Is a cashless society good for economy

[Samlucky O]

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.

The truth is that no matter how convenient and easy payment are made through debit and credit card or mobile app instead of physical Cash, it doesn't still mean that physical Cash is not important or totally useless. Both are important and one can not be more preferred over the other, physical Cash is the first payment method over thousands.of Years and it's the traditional payment system. Though it comes with some disadvantage compeard to online payment, but online payment is neither safe because people get scammed everyday by online theft and scammers. They hack account and withdraw your fund online. So both are almost thesame. Online payment may be convinient, not until you go to an area you don't have network for online payment that you will know how important physical Cash is.

[bubilas]

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 ?

There's nothing wrong with cash, as governments would have you believe. Carrying a few pieces of paper in your wallet won't make your travels inconvenient. On the contrary, many people feel more comfortable because they can pay right here and now, regardless of the whims of the financial system or a power outage.
Cash payments make the transaction invisible to the tax authorities, who shouldn't know where the money is going. And banks profit immensely from keeping money on cards, because they're like deposits—the money works for the bank until you withdraw it.

[LastKiss]

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.

The truth is that no matter how convenient and easy payment are made through debit and credit card or mobile app instead of physical Cash, it doesn't still mean that physical Cash is not important or totally useless. Both are important and one can not be more preferred over the other, physical Cash is the first payment method over thousands.of Years and it's the traditional payment system. Though it comes with some disadvantage compeard to online payment, but online payment is neither safe because people get scammed everyday by online theft and scammers. They hack account and withdraw your fund online. So both are almost thesame. Online payment may be convinient, not until you go to an area you don't have network for online payment that you will know how important physical Cash is.

Hahaha, yeah this still happens in my place tho, I have to keep some physical cash with me for buying food because when I ask the seller if they accept cashless payments, they sometimes say no. So I have to look for another place that support cashless payments.

Cashless payments have also brought some benefits to society cause in the past, we saw a lot of counterfeit money being used in transactions. Nowadays, some merchants no longer accept cash and choose to accept only cashless payments instead.

So, being hybrid is still the best option where I live cause some places still don't support cashless payments, while others accept only cashless payments. Also, if we use cashless payments very often we should stay up to date on the latest scams and cybercrimes to protect ourselves from becoming victims.

[WillyAp]

Only a daydreamer society is running into an open knife.
In war cash is king, in peacetime people a proud to use gadgets.
Cash is used for a a few thousand years. Only ideological people make away with that. 

[Myleschetty]

Only a daydreamer society is running into an open knife.
In war cash is king, in peacetime people a proud to use gadgets.
Cash is used for a a few thousand years. Only ideological people make away with that. 

I think the adoption of cash and a cashless society will be best for the economy, but everything that has an advantage has its own drawbacks. Have you noticed that cash is used for 98% of all illicit transactions, including those involving drugs, corruption, money laundering, and financing terrorism?
A cashless society will help lower crime rates. Sweden and Estonia, two nations that opted for a more cashless experience, are examples of this. Additionally, a cashless society will enable the government to spend some of the money wasted each year on creating new fiat currency on national development.
This is why i believe crypto and fiat currency need to coexist.

[Rabata]

In some cases, cashless society is good, while in some cases, it also has its negative aspects. Cashless society can play a positive role for the economy. When a country has digital transactions in everything, the governments of that country will be able to collect taxes completely. No one will be able to erase their tax deductions if they want, which can definitely make the government's economy much stronger. On the other hand, it is also true that if the infrastructure of a country is not very strong, especially if the laws and financial security of that country are not proper, then cashless society will definitely have a negative impact. If the public is not properly educated in a cashless society, there will be cyber attacks and theft of personal confidential information, and the public in rural areas will be at a higher risk. Overall, I think it is best if the social system continues with partial cashless and partial cash.

[slapper]

Your list is correct, somewhat. But you know what else is true? The nation that essentially invented the cashless dream, Sweden, just passed a law this July to bring cash back into grocery stores and pharmacies. Their central bank advised people to store banknotes in their homes. A thousand kronor, stuffed in a drawer somewhere. If the grid fails or somebody hacks the payments system you have to be able to purchase bread. Going back to Spain, what happened last year with the national blackout? All the card terminals switched to black, digital wallets were no longer useful.

When you view cashless as "modern" and cash as "outdated", you are making a value judgment that has nothing to do with the actual economics and everything to do with who benefits from the infrastructure. Banks benefit. Payment processors benefit. Governments that wish to have a clear record of all transactions benefit. Who is purchasing medicine in a pharmacy? All they want is to pay and go.

