Topic: The pros and cons of going cashless - page 9. (Read 1594 times)

The main thing that is concern of being a cons of getting cashless is always the issue about the threat of being hacked due to the reason the money will become digitalized which I think can be managed and be resolved by providing tight security features on the device not to be accessed by anyone and of course only doing transaction into trusted individuals and online stores and logging into a safe website to secure your account. Other thing is the accessibility of people in a certain place to go cashless for not all are capable of adapting and using digital money for they are being reliant on fiat money which can also be managed but would take time and a lot of effort to do such as having mass adaptation of using digital money to go cashless providing all individuals would be capable to adjust and adapt on using it. It would take years for sure to be able for that thing to happen but if that will be managed, I think every individuals can go cashless.

With the current pandemic we have faced and still currently been battling up to now, we have seen that there is an essential benefit that going cashless can provide since there is a potential spread of virus that can be gained for using physical money since it is a direct contact transaction with a certain individual. Going cashless is a futuristic idea that is really hard to be massively and widely implemented.

Cash will survive. Elderly people still don't trust and don't use cards in my country. There are plenty of remote areas where internet doesn't work well so the only way to pay is with cash. And in same areas sometimes the power goes down for days.

Of course cashless is easy, you don't have to carry the cash with you and you always know where you spent your money. And in most cases it's insured too. But again, if you want to add a tip you may need cash again.

And adding crypto into the equation.. may work in the big cities, but the rest of the world may need one more change of generations...

Cashless is a good way of doing transaction, yes rhe listed above OP states are true and we could make things done here easily compared to the old ways of doing exchange by using the physical money.

But in my opinion, it would rather be good for letting the user to chose whether to use cashless or the physical money. For now, physical money is very useful in exchange to goods, products and services to small establishments because most of the clients are bringing with the physical money.

Not all are ready for a  cashless society so let everyone a choice in doing transaction whatever the comfort he will be made according to the payment option he will choses.

The safety depends on every situation, remember that there is no safe system in the world even bitcoin's code can be cracked theoretically by a supercomputer. Digital money is easier to use and safe, indeed, but it is convenient to use compare to cash? the problem now is more with the convenient that it would cost you, if you buy an apple in a supermarket it is easier to hand a cash than scanning QR code. Digital payment is only convenient in huge transactions like hundred of thousands and millions, that's where the digital money is perfect to use.

Good thing that the internet has most of the world now, even in some isolated places like in Africa, there are already internet there though it's not as fast as they got in US or Europe. This only means that we are adding the digital into our lives.

Not all countries do have that kind of technology and development. Some countries are still struggling on how they will cope up with the development economy and technologically.
Let's accept the fact that there are countries who have a good resources from the start, they have plenty of resources in their territory and now the took advantage of it to grow as a progressive country. Cashless transactions are really less likely to happen if people are used to make transactions in a traditional way.

Digital transactions are new, people are unable to go with the flow, some people are ignorant about that because not all of us do have the same status in life.

Digital money is easier and safer, and without the hassle of paying and returning the remaining payments that take a long time and are safe from real crime and there are still many advantages that can make it easier to use them safely and comfortably.
but it all depends on where you live because not all internet network access or related digital technology is equally available and there must be advantages and disadvantages.

Cash and non-cash payments have their advantages and disadvantages. First of all, it should be remembered that states will constantly try to track transactions in cryptocurrency and identify its owners. Therefore, more and more exchanges and exchangers are forcing us to undergo verification. In the future, new rules will constantly appear on the part of states for this purpose.
Cash may be the only means of payment that keeps us anonymous.
Also, cash is the easiest and fastest form of mutual settlements, especially when it comes to small household transactions.
 On the whole, states and a certain part of the population will be interested in keeping paper money as a means of payment, at least in a small amount.

One swipe payment, just touch payment because we are that much become lazy because we even worried about counting the currencies on their hands.

Apart from sarcasm, the pros of going cashless is can avoid counterfeit currencies which is big problem on most of the countries and also illegal transactions can be reduced a lot because they can be traced down.

At times like this specially we are currently in a pandemic where it is said that virus can be potentially spread through the usage of physical money, people will tend to see more of the pros or the positive impact that going cashless can do rather than seeing and realizing the bad sides of it. Well, it is true that going cashless can have both the pros and cons but the negative side could be managed and be resolved if you are going into a legitimate and reputable transaction.


Those were all duly agreeable both for the pros and cons side and this must be known by many people to better weigh and know the benefits and disadvantages of getting into a cashless society. Getting cashless needs to provide wide adaptation beforehand so people can duly access and be adaptable on using such mode of payment. Once people are being reliant on such thing, surely merchants will adjust on the consumers want and adapt into a cashless basis. The possibility of getting hacked can be manageable just assure that you are doing a safe transaction with a reputable merchant and secure your device to avoid the possibility of getting hacked.

