Topic: The pros and cons of going cashless - page 4. (Read 1583 times)
I'm pretty sure that even we have the abiliy to make things cashless, we are still not ready for it. During the pandemic, most of the transactions occured in online and that's one of the key that we can go cashless and due to that, scam activity have increased in online. It's still very difficult on our situation since some part of the world doesn't have reliable internet that will sustain to make use online transaction daily. Cashless is a good idea but as of now, I can't see that it's possible.
At times like this going cashless helps to avoid spreading of virus plus the fact that it is able to do it's job properly thru bitcoin or cryptocurrency. Being able to have money in terms of crypto to pay our bills and transfers money easily and in a faster way. Though it still have cons like in countries that only have low Internet coverage or only few areas have Internet and for some fees and security. We can't deny that it's able to do more good things these times.
While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.
The pros of going cashless is being seen right now that a pandemic is currently going on. Dissemination of the virus can indeed be made as everyone go cashless but at some point, it has a bad side. Not only because of the internet connection but also the availability of it for everyone. Not everyone has enough cash to put in their accounts to go cashless. Some are barely surviving due to the crisis this pandemic has brought. Nevertheless, going cashless is not mandatory for any country yet, therefore not everyone is obliged to use it, you still have your freedom to choose.While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.
but this pandemic really brought a lot of changes in how we look at payment methods. a lot of delivery companies are opting for cashless payment as much as possible. not only for the safety of their clients but also for their employees. less contact with fiat, the better. there are some ridesharing apps here in my area that only accept cashless payment where they were used to accept cash before the pandemic. times are changing. but i dont think we will converted to full cashless as there are some services that only accept cash up until now like small stores/shops
Fraudulent transactions are easily blocked by your banking institution if you were to report it. So with that information in mind you should have a good gist of what he meant when he said Extra Theft Protection in the case of cashless transactions. Now you will sometimes be needed in determining which transactions are to be blocked off or allowed to pass through.
At times like this going cashless helps to avoid spreading of virus plus the fact that it is able to do it's job properly thru bitcoin or cryptocurrency. Being able to have money in terms of crypto to pay our bills and transfers money easily and in a faster way. Though it still have cons like in countries that only have low Internet coverage or only few areas have Internet and for some fees and security. We can't deny that it's able to do more good things these times.
While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.
The pros of going cashless is being seen right now that a pandemic is currently going on. Dissemination of the virus can indeed be made as everyone go cashless but at some point, it has a bad side. Not only because of the internet connection but also the availability of it for everyone. Not everyone has enough cash to put in their accounts to go cashless. Some are barely surviving due to the crisis this pandemic has brought. Nevertheless, going cashless is not mandatory for any country yet, therefore not everyone is obliged to use it, you still have your freedom to choose. While all good things have pros and cons it will depends on us how we will adopt it to avoid problems, huge amount of transactions if can be done via p2p then better do it that way.
There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion. However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories. I often end up with cash because I organise not for profit running races. I then enjoy having cash in my wallet which I then spend in town. Whilst I like spending cash, since COVID-19, I haven’t spent any cash at all – only card. I feel 2020 was a tipping point COVID-19 is only going to accelerate the trend towards a cashless society.
Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.
Of course, non-cash payments make our life easier and more convenient. However, we become attached to certain technical means that can be easily lost or stolen from us. In addition, non-cash money is often attacked by hackers or various scammers.At the same time, cash is very easy to use, it is convenient to make small household transactions in cash. Also, cash, unlike non-cash, is very difficult to track.
I don’t think we’ll get rid of cash anytime soon, if ever.
Very well said, going cashless saves you a lot of space when you're out and let's say shopping or buying groceries, it makes our day-to-day life easier, but it doesn't mean that we are invulnerable and no one would plan to steal our money, and that's where privacy and security comes in very handy, having 2FA or biometric security is a must, technology continues to evolve and so does hacking, thieves move in from the streets to their laptops or desktops because they know how much people are moving in to the "cashless" lifestyle, this is definitely the biggest cons in cashless aside from forgetting your password/passphrase from your mobile wallet.
Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.
