Is a cashless society good for economy

[Fragrance1122]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

[Shishir99]

Cashless system is already becoming popular in developed countries. Most people do not even carry cash anymore. As long as they are concerned about their safety, they have good internet connection and good knowledge about internet safety, they are fine with the system. However, it is not perfect for the 3rd world countries like mine. We still do not have better internet connection in the village side. Even the mobile shows no Service while we are inside the house. This is not suitable to make the country cashless yet.

As for the bank and the government, there is nothing to worry about as long as you are paying tax. But if people are evading the tax, it will become a problem for them. I am afraid about the uneducated people and labours, who might find it difficult.

[Charles-Tim]

The best is to have both cash and cashless society. As time goes on, the cashless society will gradually replace the cash society. This is what countries are doing.

Cashless system is already becoming popular in developed countries.

Also in developing countries and also in underdeveloped countries, but cash may still remain their primary means of payment. In my country, cashless is now very common but my country is under the category of the developing countries.

[Etranger]

The best is to have both cash and cashless society. As time goes on, the cashless society will gradually replace the cash society. This is what countries are doing.

Cashless system is already becoming popular in developed countries.

Also in developing countries and also in underdeveloped countries, but cash may still remain their primary means of payment. In my country, cashless is now very common but my country is under the category of the developing countries.

The desire to completely remove cash from circulation, of course, exists, but it is still a very long way off. And not only in developing countries, but in developed ones as well. I look at this issue from the perspective of an aging population. Countries with a high percentage of retirees will not implement radical measures to get rid of cash. Because elderly people are the main electorate that actually goes to the polls, and on whom any government relies, whether it wants to or not. Taking away what this category of the population is used to is a big risk. And cash, like nothing else, shows such an example.

[Joy_learns_crypto]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

I am also ok with hybrid, allow the society to choose which finance system they want, the government should not be picky for the society, every of this policies has drawbacks and the risk against the financial fraud system.
The government needs to look to figuring how to fight the criminalities on the cashless economy, and also figure out how to prevent tax dodging from those using the cash economy.

[Porfirii]

In my country many people no longer carry cash, especially the younger generations, and increasingly in middle age. In fact, in shops it is increasingly common to bring the card reader closer to you without even asking how you are going to pay. At a gas station last week, when paying with a bill, I was told by the operator that now only the Chinese (allegedly famous for defrauding the Treasury) and pensioners pay with cash.

It is clear the convenience offered by paying by card or by phone, but I get the sense that most people are transitioning too quickly and without a critical spirit. Perhaps today small payments are not monitored because there is no will or capacity to do so, but if we destroy the alternative we can only complain the day all that data is used against us.

[Russlenat]

Not fully cashless, but if the majority of transactions are cashless, that would be better because it is easier to trace compared to hard cash which can be used for illegal activities.

Though cashless is already the trend now, we still cannot totally eliminate paper money because not everything can be done online, so that is the reason why both would coexist.

But eventually more and more people will adopt cashless because commerce will be faster, it would create more income opportunities especially for those operating a business, and for us users, we will experience more convenience.

[Merit.s]

A cashless society might come to play when these our young generation are already old because they're the ones that are going cashless these days and prefer to pay with debit cards or bank apps. For now, cash will still be in circulation because our parents are used to cash.

I hardly do have cash with me, only if I'm to pay with cash that's when I go use a PoS machine to withdraw cash and make payments. Though, it's common with the illetrate and elderly traders to ask for cash.

[cxtreenal]

It may not be easy to fully implement a cashless society because you have to use traditional methods to make transactions during emergencies. Or the infrastructure and social awareness required to keep the cashless system running will not be easy at all in a country context.
You have highlighted its positive and negative aspects in the cashless system. I think this system will expand in the future but the traditional system will not disappear. An alternative system for cash fund transactions has not yet been developed in rural areas. Although this system is available in cities, many are not adopting this system due to the weakness of the infrastructure and lack of awareness.

[Leahized]

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

If you look at the advanced ones, you will see that most of the citizens are paying through mobile app or various cards Because as the state becomes more advanced, it will move towards technology and the use of cash will decrease.The States that still use paper money, they will not use paper money in the future. You look at China, they use mobile banking even in rural areas, they don't accept cash. Interestingly, beggars also accept online money. There are many advantages to online transactions, especially quick and hassle-free payments. But I use both cash and online money. But in my state mobile banking is used in all regions or everywhere.

[bhadz]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

Hybrid also for me. Not everyone is found of spending cashless and paying things digitally. That's why here in the Philippines, we have both of it. We can pay cashless through ewallets and as well as cash. But most of the stores are also charged with additional fees by the provider of their POS while if it's with cash, they only have to do accounting on it for tax purposes. I forget that we've got also another way of purchasing, and that's through credit without paying, I'm sure that some of my countrymen will get what I mean. They'll ask to get something out of credit but they'll forget to pay that in person. Going back, any means of making payment system at ease for all and having a lot of option helps mostly us, the consumers.

[Fortify]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

Your final point mentions 3 things. First is privacy and for most transactions I'd say that most people don't care about their day to day shopping needs, but they do receive enough privacy already - nobody outside of card or payment processor networks are going to see what they're buying. Secondly you mention security, yet you're probably more secure using the modern methods of payment like contactless compared to walking around with a wallet full of notes. Lastly accessibility, digital payments have been around for decades now, making them ubiquitous in most societies and it can actually be hard to complete cash only payments these days because so many companies don't want to process paper or metal currency directly. Cashless is also probably the wrong term, when you're talking about physical notes.

