The pros and cons of going cashless

[qwertyup23]

PROS

• Hassle-free and convenient way of purchasing products for having digitalized transactions;
• Faster and has a lower rate of being exposed to theft due to its nature;
• Eliminates the need to bring cash which can bulky one's wallet; and
• It can potentially save you money

CONS

• Not everyone has the access to a cashless technology. One country may offer such service but other countries may be behind development;
• If cash is digitalized, there is always the risk of being hacked due to its nature; and
• It requires knowledge on both parties when transacting. Stores that cannot adapt will suffer significantly.

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[Eugenar]

Digital money has its advantages and so is physical cash. Digital currencies are the new innovation but are still under the progress of development. As long as issues regarding this cashless system is not yet resolved, cashless society would remain sketchy. At this moment, there are already services which are preferred to be cashless because transactions promote convenience but not all the time. There are delays and also, the fees are mostly high in general. I do not specifically refer to cryptos because it is not yet accepted to most of the countries. There are many digital currencies which exist at this moment, and most of those currencies are regulated by governments or are centralised. If digital currencies will be the future, the question now is 'which is which' - referring to that currency which will be more supportef someday.

[Yatsan]

At times like this specially we are currently in a pandemic where it is said that virus can be potentially spread through the usage of physical money, people will tend to see more of the pros or the positive impact that going cashless can do rather than seeing and realizing the bad sides of it. Well, it is true that going cashless can have both the pros and cons but the negative side could be managed and be resolved if you are going into a legitimate and reputable transaction.

PROS

• Hassle-free and convenient way of purchasing products for having digitalized transactions;
• Faster and has a lower rate of being exposed to theft due to its nature;
• Eliminates the need to bring cash which can bulky one's wallet; and
• It can potentially save you money

CONS

• Not everyone has the access to a cashless technology. One country may offer such service but other countries may be behind development;
• If cash is digitalized, there is always the risk of being hacked due to its nature; and
• It requires knowledge on both parties when transacting. Stores that cannot adapt will suffer significantly.

Those were all duly agreeable both for the pros and cons side and this must be known by many people to better weigh and know the benefits and disadvantages of getting into a cashless society. Getting cashless needs to provide wide adaptation beforehand so people can duly access and be adaptable on using such mode of payment. Once people are being reliant on such thing, surely merchants will adjust on the consumers want and adapt into a cashless basis. The possibility of getting hacked can be manageable just assure that you are doing a safe transaction with a reputable merchant and secure your device to avoid the possibility of getting hacked.

[jrrsparkles]

One swipe payment, just touch payment because we are that much become lazy because we even worried about counting the currencies on their hands.

Apart from sarcasm, the pros of going cashless is can avoid counterfeit currencies which is big problem on most of the countries and also illegal transactions can be reduced a lot because they can be traced down.

[Ozero]

Complete transaction records

This is what I don't like about cashless transactions--the main thing anyway.  I'm not talking about bitcoin here, because at least it's relatively anonymous.  But when you use your smartphone or debit/credit card to buy something, forget about it.  You bank, the government, and sometimes even hackers know what you purchased. 

I live in an area that tends to get very inclement weather from time to time, and the last power outage was last week.  Though it didn't last long, it was enough to cause my local convenience store to only accept cash for the duration of the outage.  And what happens if you don't keep any cash on you (like many people these days)?  You're screwed. 

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

Cash and non-cash payments have their advantages and disadvantages. First of all, it should be remembered that states will constantly try to track transactions in cryptocurrency and identify its owners. Therefore, more and more exchanges and exchangers are forcing us to undergo verification. In the future, new rules will constantly appear on the part of states for this purpose.
Cash may be the only means of payment that keeps us anonymous.
Also, cash is the easiest and fastest form of mutual settlements, especially when it comes to small household transactions.
 On the whole, states and a certain part of the population will be interested in keeping paper money as a means of payment, at least in a small amount.

[bitzizzix]

Digital money is easier and safer, and without the hassle of paying and returning the remaining payments that take a long time and are safe from real crime and there are still many advantages that can make it easier to use them safely and comfortably.
but it all depends on where you live because not all internet network access or related digital technology is equally available and there must be advantages and disadvantages.

[AniviaBtc]

That's why I hope the government doesn't have plans to eliminate cash entirely.  It's fine if people choose to not use it, but I think it should remain available as an option.

One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.

