As the use of digital payments and electronic money becomes increasingly widespread in various spheres of our lives including shopping, workplace and money transfers, the vision of a cashless society with the abolition of all physical cash is closer to realization than it ever was. The advantage of using digital payments is obvious – they’re fast, convenient and far more secured than carrying bundles of cash. Nevertheless, as promising and beneficial as this idea appears to be, the complete disappearance of physical cash will entail a number of rather serious problems; hence, governments are in duty-bound to actively encourage digital transactions rather than totally doing away with paper money.
In effect, digital payments, apart from a slew of conveniences, offer a variety of positive features. Firstly, no person would have to worry about carrying hefty bags of money around. Money can be transferred instantly from one account to another.
All bills can be paid on-line, purchases can be done easily without carrying wallets full of physical money.
Businesses could also experience fewer accounting problems as well as lower risk of misrepresentation. Furthermore, since every digital transaction leaves an account record, it’s much harder for those involved in robberies, counterfeiting and money laundering schemes.
Despite all these advantages of electronic money, one cannot overlook the drawbacks of a cashless society. After all, not everyone is well-versed with smart technologies, not everybody has an access to the Internet or a bank account, so what is the status of the old folks, people from low income families and those in the remotest corners of the country? What happens if you encounter a failure of your device or the entire payment system, or perhaps if your account is hacked or the mobile network temporarily down – it could simply turn out you’re stranded with no means of making a transaction. Besides, a reliance on only digital transactions poses privacy concerns, as any purchase might be monitored and logged by financial organizations.
Had I lived in a purely cashless country, I am quite certain I would’ve considerably eased up on the carrying of cash – all payments and purchases would then require merely a couple of taps on my phone! But of course, there’s always the aspect of system glitches and the occasional outage of internet connection, or the chance of me losing my digital wallet which, quite naturally, would be disastrous. Also I like having the liberty to chose whether I make the transaction using my card, money or simply by showing my passbook.
To put it briefly, electronic money is no doubt an important component of our contemporary lives, offering a plethora of beneficial attributes. Yet, the abolition of physical cash is, I do believe, a path not meant for mankind. A gradual, deliberate shift to cashless would benefit greatly from a cautious yet prudent approach to ensure progress benefits everyone rather than simply increasing everyone’s options for payment, while taking away some of them entirely.
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