[Cryptomultiplier]

In a country like mine, going fully cashless and digital might become a big problem to those who are unbanked, the oldies or the communities without these infrastructures to facilitate the efficient use of digital cashless system and that's why the hybrid approach is much more a better option.

In this Same country where cyber attacks and blackouts is a regular phenomenon, how would a cashless system function effectively to Carter for everyone and their businesses. That's why I prefer a hybrid approach still, with some paper fiat currency and part cashless system to function alongside to efficiency and productivity.

[Obari]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

Well I'm sorry to say thy, as long as it is the fiat, then there's nothing like privacy and I wonder why you are seeking privacy with fiat wether is paper money or cashless as long as it is fiat, just have it at the back of your mind that you can't use it privately without the government getting whatever informations they desire.
I think I'm personally enjoying these cashless policy because it helps to reduce the stress of having to carry loads of cash around and just as you already said that, it helps to increase safety and reduce the risk of theft or lost of cash.

I also would say that, the cashless policy have also created a lot of job opportunities for people in my country because a lot of people would have also been idle but now operate some point of sale machines(POS) and rather than waiting for white collar jobs, these people have now created jobs for themselves which is also in one way of the other also improving the economy.

[yudi09]

-snip-
Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

The use of cashless payments is already widespread in my country. On the positive side, the use of online payment systems via mobile phones and debit/credit cards has the potential to reduce the risks people face, although the rate of online crime cannot be ignored.
All the positive benefits of this system can help a country become more advanced, but implementing everything online also carries risks that may overshadow the desired progress. If this transition must occur, it cannot be done all at once; it needs to be done step by step.
Cash will continue to be used and will function as usual. This is a form of economic freedom.

[Mpamaegbu]

With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

Even if it's just for only that, I will thumb up for it. A decade or so ago, then cashless policy wasn't a thing in my country, a man was gunned down by armed robbers opposite my office building in broad daylight, and the little cash he withdrew from a nearby bank made away with. A man was wasted just for nothing over less than $1,500 because he refused to let go of that cash when he was accosted by armed robbers. All that attitude and incidents have now been drastically reduced and almost nonexistent for those who adhere to that policy.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns.

I don't think that should be an issue for anyone who doesn't have anything to hide or skeletons in their cupboard. Remember, banks aren't the only place where data and all that privacy stuff are breached.

[HONDACD125]

A cashless society is one where payments are made through debit cards, credit cards, or mobile apps instead of physical cash. This makes transactions easier to track, which helps reduce tax evasion and hidden income. With less cash in circulation, theft and robbery also tend to decrease. Payments become faster and more convenient, and there’s no need to carry cash everywhere.

However, there are drawbacks to consider. In a cashless system, banks and the government can monitor every transaction, which raises privacy concerns. There’s also the risk of hacking and data breaches that could expose personal information. Additionally, reliable internet is essential, so elderly people, unskilled laborers, and those without bank accounts may find it difficult to adapt.

Overall, while a cashless society can improve transparency and efficiency, it also brings up important concerns about privacy, security, and accessibility. I am ok with hybrid. Which one would you choose ?

You asked a question, and then you answered the question yourself. Even though the world is mainly moving towards digitalization, and cashless society is in the making because you can see that in most developed countries, most people only use digital payment systems and no cash, but that isn't the case everywhere, and mostly because of the reasons you have mentioned. Not every person can have access to digital channels at all times, and a lot won't even know how to use them, so they are surely going to face challenges and problems if society becomes cashless in the current times, but in future, it is surely going to happen.

I would also like to talk about one thing you mentioned in the first paragraph. You said that with less cash in circulation, theft and robberies tend to decrease, and I totally disagree with that. Haven't you heard about the incidents happening all around the world with crypto holders? The wrench attacks? And all other sorts of attacks where people steal or rob those who they know or believe have digital currencies. So this is definitely not true because if you are carrying a device which has your digital wallets which you use for payments, it's basically the same thing as carrying cash, because if robbers get you, you can't resist not giving them access and risking your life.

[Exitoral]

There are enormous benefits from a cashless society. You just named the main ones. But I for one wouldn't like all my transactions to be monitored, so I don't buy the idea of it. Reducing cash makes crime harder, but people would always find a way around it.
Even if we decide to go cashless, what if there is a network glitch or something? What then are we going to do? That poses more concern.

[GoldBitcoin112]

Caseless policy is bad because not everyone who knows how to operate on ATM think about our mothers who are already old how would them operate on this caseless policy, the risk of carrying ATM machines is also a bad one since we are not on caseless policy and the armed robbery carry money, but if we enter the cashless policy now , the rate of robbery will increase because they fined POS very easy to track, I think that situation will be more dangerous than ever , if we are 100 people in the world 50 people might not have ATM cards due to old age and many don't know how to operate it and they will easily gets duped, so with this points of mine I believe that cashless policy is not good in the society.

[Y3shot]

Before now, almost everything you wanted to pay for was usually in cash, but right now, I can't even remember the last time I was in the bank to get cash or to deposit some money. I hardly have cash in my house or a huge amount of cash in my pocket. I think we are gradually entering the cashless era. There is nothing wrong with transitioning to a cashless society, but the most important thing is that there must be good network connectivity and fast transactions if the government is considering an entirely cashless policy, because when these things are not in place, people can become frustrated.