Do you know that Sweden is the most cashless society in the world today, with just 32
ATM’s in operation per 100 000 people and with more than 98% of its citizens owning a
debit or credit card? It is one of the top countries for contactless mobile payments and some
studies suggest that physical cash could be eradicated from its economy by 2024. A cashless
society might sound like something out of science fiction in our country, but we are already
in a way. It consists of Touch n Go, Apple Pay and Boost. All these examples of cashless
applications have been used nowadays to improve the digital world. However, some people,
especially elders, might think that cashless society will make their life more difficult but in
our opinion we agree with the statement that a cashless society is a boon in this era because
cashless society is more convenient in our life, crime prevention and easier to use when we
travel abroad.
First of all, one of the primary benefits for the growing number of cashless societies is
convenience. In contrast to credit cards or mobile ewallets, cash runs the limit to face-to-face
transactions and places a cap on our buying power. We are not required to bring a count of
cash or make change for doing transactions and allow us to buy whatever and whenever we
want without withdrawing any cash at the bank. As long as we have a credit card or
smartphone, we have instantaneous access to all our cash holding. Besides that, there also
some retail stores encourage customers to use e-wallets and give a code to get a discount for
e-wallet users. For instance, Touch and Go (TNG) e-wallet users can get credit when they
reload their e-wallet at any 7-Eleven outlet nationwide. Overall, cashless society gives an
advantage for the users to make quick transactions (Morgan, 2023).
Furthermore, a cashless society can prevent crime. Cashless payments are much safer
compared to cash payments. For instance, when customers pay with cash, there is a risk that
it'll be lost or stolen. There is also a considerable risk of counterfeit notes. Cashless payments
offer greater security because the transactions are recorded and can be easily traced.
Moreover, it can help law enforcement as well to detect criminal behaviour because most
forms of cashless payments leave a digital record of when and where a purchase was made
and what was purchased because it can track the movement of criminal suspect and protect
against loss or theft of cash ( Walden University, 2023) Hence, it can be easier to track
spending when all transactions are made electronically. When proper security measures are in
place, electronic transactions can actually be more secure than those made with cash. Overall,
going cashless can offer a number of advantages in terms of safety and security.
Last but not least, the other benefits of a cashless society is that it becomes useful when
we travel abroad. As we know, travelling abroad means we need to exchange money at banks
or at currency exchange but with a cashless society, we don’t need to worry anymore because
the banks will take care of the matter for us. For instance, whenever we visit a foreign
country, we will buy something such as clothes of small gift for our family members and
friends, so it is way easier for us when we are using cashless payment as we don’t need to
bring cash because we can just make transactions directly from cashless payment apps such
as e-wallet, samsung pay, net pay and Alipay according to the currency exchange rate. In
addition, cashless payment systems make cross-border payments easier by facilitating
automatic currency conversion, reducing fees, and increasing speed, security, and
accessibility. Overall, cashless societies are more convenient as we can use it from anywhere
with a good internet connection.
In conclusion, a cashless society is indeed a boon in this era. The numerous advantages it
offers, such as convenience, efficiency, and safety that make it a desirable option for
individuals and businesses alike. The ability to make transactions seamlessly through digital
platforms eliminates the need for physical cash and reduces the risk of theft or loss.
Additionally, the ease of tracking and managing finances digitally enhances financial
transparency and accountability. Furthermore, a cashless society promotes financial inclusion
by providing access to banking services for the unbanked population. Overall, with the rapid
advancements in technology and the increasing acceptance of digital payment methods,
transitioning towards a cashless society is a progressive step that can greatly benefit
individuals, businesses, and the whole economy.
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References
Morgan, K. (2023). A cashless society . Retrieved September 23,2023,from
[Link]
Walden University. (2023). Should we become cashless [Link]
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