Of course, non-cash payments make our life easier and more convenient. However, we become attached to certain technical means that can be easily lost or stolen from us. In addition, non-cash money is often attacked by hackers or various scammers.At the same time, cash is very easy to use, it is convenient to make small household transactions in cash. Also, cash, unlike non-cash, is very difficult to track.
I don’t think we’ll get rid of cash anytime soon, if ever.
Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.
I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.
I think during the virus spread the cashless economy voices were raised but as this virus settles down we will again come to the normal cash payments while more payments being online but some places you just have to pay with cash and it is the easier way indeed. Cash payments are still the more convenient method and although in the next 10 years maybe we will see the surge in online transactions but really looking at the current stage and in under developed countries, cash payment is the way to go ahead.
Going cashless these days is a common thing, because people are getting used to card transactions and other forms of digital payments through mobile. When you don't have cash in hand there is more chances of spending on unnecessary things. Even the small shops have started to provide QR code for payment. Through digital payments corruption is made easier. Whatever might be the pros and cons, if it is used for the bad it affects the reputation and same is when used for good.
One of the perks of living in a 3rd world country lol. There's just so much poverty that eliminating physical cash entirely is going to take out a huge percentage of the total population out of the economy. 1st world countries like the U.S. are far more likely to go completely cashless.
Eliminating cash in our society will be creating a bigger problem In unbanked countries, beside its not everyone that has access to mobile internet. Africa will suffer the most, how will a country with lack of access to Internet in order to make daily living and day to day business transactions. It will be very difficult.Local Market, Marchant and Retailers will be at verge of collapse in many countries. The cons will outweigh the pros when we fully go cashless.
The rate at which US is money printing, I don't think they will be going cashless any time soon as you said. Check the chart below, the rate at which new dollar bill is been minted to the economy is at peaked for now, more is coming as soon as the senate pass the bill for the 3 Trillion stimulus check.
The biggest con I see from having no cash is it becomes so much harder for the least fortunate in society - namely the homeless, to make a living on the streets. There are many desperate people who have very few options and when the one source of money from kind strangers passing by is taken away, it is going to be absolutely devastating for them. I think going cashless is ultimately going to be a good thing for society, but a safety net needs to be set up and these people need to be given the tools to survive without bank notes.
It touches to know that someone can even think like that because not many care for the most needy people of the society. But to be honest having cashless society also means more tips for the daily wages workers like delivery person because most of the companies have an option to add tip for the delivery partner and when spending cash we sometimes don't want to spend more but having added a few extra cents or a dollar during payment does not hurt. I mean you order a pizza worth $5.5 then you can happily pay $0.5 for the delivery partner but if you order by cash it is often not the case.I feel like there are more benefits and pros than the cons in this case and while we must care for the needy people but they must not be the sole reason behind the progress of the society as a whole.
Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.
I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.
When people learn how to use it properly they started to love the benefits, cashless are more secured now and the people who learns how to take advantage of it are really enjoying it. There's no stopping now as the developments are continuing with offers that it will add layers of securities and more easy and convenient to use.
Cashless and Cash both have advantage and disadvantage to look into before know the one that is more preferable to humanity. Many people engaged in cash to grow their businesses to enable them make a good profit. Many got robbed in their business center base on the cash people saw around them. But in cashless it hard for someone to know there is money in your wallet unless you disclose your address details to that person. Many people prefer cashless when dealing with population of business people not to involved their self in the hands of scammer.
I prefer cashless because it hard for someone to steal your money. Even though you misplace your laptop or phone that you save all your personal details very easy to retrieve them back with another system to get your money back.
I prefer cashless because it hard for someone to steal your money. Even though you misplace your laptop or phone that you save all your personal details very easy to retrieve them back with another system to get your money back.
Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.
I think the security level has increased very well which is the reason people have developed interest in it. Both the aged and the youth are now using the means because it is faster for parties anywhere you are. In the past, it was not possible because of the risk involved in it but lately, it has become the preferable for many.
In recent years, there has been a growing trend toward using electronic payments rather than physical cash. This trend to a cashless society is likely to be accelerated by the Coronavirus which gives an impetus to avoiding unnecessary physical transactions. There are several advantages of a cashless society, such as a lower risk of violent crime, lower transaction costs and fewer issues of tax evasion.
However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories.
Hope this is much more easy to understand.
