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.