The pros and cons to moving to a cashless society

Disadvantages of a Cash Free World

What Does a Zero-Cash World Look Like?

Benefits of cashless society

No cash management

paper trails

less crime

There will be no paper and coins

international
payments

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The transactions to a drug trade or illegal trasactions

Technology problem

Inequality

Hacking

fees

Privacy

Finacial crimes will dry up & hard to hide income from govenment

we have more money in our devices and theres no need to take out money from the bank just do transactions

There's no need for money changer because it's in your device

negative interests

Overspending

When you use visible money, you can see how much you've spend, but when you use electronic payment, you can forget that you've spend a lot of money.

The organization of the electronic payment can see our data and information

Glitches and Malfunction can leave you penniless

The rich and wealthy people might have a great time using electronic payments,but the poor people that doesn't have cellphones or other devices for electronic payment will have a harder time.

Dropping the interest rate is typically a move to stimulate an economy, but the result is that money loses purchasing power.

Payment processors may just cash in on the high volumes, eliminating the savings that should come from less cash handling.

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India

Sweden

It's not uncommon to see signs that say " No cash accepted in swedish shop, and some banks no longer handle cash.

The Indian government banned 500 and 1,000 rupee notes in November of 2016 in an effort to penalize criminals and those working in the informal economy.

Hackers can rob and take your money by hacking our electronic payment app.