I am with you on hybrid though. Cash is not old, it is resilient. There is a difference. For those who wish to use digital, that should be the standard. Cash should be protected for everyone else.

[DYOR+BTC]

Although all have there own perspective through which they see things, mine may be different from yours and yours different from mine but honestly speaking i believe cashless transaction strategy is the best compared to all.
I know to all advantage there must be a disadvantage but I think the risk reduction in cashless transactions system is significantly higher than that of a cash system. Among only cash storage is very difficult because of the voluminous nature of cash which can't be experienced in a cashless system.

[DrBeer]

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 ?

From a consumer's point of view, it is convenient and has some advantages.
For example - you do not need to carry cash, loss of cash is irreversible, a lost card cannot be used, of course, if the security is properly set up.
Plus there are convenient additional services such as cashback, interest-free short loans, interest-free installments.

There are nuances, of course:
- you don't owe money and spend it more easily
- thoughtless use of credit funds can lead to problems
- there is an element of monitoring your income/expenses.

[liasbaa]

Although all have there own perspective through which they see things, mine may be different from yours and yours different from mine but honestly speaking i believe cashless transaction strategy is the best compared to all.
I know to all advantage there must be a disadvantage but I think the risk reduction in cashless transactions system is significantly higher than that of a cash system. Among only cash storage is very difficult because of the voluminous nature of cash which can't be experienced in a cashless system.

Each system has its advantages and disadvantages. The advantages of cashless are relatively more because you do not have to carry cash funds and increase the security of the house to keep that money. One of my teacher said that in the future you will only earn digits and spend digits. The availability of cash funds will gradually decrease. I am currently witnessing a cashless society moving forward. But there is not much interest among low-income citizens, they mostly want to stick to the previous concept because their income is relatively low.

[Charleslie]

A cashless society offers many beneficiaries to the economy. It's makes transaction easier and safer.  Online payment helps to reduce the spread of fake money. However a cashless economy comes with challenges not everybody has the access to digital device's like the smartphone. A cashless society can strengthen the economy when it is supported with dependable technology or devices. The goal should not just to reduce cash but to ensure that everyone participate safely in digital economy.

[Shishir99]

cashless policies is so much good for economic development due to the roles it plays to curb insecurities and reduce much of loose to business men, because it reduce robbery/kidnapping risk for traders, with cashless policies it will be easy for security agencies to track down criminals whenever they used bank account to collect ransoms. and it will also be easy for security agencies to track money laundry if system are well equipped. In cashless policies what needed to be working to make it efficient and faster is network, in a country that is free of insecurity is the work of cashless and well equipped.

Agree.
The incidents of corruption and bribery will decrease significantly. However, I believe that the corrupt people will always engage in corruption; they will find new ways to get bribes. If the country starts to develop, the way of taking bribes and corruption will develop as well. They will start taking bribes in crypto, and then sell it for cash, and they will provide even tax saying this was their income from the cryptocurrency.

I mean, dishonest people always remain dishonest, and they will always find a way to stay dishonest. Most western countries already became cashless, don't you think crime exist in those countries?

[batang_bitcoin]

A cashless society offers many beneficiaries to the economy. It's makes transaction easier and safer.  Online payment helps to reduce the spread of fake money. However a cashless economy comes with challenges not everybody has the access to digital device's like the smartphone. A cashless society can strengthen the economy when it is supported with dependable technology or devices. The goal should not just to reduce cash but to ensure that everyone participate safely in digital economy.

That coexistence of cashless and cash is a must for all countries. Not unless the whole country is progressive and everyone has been educated about the cashless society. Because there are progressive countries that have these citizens who are not into technology and no matter how hard you teach them, they're not liking the idea of using smartphones or any devices paying for their transactions. While in the overall of it, it truly helps because it sets the economy with addition source where it flows that helps the economy.

[Cryptoprincess101]

Cashless society is good because it makes monetary transactions fast and easier. Cashless society makes cash not to be in over circulation because the banks do not have to print more money which helps to curtail inflation and strengthens the fiat currency. It also helps to protect the currency because many people no longer keep cash in their houses unlike in the old days when people dug a pit and buried money inside such that when flood happens, it destroys all the money and for those who keeps huge amount of money inside their houses, when a fire outbreak happens, it is possible that it will catch fire and get destroyed.