Sunday 2 October 2022

Cashless Society Fears

In a so-called cashless society, financial transactions are not conducted with physical banknotes or coins, but instead with digital information (usually an electronic representation of money). Cashless societies have existed from the time when human society came into existence, based on barter and other methods of exchange, and cashless transactions have also become possible in modern times using credit cards, debit cards, mobile payments, and digital currencies such as cryptocurrency bitcoin.

Such a concept has been discussed widely. The world is indeed experiencing a rapid and increasing use of digital methods of recording, managing, and exchanging money in commerce, investment and daily life in many parts of the world, and transactions which would historically have been undertaken with cash are often now really undertaken electronically. Some countries in the world now set limits on transactions and transaction values for which non-electronic payment may be indeed legally used.

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