Not all countries do have that kind of technology and development. Some countries are still struggling on how they will cope up with the development economy and technologically.
Let's accept the fact that there are countries who have a good resources from the start, they have plenty of resources in their territory and now the took advantage of it to grow as a progressive country. Cashless transactions are really less likely to happen if people are used to make transactions in a traditional way.

Digital transactions are new, people are unable to go with the flow, some people are ignorant about that because not all of us do have the same status in life.

[Sanugarid]

Digital money is easier and safer, and without the hassle of paying and returning the remaining payments that take a long time and are safe from real crime and there are still many advantages that can make it easier to use them safely and comfortably.

The safety depends on every situation, remember that there is no safe system in the world even bitcoin's code can be cracked theoretically by a supercomputer. Digital money is easier to use and safe, indeed, but it is convenient to use compare to cash? the problem now is more with the convenient that it would cost you, if you buy an apple in a supermarket it is easier to hand a cash than scanning QR code. Digital payment is only convenient in huge transactions like hundred of thousands and millions, that's where the digital money is perfect to use.

but it all depends on where you live because not all internet network access or related digital technology is equally available and there must be advantages and disadvantages.

Good thing that the internet has most of the world now, even in some isolated places like in Africa, there are already internet there though it's not as fast as they got in US or Europe. This only means that we are adding the digital into our lives.

[erikoy]

Cashless is a good way of doing transaction, yes rhe listed above OP states are true and we could make things done here easily compared to the old ways of doing exchange by using the physical money.

But in my opinion, it would rather be good for letting the user to chose whether to use cashless or the physical money. For now, physical money is very useful in exchange to goods, products and services to small establishments because most of the clients are bringing with the physical money.

Not all are ready for a  cashless society so let everyone a choice in doing transaction whatever the comfort he will be made according to the payment option he will choses.

[NeuroticFish]

Cash will survive. Elderly people still don't trust and don't use cards in my country. There are plenty of remote areas where internet doesn't work well so the only way to pay is with cash. And in same areas sometimes the power goes down for days.

Of course cashless is easy, you don't have to carry the cash with you and you always know where you spent your money. And in most cases it's insured too. But again, if you want to add a tip you may need cash again.

And adding crypto into the equation.. may work in the big cities, but the rest of the world may need one more change of generations...

[panganib999]

The main thing that is concern of being a cons of getting cashless is always the issue about the threat of being hacked due to the reason the money will become digitalized which I think can be managed and be resolved by providing tight security features on the device not to be accessed by anyone and of course only doing transaction into trusted individuals and online stores and logging into a safe website to secure your account. Other thing is the accessibility of people in a certain place to go cashless for not all are capable of adapting and using digital money for they are being reliant on fiat money which can also be managed but would take time and a lot of effort to do such as having mass adaptation of using digital money to go cashless providing all individuals would be capable to adjust and adapt on using it. It would take years for sure to be able for that thing to happen but if that will be managed, I think every individuals can go cashless.

With the current pandemic we have faced and still currently been battling up to now, we have seen that there is an essential benefit that going cashless can provide since there is a potential spread of virus that can be gained for using physical money since it is a direct contact transaction with a certain individual. Going cashless is a futuristic idea that is really hard to be massively and widely implemented.

[FlightyPouch]

You may spend more

So much agree in this. With a lot of conviniences happening, you will tend to do transactions more often. But I don't think we should add this because this is a problem to people themselves and not in the system.

Data can be compromised

Online wallets should be really secure but I think as long as people find vulnerabilities they would be in risk of being compromised. This will all depend on how a company will create their wallet and how will they make it more secure.

[verita1]

In my country we are living with little cash. I practically live with cashless due to high inflation and less issuance of paper money.
What consequences does it cause us?
The circulation of other paper money such as the US dollar that not all of us are paid with that currency.
Incoherence in the prices of consumer goods.
What does it mean?
That goods and services paid for in cash or US dollars are cheaper than electronic money.
There is a madness of prices that disadvantages the poorest people.
From this perspective I could say that cash should exist or continue to circulate to protect those who cannot access electronic money.

[lienfaye]

Going cashless has a convenience especially to us who often deal online.

But we cant go full time for many reasons, one of that is not all people are familiar to the new technology or cant afford to buy a gadgets to use for online transactions.

We can use a cashless system to those who prefer it and fiat for people who used to it because its the traditional way for them to transact especially for small amount.

[Janation]

Electronic methods aren’t perfect

Every systems has its imperfections.

