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A Cashless Society Essay

518 words - 3 pages

Many people today are using a mix of cash and online methods of payment. People are increasingly paying their bills through banks and using credit cards and other online transactions. In fact, sometimes some stores are becoming reluctant to accept cash. Does this mean that cash is about to disappear? Many people think so, but others maintain that notes and coins have too many advantages to disappear overnight. This essay will examine whether or not we are moving to a cashless society.

However, notes and coins have been around for thousands of years because of their many advantages. One outstanding characteristic of cash is that it is very fast. There is no waiting for the transaction to take place. Furthermore cash ...view middle of the document...

A big advantage of cash is that the spender is able to spend only as much as he or she has. Contrast this with credit cards, where the user may spend far more than he or she has, and can even end up in debt. Some people expect that we will soon pay for everything from a microchip embedded in our hand or in an ID card, but there are many people who oppose such concentration of information in one source, and who prefer the anonymity of cash transactions.

Despite being around for a relatively short time, credit cards, and other online transactions have become popular because they offer several advantages over cash. Electronic transactions can be tracked and analyzed, and this can help people to budget. Another key point is that many also people feel that credit cards are safer and more convenient, especially for large transactions. There is no need to carry around huge bundles of money. The user is also protected against fraud, although in the long run he pays through bank charges and fees. The big advantage that online transactions offer is that the transaction is not limited by distance. It is easy to pay for something on the internet or for your telephone bill without going to an office or traveling to another country.

In conclusion, although there has been a remarkable change in the way people access and spend their money, it is too early to say that cash and notes will disappear. Thirty years ago, as computers became ubiquitous, people prophesized the ‘paperless’ office. Today, our desks are swamped by even more paper than thirty years ago. In my opinion, I think while we may use more and more alternatives to cash, there will always be a place for the coins and notes in our pockets

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