However, there are also concerns that a move to a cashless society could cause privacy issues and problems for those on low-incomes and with bad credit histories.
Hope this is much more easy to understand.
Cashless transaction has increased a lot. In the past people had fear that someone might use their credentials and take their funds. Slowly the security of these transactions increased and people learned better about the benefits of cashless transaction.
In simple it has the advantage of limit the spending, and no need to carry separate wallet to handle the cash. The disadvantage is people who aren't much used to cashless transaction were easy scammed by fraudsters. Here the users needs to be more careful handling such situations.
In simple it has the advantage of limit the spending, and no need to carry separate wallet to handle the cash. The disadvantage is people who aren't much used to cashless transaction were easy scammed by fraudsters. Here the users needs to be more careful handling such situations.
I believe some Cons for going cashless is the unnecessary spending. If you have funds in your wallet, it's inevitable not to spend for unnecessary things specially when you're one click away to put all your list of orders in your cart from an online shopping website lol.
Happens everytime to me though, and for the other people.
I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)
Happens everytime to me though, and for the other people.
I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)
I can relate to this. With just few clicks I sometimes overspend even if I don't want to. The convenience of buying something anytime is difficult to avoid especially if there are sales going on. Add to that is my parents doesn't also question me about the things I bought because they don't know the real price of it. If they ask I just say that it's cheap that I paid it online.
The discuss have been on for many years about the possibility of a cashless society. Especially with the current wave of the use of cryptocurrency.
Many have favoured it while others have not.
These are the pros
Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience
These are the coins
You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect
https://www.moneyunder30.com/the-pros-and-cons-of-going-cash-free
The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.
This is really the serious problem with the cons, because it requires a strong internet connection to carry out the transaction so it is difficult to implement in many places especially in the provinces. But I am also not against the pros because it makes easier for us to transact with our bills and shopping and feel secure that you will not have to worry too much that you might be robbed and followed by evil intentions because you are carrying cash. For me they are both beneficial and maybe it depends on the area capability accordingly to the way of life of the people there. Many have favoured it while others have not.
These are the pros
Extra theft protection
Complete transaction records
Benefits and bonuses
Convenience
These are the coins
You may spend more
Data can be compromised
Privacy concerns are another consideration
Small transactions get tricky
Electronic methods aren’t perfect
https://www.moneyunder30.com/the-pros-and-cons-of-going-cash-free
Quote
Extra theft protection
You have options if a credit card is lost or stolen, or if an unauthorized person somehow accesses your online accounts. You can replace a card or cancel a payment. Credit card users are protected from fraud through the Fair Credit Billing Act.
Meanwhile, we’ve all lost cash at some point in our lives—and with no paper trail (or e-trail), missing cash can be tough to get back.
You have options if a credit card is lost or stolen, or if an unauthorized person somehow accesses your online accounts. You can replace a card or cancel a payment. Credit card users are protected from fraud through the Fair Credit Billing Act.
Meanwhile, we’ve all lost cash at some point in our lives—and with no paper trail (or e-trail), missing cash can be tough to get back.
The above argument to me is not enough ground to be a pro because as much we lose our cash either to the wind, armed rubber, dropping from your pocket/pause to the floor or bank theft, we can also lose digital currency or coins without recovering.
I believe some Cons for going cashless is the unnecessary spending. If you have funds in your wallet, it's inevitable not to spend for unnecessary things specially when you're one click away to put all your list of orders in your cart from an online shopping website lol.
Happens everytime to me though, and for the other people.
And because of that, I dont think this one below is a Pro for me
I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)
Happens everytime to me though, and for the other people.
And because of that, I dont think this one below is a Pro for me
Pros of going cashless
- In making budgets it'll help in easy calculation
I may not going to calculate my budget because everything seems one click away from me (specially If I become filthy rich lol)
Quote
Extra theft protection
I wouldnt really argue that, one of the most dangerous transactions is when people are scheduled to pay a big bill in a manual way and alot of caution must be used to verify all details used. Its really best to assume the worst case, I certainly know the older generation dont trust cashless as safer. The main arguments around the cashless debate is taxation and tracking all transactions for revenue monitoring, its why its quite likely to happen and events in India show some precedent for suspension of plain cash notes where its seen to benefit government taxation coverage.
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