Please enable JavaScript.
Coggle requires JavaScript to display documents.
The pros and cons to moving to a cashless society (Benefits of cashless…
The pros and cons to moving to a cashless society
Disadvantages of a Cash Free World
Technology problem
Glitches and Malfunction can leave you penniless
Inequality
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.
Hacking
Hackers can rob and take your money by hacking our electronic payment app.
fees
Payment processors may just cash in on the high volumes, eliminating the savings that should come from less cash handling.
Privacy
The organization of the electronic payment can see our data and information
negative interests
Dropping the interest rate is typically a move to stimulate an economy, but the result is that money loses purchasing power.
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.
What Does a Zero-Cash World Look Like?
There will be no paper and coins
Benefits of cashless society
No cash management
we have more money in our devices and theres no need to take out money from the bank just do transactions
paper trails
Finacial crimes will dry up & hard to hide income from govenment
less crime
The transactions to a drug trade or illegal trasactions
international
payments
There's no need for money changer because it's in your device
India
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.
Sweden
It's not uncommon to see signs that say " No cash accepted in swedish shop, and some banks no longer handle cash.