To install StudyMoose App tap and then “Add to Home Screen”
Save to my list
Remove from my list
It cannot be denied that there is a wide variety of benefits to be gained by a society from a cashless system. In a society where time is as important as money, going cashless can be a big help since the main benefit that a society can get from a cashless system is convenience. A cashless system can be convenient when doing transactions in banks, restaurants, hospitals, airlines, shopping malls, supermarkets, and even in vending machines. Who would have thought that a small piece of plastic card can do wonders for men?
Instead of having a hard time finding the exact amount of coins or cash in one’s pocket to pay for a cup of coffee or a can of soda in a vending machine, a person can just insert this piece of plastic card through the slot.
Instantly, the exact amount of his purchase is deducted accurately from the amount on the card. Can one imagine how dirty money is? The money that keeps on passing from hand to hand is dirty.
Verified writer
Proficient in: Taxation
4.8 (309)
“ Writer-marian did a very good job with my paper, she got straight to the point, she made it clear and organized ”
Numerous hands will handle this money until it becomes worn out and be recalled and replaced by the government. The handling of money from one individual to another provides an easy way for bacteria to spread quickly.
Cashless transactions in restaurants will provide for proper hygiene since the staff will no longer have to handle cash and at the same time handle the food being served. Instead of falling in line and paying for food that has gone cold due to having waited so long to be served, an employee can now enjoy his break from office, and will therefore be encouraged to go back and patronize the restaurant.
Likewise, a person will no longer suffer the inconvenience of falling in line in supermarkets, shopping malls and hospitals to pay their bills at the cashier.
Since there will no longer be cash to steal, bank and store robberies will cease to occur. There will also be a decrease in attacks on cashiers, storekeepers, taxi drivers, and shoppers. There will be a decrease in crime rates, and so society will no longer have to pay huge amount of tax dollars to go after the criminals. There is no more reason for society to worry about these crimes. The change from cash to electronic money payment will also help the government in their collection of unpaid taxes. The taxes can be automatically deducted from a person’s account.
The government will no longer have to spend much money in tracking down tax evaders. Income tax rates can be lowered as a result and the national debt will be greatly reduced. Drug trafficking will also cease to occur since anomalous transactions will be detected electronically. It will also be difficult for some people to launder money since a cashless system will be able to tell how much money was debited or credited in a particular bank account. Not having to print money will prove to be advantageous to the government since it will mean security and cost savings.
Counterfeiting of paper currency will now be a thing of the past. In a cashless society, printing of paper money will no longer be necessary. When previously a person will have to buy stamps and envelopes to mail checks as payments, a person can now easily complete cashless transactions. Even on days when the banks are closed, a person can make transactions provided he has internet connection. A person can also make purchases without the use of cash. He can buy products through the internet when he is at home or with the use of credit cards when he in a shopping mall.
In a cashless society, instead of paying with cash, employers can have the amount credited to their employees account. This is being done with the use of the Automated Teller Machine (ATM). The employer is then spared from the expense, added time, and inconvenience of going to the bank to withdraw the salaries. It has been said that cashless transactions have been around since the 1960’s. But it has been more prevalent in today’s society. Today, people benefit from cashless transactions through the use of ATMs, debit and credit cards, prepayment cards, the smart cards, or the mobile cash.
A handful of people who are against a cashless society have brought up a number of disadvantages such as security and privacy being lost. With proper analysis and study, these drawbacks can be solved. Despite their concerns, it seems obvious that the advantages to be gained from it far outweigh the disadvantages. For in a society that prefers convenience and cost savings, having a cashless society will prove to be more beneficial. REFERENCE Our cashless Future… (27 June 2007). TadpoleNet. Tadpole Technews News and Politics. . <http://tadpolenet. com/techblog/index. php/2007/06/27our_cashless_future>. Accessed 29March 2008.
Benefits of a cashless society. (2016, Jul 29). Retrieved from https://studymoose.com/benefits-of-a-cashless-society-essay
👋 Hi! I’m your smart assistant Amy!
Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.
get help with your assignment
