Society: Advantages And Disadvantages Of A Cashless Society

Have you ever drove home from work, having a feeling you were forgetting to do something important? It’s 7 o’clock in the evening, you just realized that you were supposed to pay a bill before the bank closed. The money is there in the account but, how is the bank supposed to receive it? Well, luckily you pull out an iphone 6 to transfer the money into the account to pay the bill by using e-banking. Simple as that, you go home with a clear conscience knowing only that your bill is paid. Of course, people only care for the end results of a situation, but it’s sometimes good to consider what goes on in the transition. Crucial data such as financial record and pin number need to be under tight security. Only highly advanced technology that was

I think that what Deborah Owens meant by "Cash is King" is that if you pay with cash it is easier to track how much money you have to spend and how much money you have left. I personally feel that only paying with cash is a smart way to save money. This is because you can physically see how much money you have left, if you were to pay with a debit card you would have to check the balance in order to see how much you have left. An all cash society would help benefit the people, but not necessarily the economy. This is because people would be willing to spend less money on things. According to Money Mozart, " If people started paying for things with cash they would only buy things they can physically afford, they would rent or buy smaller house

One of the greatest downsides to digital money is debt. It is far easier for people and the United States get in debt. Because people don’t see the money leaving their hands to pay for something it creates a false perception it didn’t cost that much. Therefore it is easier to overspend your budget. Whether it is buying an expensive house or charging the credit card for eating out or binge shopping at the mall, spending money is easy and fun and many people get themselves in a lot of debt.

You can get a electronic deposit and save yourself time from being wasted. Let’s not start with ApplePay and things of those nature; being able to pay for goods with your phone if its connect to your bank account and the cashier at the registration has the system that allows you to pay your transaction as so. It's easy, it's very flexible and that’s why I don’t think America will become a checkless society. People like the ability to be flexible, not everyone likes to use there phone to pay for goods, or use cash. They might prefer to write a check or use cash to pay for something or to be paid in cash. The original definition is that ‘all’ financial transactions will be done electronically. I don’t believe so keep documents of checks and receipts is very vital. Not to mention that there’s no feeling like the feeling of a cash in your

Transaction have become more efficient. Electronic payment systems help increase the time of payment and also decrease the crime of theft. For example many people pay through apple pay, through applepay there is no paper money involved just credit cards. Although electronically payments have a negative factors for those who are able to hack into the system and receive credit card data , and be able to take your information and use it for their own needs without you knowing. You are still able to cancel the use of your credit cards and receive your money

1 Peter 5:8 (New King James Version), “Be sober, be vigilant; because your adversary the devil walks about like a roaring lion, seeking whom he may devour”: resonates throughout Mrs. Hefner’s being due to recent events of fraudulent withdrawals on her debit card. On August 6, 2015, she became considerably alarmed with her inability to disburse funds for her repast at Fried Green Tomatoes in Montgomery, Alabama since the declining of the transaction. Thus, immediately she telephoned Max Federal Credit Union to query on what episodes emerged to trigger this calamitous and problematic quandary. After devoting two consecutive hours on the phone waiting patiently on an attendant to answer, the credit union representative informed her that there were fraudulent charges in the amount of $300 in less than a week’s time. Nevertheless, the advances in technology are advantageous but detrimental to our financial wellbeing. This paper will examine how technology has changed the methods of theft and compare the disparity that prevails amongst the conventional thief and contemporary.

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

All around us, records are being taken and our lives are being invaded. Video cameras record our lives in shopping malls, workplaces, schools, and countless other locations. Our telephone and internet conversations can be decrypted and intercepted by outsiders. Targeted marketing tracks our purchases, viewing habits, musical interests, and hobbies in order to send us the junk mail that is most likely to encourage us to part with our money. The introduction of direct payment as we now know it is just another step towards a Canada where everything we do is in the public domain. The technology of Interac and other similar electronic debit systems in other countries allows the consumer to transfer money directly from his or her banking account to the merchant. The merchant (and the financial institution, and the Interac Members group) then have a record of your card number and purchase amount. When your bank compiles this virtual history of your commercial life, this can become an unwanted and powerful marketing tool. Interac claims that such information is used for broad statistical purposes only, but groups such as Electronic Frontier Canada have a different view. "You could take the top 20 per cent of consumers and sell that list for targeted marketing. And this is your information, but you have not choice about it being collected and sold.", says David Jones, professor at McMaster University and president of Electronic

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

One of the first rules in using a card is to use credit instead of debit. What people don't know is that credit cards offer a higher consumer protection against fraud. What makes it better is that many of them come with zero-liability

Society wants to promote a cashless society, oblivious to the obvious detriments to society. One of the possible risks

In today’s economy, cash or a credit card is needed to meet the basic human needs. It is an apparent fact that we need cash or credit cards to purchase items such as food, clothing, and to buy gas. Also, when you are out shopping and discover that you have used all the cash in your possession, it is then that you realize that the advantage of having a credit card. Furthermore, with cash, you are restricted to the amount in your wallet or purse; however, a credit card allows you to pay for your purchase at a later date. Both cash and credit cards can be useful when you manage them wisely. While cash and credit cards are similar in that they both are readily accessible, used for goods and services at the time of purchase, they are dissimilar because of theft, high- interest rates, identity theft.

Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment, and a method of preventing crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates.

Outside of the classroom and the office, technology is still omnipresent. The internet, like most advancements and perhaps the best known example of modern technology, began at a military level (“Information Technology” 2) and wound up eventually landing in the laps of businesses and the common person. With this, the normal way of conducting business changed dramatically. Instead of physically exchanging money, it is now possible to use a website like PayPal to make transactions (Friedman 84). This transaction can occur from a computer, smart-phone, or some other electronic device, possible because an extraordinary amount of people, especially young adults, now carry them around constantly (Champy 1). It may have been inevitable, but it is still staggering to see how much these advancing technologies has become commonplace.

Having an electronic banking card is great, if one is ever in a difficult situation it is easily accessible and a reliable ally. However, this tool should not be used every day. Simply by carrying around cash it will be much easier to monitor the amount of money that is being spent on a daily basis. This leads to less money being spent over longer periods of time. Carrying around a twenty dollar bill forces a person