The Merits And Disadvantages Of Cashless Transactions

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

The primitive monetary instruments had a profoundly dynamic assistant nature, had no inborn quality. Their operation did not suggest the utilization of any particular item, but rather just the reference to a theoretical money related unit. Regardless of the possibility that the unique money related unit were symbolized by a given particular stock, this stock never took an interest in the operations, since what was implied was to make a conceptual reference to its worth, and not to trade different merchandise for it. Hence, currency was not, subsequently, created by a flash of brilliance, but rather originated from a need, and its development has reflected, at every time, the readiness of man to orchestrate its currency features to the reality of its economy. Perhaps even more importantly, invention of currency was the mother step in a new monetary system that has led to the birth of electronic banking and credit cards. To infer, pretty much as human advancement from viciousness to development has relied on upon the invention of currency, future advancement will rely on another definition and utilization of

Our society is in a downhill spiral. There is no liberty, no equality and there is no physical value of money. We live in a world in which prison companies and children’s hospitals are traded publicly on the stock market. Virtual currency is the only thing that these corporations strongly care about. There are no boundaries when profits are in concern. We live in a society that is dominated by the attraction of money. Greed is the characteristic that is pervasive, not generosity or compassion. People are encouraged to be selfish, not charitable. The idea and function of governments will only change if people’s minds alter first.

consumers with the ability to cash checks, receive bills in denominations of their choice as well

A completely cashless society sounds clean and convenient, and although we've made huge strides, we're not quite there yet. Despite the magic of PayPal, Square and credit cards, most of us need to carry around a handful of greenbacks. While we can choose from a rich array of singles, fins, sawbucks and Benjamins (and one day maybe Tubmans), there are several other denominations that the U.S. Treasury has discontinued.

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

The text "Out of Control", by Kevin Kelly, is an exciting description of the future as seen by the author, a journalist and optimistic technologist. The predictions presented must certainly be taken as entertaining reading that are intended to inspire visions of the future. The predictions of Kelly have already proven to be inaccurate in the four years since publication. The most glaring example of this is electronic commerce. Canada is quickly becoming a leader in electronic commerce, through online banking and direct payment purchases. The coming cashless society presents several opportunities and problems that were not previously available in the paper money world.

H. The global financial crisis made it essential to have alternative to the traditional exchange systems. Bitcoin and the blockchain could be a potential legitimate alternative financial and investment vehicle.

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.

Throughout history there has been much speculation about a cashless society. With a cashless society in the near future there are many benefits, as well, as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that, if society moves toward a cash free economy, the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as reduction in cash related crimes and monetary benefits. There are major negative implications with a cashless society such as privacy issues and losing the liberty of cash. A cashless society could only be

We take the position that digital currencies are a fad. As argument, we try to clarify the definition of currency in general and explain what a "digital currency" really mean. Than we examine the arguments for the digital currencies and at the end we present the evidences of perils of digital currency.

While those are some advantages of having a cashless society, there are still some disadvantages of having one as well. A big disadvantage that is commonly known already is hacking and identity theft. According to The Economics Time Wealth, “with the rising incidence of online fraud, the risk of hacking will only grow as more people hop on to the digital platform.” (Dave, 2016) If we become a cashless society people would have no choice, but to have to join the digital platform, giving hackers lots of opportunities to

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.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means