We’ve seen the rise in online currency being used for the majority of transactions, and we’ve seen an increase in contactless payments and mobile payments. The fact that many of us order items online rather than head out of our front doors to the shops now means that surely, a cashless society isn’t too far away? For some, this could be the beginning of a whole new era in financial management, but what are the consequences of a cashless society on the world itself?
A Reduction In Crime
Purely from the perspective of the concerned pensioner cashing in their pennies, there is going to be a lack of physical robberies, which might not decrease the amount of knife crime in the world right now, but it’s going to have a positive impact on how we carry ourselves on the street. We’ve all had that feeling where we are carrying hefty wads of cash in our pocket, and we feel like we’ve got an arrow pointing over our heads! Removing the physical aspect of money will render the majority of trafficking obsolete. This means less drug crime, less tax evasion and less fiddling the books!
Ease Of Transactions
We’ve only got to look at the rise of Bitcoin and the minimal to zero transaction fees to see how a cashless existence can improve our relationship with money overall. Contrary to popular belief, Bitcoin is secured, cryptography is the overriding method of making sure that transactions are done securely. And with a currency like Bitcoin being decentralised, the lack of transaction fees means that we end up pocketing more money.
Ease Of Payments
We already know how simple it is to put our contactless cards over the card reader. It’s done, bang, as simple as that! So, by making these payments easier, it’s making us jump through less hoops so we can enjoy other things, our life for one! Of course, we want to know that our money is secure, and this is something that is thrown up time and time again with regards to online currency. Of course, now we need to school older generations in looking after themselves online, not just children! This means teaching them the basics of online security when it comes to paying for items.
Is It All Positive?
It all sounds ideal, but naturally, there are going to be enough people rallying against it. Cash is what we know, and it’s something tangible, we can see it. We don’t know about the majority of hackers that can fiddle numbers and steal from our digital bank accounts. When it comes to the storage of money, we, to an extent, still operate with that It’s A Wonderful Life approach — it’s in a bank account, where we can see it. And we can withdraw as and when we please. Older generations are unlikely to come round to something that is ‘invisible’, so is it something that we can phase in gradually?
Living without physical money is something we are already getting used to. And with cryptocurrency and various online payments, time will tell if we end up moving away from using physical money altogether.