Have you ever thought about spending a whole day outside without having cash in your pocket? That’s like saying that you landed the first step into a world that will soon be a cashless society. Will that be the case, and if so, when? It is a little difficult to imagine a community where people no longer carry cash. However, the modern banking system is flexible enough to support a cashless society thanks to cards and virtual transactions.
Despite that, we should consider the pros and cons of a cashless society. However, tangible currency was a norm throughout human history, with metallic coins accepted throughout the world. Virtual money, for now, is the closest thing to the cashless society we have today. That said, let us investigate the consequences of an organization that has no cash around:
Carrying Cash can be Problematic
It started as a revolution and expanded its footprint the world over. With debit and credit cards, a new wave of banking suddenly spread its wings to many countries. This type of banking was famous for all the right reasons. You could operate your accounts by inserting weightless tiny plastic cards in ATMs and withdrawing a desired amount of cash. It barely took clients a few seconds to complete the withdrawal procedure. Suddenly, banking had become much easier for millions worldwide.
It was much easier than withdrawing cash using checks as it would consume time and was problematic. Branchless banking, a variant of virtual banking, was also gaining popularity as it facilitated cashless banking. Many conventional bank clients switched to paperless banking without considering the possible challenges it might pose in years to come. Going cashless was far from a reality for now, despite the rising popularity of cashless banking among millions.
No More Cash is Good?
Safety is perhaps the first thing that comes to mind when we think of going cashless. Imagine the horrors of getting robbed on your way home or office because you had cash in your pockets. Will that happen when you deal in virtual transactions online? Also, carrying a large amount of money is difficult in many cases, especially if you are traveling on a private commute. Being watched by suspicious people on your way is the last thing you need. Going cashless is perhaps the best way to avoid falling victim to criminals, thieves, and robbers.
On the flip side, there are drawbacks to going cashless. For instance, you cannot always have your debit or credit cards with you, or sometimes you forget those at home. With no cash in your pockets, how will you go about with things or pay for services or products used? That’s where having no money around becomes a significant obstacle for many. Of course, having smartphones around makes things easier for clients as they can access virtual banking on the go, but is it safe? Our next most significant concern is going cashless in our crime-filled world.
Is Going Cashless Safe?
If keeping money in your pockets was unsafe and risky, what do you say about accessing your account on the go using a smartphone and getting it hacked in the process? That should concern you and all online banking users worldwide. Will you risk losing a few hundred in your pockets, or will you settle for jeopardizing your bank account? Of course, you would pay for a minor loss when push comes to shove. However, why would you settle for failure at all when online banking is safer to operate now than ever?
Despite revamped safety, hackers and cybercriminals are becoming increasingly difficult to handle for cybercrime handlers. Every other day, there is news of hacking attempts on the accounts of a particular bank or financial institution. Some of these attempts are futile, while some are successful. The question is, will clients prefer losing their bank accounts to criminals? In all fairness, no! Online banking is the future of monetary transactions, and improvements will lead to a cashless economy worldwide. However, this will take time and is certainly not a possibility for now.
Final Word
Going cashless is widespread and is here to stay. However, it will take a while until we see a cashless economy. Perhaps it might happen in the next 50 years or so, maybe sooner, but for now, going cashless is not possible for reasons known to all.
Banks must work on safety, transaction security, and client data safety. Until they ensure complete protection for their clients, a cashless society will remain a pipe dream.
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