Digital money has its advantages and so is physical cash. Digital currencies are the new innovation but are still under the progress of development. As long as issues regarding this cashless system is not yet resolved, cashless society would remain sketchy. At this moment, there are already services which are preferred to be cashless because transactions promote convenience but not all the time. There are delays and also, the fees are mostly high in general. I do not specifically refer to cryptos because it is not yet accepted to most of the countries. There are many digital currencies which exist at this moment, and most of those currencies are regulated by governments or are centralised. If digital currencies will be the future, the question now is 'which is which' - referring to that currency which will be more supportef someday.

PROS

• Hassle-free and convenient way of purchasing products for having digitalized transactions;
• Faster and has a lower rate of being exposed to theft due to its nature;
• Eliminates the need to bring cash which can bulky one's wallet; and
• It can potentially save you money

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CONS

• Not everyone has the access to a cashless technology. One country may offer such service but other countries may be behind development;
• If cash is digitalized, there is always the risk of being hacked due to its nature; and
• It requires knowledge on both parties when transacting. Stores that cannot adapt will suffer significantly.

I think if you have no control over your spending, it would be easy for you just to check out everything that you set your eyes on. If you have control, you don't need to think about it too much and worry that you will purchase something. Imagine as well. If you are spending your crypto in a hardware wallet, it will make transferring funds a hassle, making it another obstacle to prevent you to pay. Maybe that could be an option for cashless peeps who are worried about their spending habits.

Not everyone can go cashless as there are many who do not know this technology or cannot use it. The ones educated and who know and have all facility might be able to use it only for the things where the merchant accepts it. It is seen that not at everyplace every shop goes digital so there is various constraint for going cashless 100%. To an extent we can use it, but cash is still the king I would say as per the current situation what I have observed it.

its funny that each of its pro's have an equal con's except to the transaction records . i found this extremely useful and it doesnt have a con i guess because when the transaction records is online , we can save it easily and we can comeback later to check it but this cant be done easily offline because we can misplace the records or the company can manipulate your records  .

that is why i starting to love being cashless   , do other users find that a reasonable thing to go cashless  ?

I've been using cards as an only payment method (at least I'm trying) for last 5 year and noticed several things.

Pros:

When I have cash - I spend more. All the time when I change a bill and get lots of coins, I'm trying to get rid of them, ie buying useless or unnecessary things.

All these coins turned my wallet into fluffy bun. It is ok to put this wallet into back pocket of jeans, but if you wear trousers or shorts - once you put such a wallet in a pocket, you need to a bit of luck to get it out. Or you could walk holding this fluffy bun in a hand. Which kinda look stupid, walking with a fat wallet in hand. Like I want to show "how rich I am" or "how much money I have".

Small wallet looks much better than fluffy bun.
I've changed this: to this (both pictures are just examples)

Cons:
Still, cards are not accepted everywhere.

You didn't noticed but you contradict it on your list of cons . Always remember that no system is safe. Yes you can get rid off of pickpocketers/snatchers but hackers and scammers online are still present to haunt you. So whether you are into cold or digital cash, learn to keep your money safe.
What do you mean? Getting more tempted when you online shop? Or due to fee? If it's the latter part then I don't think it will hurt your pocket so bad.

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Another con I could think of when it comes to cashless world is the literacy of the tech. Some people particularly the old ones can't comprehend how these stuff works. You know, exchanging paper money and coins are easier to do than clicking here and clicking there lol.

We can't completely eliminate the cash transaction and turn into the cashless transactions.

During the pandemic situation, cashless transactions are extremely good to avoid transmitting the virus but the fact that not all people are good at using technology or even have an internet, or even others didn't comfortable using their debit/credit cards.

Both of them are useful, and both of them have different pros and cons. We should keep them all as also we have a secondary option in any transaction we have.

We have been using cash for so long that's why it will be hard to adopt a completely cashless economy. Just like what you have said, there are places that cannot adopt it since there's still a lack of technological advancement in certain places.

Even if cashless brings convenience, in some cases, it's more convenient to use cash that's why both can be useful for us depending on how we will going to use it. I don't think they will be eliminating cash even if the cashless method of payments becomes more rampant.

With the growth of technology, people tend to use credit/debit cards to shop in a local store, but the local store still accepts paper money because not all people feel comfortable using credit/debit cards. The government itself still uses paper money and distributes it to the public, so people can still use paper money. But as we know, and many members said, there will be the advantage and disadvantages by using the paper money and cashless. But people still prefer to use paper money to buy in the local store.

Cashless transactions can be effected without a smartphone. Mpesa for example allows one to send and receive money by simply owning a SIM and a mobile phone (could be a 0G device). It runs at a rate of about 1200 tx/sec.
This service has been heavily adopted by a number of Africa countries especially kenya where it was launched and has expanded outside the continent.
Smart phone usage in Africa is growing rapidly but still limited. Lower grade or zero generation mobile devices are quite popular among the citizens and could be enough to support an economy.