You can't add this to cons since this should be the description of the system. Every system has its imperfections, obviously, this will not be different. Even before we consider cryptocurrencies to be used, or if it will be, we should also consider these mobile wallets or these ATM cards that are already used by the people. The government are developing these cards to lessen frauds and those people being robbed of their cards.

[Gotumoot]

I also like the idea of being cashless society but there are also benefits on using cash.
It is true that online payments are good but it wouldn't be always good for everyone and cash is easier to use.
Just like in losing your cash you could also lose your phones or the gadget that you are using to pay online.

[shoreno]

Electronic methods aren’t perfect

Every systems has its imperfections.

You can't add this to cons since this should be the description of the system.

your right bro  .  on the times that we are living now , we cannot say that people outside are totally cashless  or dont use machines but they are ,  like for example when we are going to pay in the cashier  . they use electronics and those devices can get faulty too sometimes but not all times we use them because we can be able to use physical cash on small stores but on cryptos, small or big transactions . all of them are online  

[AicecreaME]

Going cashless has been pushed and widely talked about. There are a lot of things to consider for this one since like everything else, it has its advantages and disadvantages.

One of the advantages of being cashless is conveniency. You can put your money in a bank or cash applications and you can use it anytime and almost anywhere. You can buy groceries at supermarkets, dine in to some fancy restaurants, buy some stuff at department stores, etc. by using credit/debit cards. Just one swipe and you’re good to go. You can always pay the exact amount. No more hassle on counting bills and coins and accepting the change.

Next thing is you can always spend it globally. You can exchange it through any currency online and there’s no hassle of having to go to a bank or money exchangers.

There would be less money laundering and tax evasion. Since there’s a record of transactions, illegal activities would be easily traced and people would always be taxed rightfully depending on the amount.

Another would be not being prone to stealing (hold-up). Since with being cashless, you can always disable and cancel the payment and transactions made if ever someone stole your credit/debit card and used it.

And lastly, cashless being cost-efficient. Since going cashless meaning there’s no need to print and produce pills and coins. It would lessen the money spending of a country.

Although it has its beneficial uses, it also has some disadvantages. One of it is if ever the particular store doesn’t accept card payment. You have no choice, but to find another store that offers digital and online transactions. Most of these stores that doesn’t offer such are local stores and vendors at the small supermarkets. You won’t be able to support local since most of them are cash to cash basis only.

Next disadvantage would be, your personal transactions would be recorded. They would have a copy of what you brought and when you bought it. Your privacy about how you spent your money and where you gave it will be at stake. Your information and transaction history will be stored by the company and if misfortune happens, it can land to malicious hands.

Another thing is, it is prone to hacking. During this time, technology is continuous developing and so are the skills of the hackers and robbers. They could steal from your bank account and use your cards with just a few codes and clicks. Scams and phishing are also widely known in electronic money.

Next disadvantage would be, glitch, power interruptions and internet connection can cause you trouble from making a payment. A software malfunction saying the app doesn’t work can be a lot of headache. So are power interruption and poor internet connection. Without electricity and Internet at the area you are located, it’ll be impossible for you to use your cards and e-money.

And this one i think would be the struggle of majority for going cashless - the older generations and the lower bracket would have a hard time adapting to it. Since not everyone is tech-y kind of people and not everyone is privileged, this would be difficult for them. The technology and the knowledge it requires seems a lot for these people.

In general, i think going cashless should depend to the person himself. Sure, cashless society have a lot to offer, but it can never replace cold-cash. It can be a great alternative for  the convenience it offers, but it has its risks as well. You can always opt to go cashless depending on the situation and location. Just know the two sides before deciding to save yourself from unfortunate events.

[tbterryboy]

I would say there will always be situations when you will need cash, cash is still the king in the world and I wouldn't really do any business without having a bit of cash in my pocket, I wouldn't even go outside for a smoke without money in my pocket just in case, what if I do not have my lighter with me or it is done?

I would need to buy one more, do you think debit card or credit card or god knows crypto is the way to buy a simple half a dollar lighter? That is not the way to go unfortunately.

When people talk about how easy it is to transact money with bitcoin, they are not talking about going to a shop and buying a muffin, you are going to pay as much as the muffin for the fee and you are going to wait half an hour for it to be confirmed. It is the 10 million dollars from USA to china that is much faster.

[iyamoxjhian]

cashless is great for those who are budgetting wisely their money and savings..using cryptocurrency is the best way if you are an income generating and saving conscious minded person.