The shift towards a cashless society are increasingly plausible due to several factors. Technological advancements has become more sophisticated, secure, and user-friendly. Mobile payment apps, contactless cards, and digital wallets offer convenience that cash cannot matched. Electronic payments are generally faster and more efficiency for both consumers and businesses. They reduce the time spent on handling, counting, and transporting cash. Digital transactions provide better records for both individuals and businesses, simplifying accounting and reducing the risk of errors or fraud. Electronic payments reduce the risk of theft or loss associated with carrying cash. Many countries are already moving towards cashless societies. For example, Sweden and China have seen significant reductions in cash usage in favor of digital payments.
However, there are several reasons why some people might resist the transition to a completely cashless society. Cash transactions is anonymos, while digital payments can be tracked and monitored, raising concerns about privacy and data security. Not everyone has access to banking services or digital payment methods. This includes the unbanked or underbanked populations, elderly people, and those in remote areas with limited technological infrastructure. A cashless society relies heavily on technology, which can be vulnerable to outages, cyber-attacks, or technical failures. People may feel insecure about relying entirely on digital systems. Some individuals may lack the knowledge or comfort to use digital payment systems, preferring the familiarity of cash. For some, using cash helps manage and limit spending. The physical act of handling money can make people more aware of their expenses compared to abstract digital transactions.
While the shift towards a cashless society seems ievitable, the transition will need to be managed carefully to address these concerns and ensure inclusivity for all segments of the population.