Is a cashless society good for economy

[Stormisover]

If it were possible to be in a cashless economy so that well know the positive and negative effect of it. Because all we can do now to make speculation on what we think will happen which may happen or not happen.

Well, after some research I came to the conclusion that a cashless economy have its upside down. If every transaction is digital, then when there is blackout of internet no transaction will be possible.

There again it is best that the two systems which is cashless and cash will continually be functional while you may choose that which you are ok with and within your reach, I do make provisions for the various options whenever am going out of house, I will have cash available with me though not that much and I will also go with my card and mobile phone, in some parts of the world or country there are still areas that are uncivilized and they struggle for so many things, no Internet no electricity, to cut the story short there is no reliability to a cashless society instead people will only make use of options that are available for them.

[Youngrebel]

There again it is best that the two systems which is cashless and cash will continually be functional while you may choose that which you are ok with and within your reach, I do make provisions for the various options whenever am going out of house, I will have cash available with me though not that much and I will also go with my card and mobile phone, in some parts of the world or country there are still areas that are uncivilized and they struggle for so many things, no Internet no electricity, to cut the story short there is no reliability to a cashless society instead people will only make use of options that are available for them.

I agree that both systems should coexist because cashless economy offer convenience, and keeps record, but it should not completely replace cash, most especially in places where development is still not stable yet where there are network failures, power outages, cash will be very very necessary and essential, and also carrying multiple payment option, as you said is the best because it helps and ensures they are not stranded when one method fails. Rather than forcing a fully cashless policy I think government should focus on improving infrastructure while maintaining cash as a reliable alternative.

[Finestream]

I think regardless of the outcome, whether it does bring good or not, the world is really heading into cashless because we are already in a digital age. This is something unstoppable, or else we will be left behind since the whole world is already going cashless.

But in all honestly, I have never seen transactions so fast and efficient until this cashless society has been acknowledged. Some people may still be hesitant to follow, but people have no choice really but to learn it slowly but surely because this will be the new normal in the next possible years to come. What we are seeing today is just a preparation.

[Crypto_Timothy]

Which one would you choose ?

I would so choose a hybrid system, cause a fully cashless society may offer speed, convenience and probably better financial transparency, but it can exclude people who lack access to banking services, smartphones or reliable internet. Cash also provides a level of privacy and serves as a backup during network failures or technical issues. A hybrid approach gives people the flexibility to use digital payments when convenient while still keeping cash available for those who need or prefer it. In my country POS has really helped with cash, I can conveniently leave my house without cash but then before I get to where I'm going, I will see POS to get cash, that's the beauty the Hybrid system.

[Questat]

I understand that a lot have gained convenience from this cashless society with its high security and efficiency offers, but we can't tell that this whole cashless scenario benefits everyone equally. Many have still no bank accounts or digital wallets, have no internet access, and have never achieved digital literacy, all of these beat the purpose of this cashless society.

However, this is just the start of having a cashless society. Everyone can still learn from it in time, but its also important to have alternative payment system so that people will just find convenience based on their own preference.

[PX-Z]

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 ?

This is what china is aiming, an is already there, at least 85% on the country transaction came from online and cashless transactions, where centralized government are monitoring. And yes, your privacy are the cost of it, but look at there economy, the way of life inside the country aside from the propaganda outside. People there just live just like normal people with advance technology and more comfortable life. Im not being bias but the thoughts, videos circulating of living there are more lively than what we are hearing from news medias.

[uneng]

For me a cashless society is much more convenient and easier to deal with. It's also safer, as you don't have to worry about having your paper money stolen. In case your card is taken, all you have to do is to contact your bank through app and ask them to block the card, so the thieves can't use it. Hardly ever I use paper money these days, and when someone pays me that way, I immediately exchange it with someone else for digital cash.

Even people from countryside already have access to cashless means of transaction, so I really don't see any reason why it shouldn't be embraced from now on.

[jcojci]

I choose both, cashless and cash because that is happens in my countries. Young generation prefers cashless so they don't have to carry much money in their wallet and only enough using their android phone. But they can't pay with cashless if they are in the remote villages because the Internet are not good in that areas so they need cash to pays.

So that depend on the location, situation, condition, and others in every country. If there is more socialization from the government and appeal to use cashless, that program can works but they still need to introduce cashless in the remote villages and build a good Internet infrastructures.

[Chilwell]

I think regardless of the outcome, whether it does bring good or not, the world is really heading into cashless because we are already in a digital age. This is something unstoppable, or else we will be left behind since the whole world is already going cashless.

But in all honestly, I have never seen transactions so fast and efficient until this cashless society has been acknowledged. Some people may still be hesitant to follow, but people have no choice really but to learn it slowly but surely because this will be the new normal in the next possible years to come. What we are seeing today is just a preparation.

Many of countries now have realised that going cashless will actually improve their economy because just as you said, before a cash can be produced they have to spend a very huge amount before they can have it and again if those cash are old they consider them as trash and disposite them. If really the government can stand firmly by making all the services available for transaction honestly many people will have love to be using electronic payment system than using cash.

The last time we experienced cashless policy in my own country was actually a difficult time, this is because the government did not make provision for the Citizens that is why we encounter challenges, the Citizens have to move away from commercial Banks and went to wallet because they are the only one that make life comfortable for the citizen at that particular moment.

[Olotu20]

I think regardless of the outcome, whether it does bring good or not, the world is really heading into cashless because we are already in a digital age. This is something unstoppable, or else we will be left behind since the whole world is already going cashless.

But in all honestly, I have never seen transactions so fast and efficient until this cashless society has been acknowledged. Some people may still be hesitant to follow, but people have no choice really but to learn it slowly but surely because this will be the new normal in the next possible years to come. What we are seeing today is just a preparation.

If we look at the merits and demerits of a cashless society we will definitely find out that, the merits totally out weigh the demerits. The truth is that the world just has to prepare for the future which will be operated upon cashless policy. The setbacks that most people complain about each time the issue of cashless policy is discussed such as security bridges on the part of service providers and even banks, stable Internet connection and things that can be done in such a way that cashless policy will seem to be more stress free. The develop countries which has stable Internet supply has gotten it right when it comes to cashless policy.

[MFahad]

The World is shifting to the digital era, and many countries are advancing and advising their citizens to adopt it because it helps reduce the cost of printing their fiat currency. At least the money being saved from that can be used for something else.

A cashless society, has helped in reducing corruption in the civil service because of the payments made to anyone who is not a civil servant through mobile transfers, the government can have them known and traced. Or someone who got a stolen money in their bank account, their identity is easily.known

this trend is taking place everywhere in the world but I think the developed countries are paying their more attention and more efforts to make their people aware and helps them to shift in the digital era because this can be more helpful to develop peace and avoid corruption in any country and these countries will be playing an impressive and strong role to build a friendly society. In my opinion this shifting can also help any society to reduce the ratio of crime as robbery and many other things associated to this and this really playing a very authentic role in bring some more improvements so this should be promoted as national level and organize some policies so that people can easily adopt the way.