsoever good cashless transactions may be, but still, they are technology based. And technology can ditch you any time. They all work on machines and machines quite obviously can function wrong or can go totally off. In this situation, a cashless society will come to a halt, which can never be a problem with a cash transaction. Howsoever convenient the devices like VeriFone Terminal VX520 CTLS, VX680 GPRS,VX675 GPRS, etc. maybe, they still are prone to malfunctioning and damage.

From both situations what we can conclude is that a cashless society is a very beneficial step. But completely depending on technology and mitigating the power of cash can go against us. It’s good to use technology for our convenience, but the power of cash should be retained.