A
cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.[1] 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 bitcoin. However this article discusses and focuses on the term "cashless society" in the sense of a move towards, and implications of, a society where cash is replaced by its digital equivalent—in other words, legal tender (money) exists, is recorded, and is exchanged only in electronic digital form.
Advantages of a cashless society:
- Reduced business risks and costs
- Transaction speed
- Elimination of high-denomination notes for purposes of reducing criminal activity Edit
- Reducing transmittal of disease via cash
- Better collection of economic data
- Easier consumer budgeting .ect
