The benefits of a cashless society are enormous. There’ll be a lower rate of robbery and fraud, along with zero handling fees. Trips to the bank would be a thing of the past, transactions would be quicker and there would also be shorter queues in nearly every store. Countries such as Sweden, Denmark and even Thailand have already passed some laws that allow businesses to ban cash payments. Around the world, the use of cash has been declining, but could a cashless society be a reality?
Digital Services are Fuelling the Cashless Movement
Digital payments have helped to facilitate a boom in entertainment. From video and music streaming to online gaming, it’s now easier than ever to access what you want online. None of this would be possible, however, if entertainment companies didn’t go 100% cashless by starting a digital storefront for their offerings. Take the casino sector, for example. At one point, the only way to play poker, or even slots would be for you to visit a traditional establishment, cash-in-hand. Now you can find online casinos that offer the same games as traditional casinos, but in a way that is completely cashless. Another example would be visiting your local record store to buy a vinyl, but now you have the option of streaming the same album through an online service. Digital payments might have caused a boom in entertainment, but at the same time, entertainment has been one of the main driving factors behind adopting a fully cashless society.
Local Businesses Could Adopt Cashless Approach
The introduction of new technology has helped to create several entry points for going cashless. From the nearby farmer’s market to local smoothie stands, POS software can be used to help smaller stores accept plastic over cash, as well as mobile payments and transactions from contactless cards. QR code technology has also triggered a new wave in mobile transactions, as it allows consumers to pay in new ways that may be more convenient. There is strong evidence to suggest that almost every market across the globe is now slowly transitioning to a cashless society and that mobile financial services are playing a huge part here.
Cashless Society: a Pipe Dream?
Despite the numerous benefits that a cashless society can provide, the reality of a cashless society is a pipe dream. There are still a lot of bumps in the road and some of them have generated a great deal of concern. Some believe that a cashless society could create obstacles for those in debt, as it would make it harder to budget. Those who live in remote villages may also struggle to keep up with changing technology, and those who don’t have a bank account, or older citizens may end up paying the price. This would be unacceptable, especially for those who are homeless as it could have dire consequences.
If a cashless society were to happen, governments across the world would have to look at every age group and every demographic, ensuring that nobody is left behind or disadvantaged by the cashless movement. This presents a lot of societal and political problems, so although a cashless society is a reality, it’s going to be difficult to adopt.
