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January 8, 2022

A Cashless Society: Why It’s Not a Bad Idea?

By : Ellie Brown

Can’t you see its benefits?

Well, you cannot literally ‘see’ these benefits all the time. But you can feel them, right?

The modern world has changed rapidly in these past two years, and necessities have become completely different. We learned what we are living for is mere survival and the sentiments and expectations of ours connected to certain habits, practices, or cultures simply ‘had to be forgotten’.

We have discovered life in a completely different sense for the pandemic, and the fear is still there.

So, cashless transactions have become like an alternative that can aid us with many facilitations in a circumstance like the one we faced and suffered.

And this new mode of transaction, although it doesn’t support your idea of saving your prize money in a safe with super-complex codes, is not that bad.

Jamie is the next-door young chap who is now working from home. He also pays much attention to online reality.

Jamie made a point with his statement:

“I’m 25 now, which obviously makes me a 90s kid. So, it is natural for me to be a new observer of the cashless system. Sure, the credit card was the first step to the financial abstractness, but these online payment methods and online buying and selling of products have still been comparatively new to me. I wondered what if all the banks go cashless and all the money we possess become numbers.”

What he said does provoke analysis.

But he continued:

“Now, that’s not necessarily bad, now is it? A few decades ago, we hardly thought of video calling our family members or colleagues. Now, the world is imprisoned in that little piece of a device in the palm of your hands. In that sense, a cashless society will be the next, big thing we will adapt to. Yes, for logistics issues and the world economy, we are not probably going cashless in the next 50 years. But the process has started and it doesn’t feel bad to pay your restaurant bills from the comfort of your phone.”

Jamie is a financial advisor working from home at the present moment.

Why Cashless Reality Isn’t Bad at All

Well, most of the purchases and transactions are made online these days. Even you get serious financial services like a high acceptance loan transferred to your account within minutes due to the online facility.

Going cashless can only offer the human world benefits rather than disadvantages. Yes, coping up with it and being adjusted to it takes time. But, the way we see it, we have already started liking it. Fewer problems emerge with online money than they did with physical money transfers.

Money is a sensitive asset….probably one of the most sensitive ones.

And online transactions just made it more protected.

That’s exactly how money is supposed to be managed, right?

Here is why you will say yes to a cashless society:

  • Protection
  • Cashless Is Affordable?
  • No Issues in Global Transactions
  • It Becomes the Solution to an Emergency

Let’s get to know about these points in detail without more ado.

  1. Protection

Well, you need to be protected now, don’t you?

Your money needs the same level of protection.

Physical money is physical. Therefore, it cannot be protected completely in any sense.

Scientifically speaking, physical money is objective like other things. No object can be permanently stored. It is also susceptible to damage at an obvious rate.

Physical money can never be protected the way you can protect money in its digital form.

Think of the media files.

The printed photographs or the ones taken out from your Polaroid are certainly wonderful specimens of your skills. But, they can be damaged, stolen, or lost.

Don’t you think these are potential dangers for your physical money as well?

You can definitely keep all that money in your safe, locked in some secret area of your home or under your mattress. But, that doesn’t mean it cannot be stolen or damaged, or destroyed.

You are walking home late at night with some money in your wallet. A desperate roadman comes at you, and your money is gone!

In a study entitled Cashlessness and Street Crime: A Cross-National Study of Direct Deposit Payment

and Robbery Rates done by William Alex Pridemore, Sean Patrick Roche, and Meghan L. Roger; it is stated that:

“Street crime can occur for many reasons, and cash is closely tied to several of them.”

Or a house fire can definitely destroy all your money in an instant.

With an online account, you don’t have such issues. Your money is as safe as it should be in that account. Even if someone tries to steal it, then that cannot be possible as the account of the offender will also be recorded in an attempt like that.

But wallets or purses don’t come with an account number, right?

  1. Cashless Is Affordable?

Yes, it is.

Managing money in the physical sense needs gadgets, backups and attention, all of which might be a little too much for your wallet or purse.

Think it clearly. Even if you want to keep some good money in your home, you need to invest in a highly efficient and capable safe.

Then you need to manage a secure spot for it.

Now, let us think about money transfers.

You always have to commute to a different location with the physical money transfer. It obviously includes cost and extra expenses.

Added to that, you can get a decent amount of time lost.

That is certainly not the thing you want, right?

Online transactions secure money transfers like no other. With this facility, you no longer need to reach your lenders’ office to get a personal loan. Just search for a non homeowner guarantor loans online; finalize the deal and you will get your money deposited in your account within a few hours.

It is that simple!

  1. No Issues in Global Transactions

One great advantage of the cashless reality is foreign exchanges.

There might be a number of reasons for which you can be connected to a foreign country.

You can be in a commercial relationship with them.

You can travel there for education.

You may choose a country for vacation purposes.

And you can definitely think of settling in a foreign country if need be.

When you are dealing with money exchanges in this scenario, then you know physical money can give you a little bit of a hard time in currency conversion.

With digital money, that problem doesn’t even exist. You can surely transact money in a second once the foreign country you have chosen also supports the financial exchange in an online way.

Plus, many foreign enterprises are using Cryptocurrency to ensure no exchange issues stunt the pace of the workforce.

Isn’t that a healthy way?

  1. It Becomes the Solution to an Emergency

Online transactions can be made within a minute. Whether or not by using a credit card or your online banking solutions, AN ONLINE MONEY TRANSFER IN THE RIGHT TIME CAN ALSO SAVE A LIFE.

Transferring money from this account to that; or sending money to a nearest and dearest one; offering timely repayment to your direct lender offering loans for the unemployed and other similar services; paying your bills in time; purchasing life-saving medicines and many more necessities exist in our lives, which need our attention and immediate backup of money.

Trust online transactions.

And you will not suffer in treating your immediate requirements with urgent financial attention.

To Conclude

It is very important to stay financially updated and ready for any situation in this world.

While saving money and investments can offer us a lot for that, you must also invest your IDEAS to get proper support in obtaining immediate money and accessing a convenient utilization of that.

What happens with online money transactions?

And the reality that we are witnessing nowadays is going to be the only reality we will be left with even before this century moves on to the next one.

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