Cashless society: Is it a reality or not?

In a cashless society, people use more credit cards. Cashless society seems to be a reality. What are the advantages and disadvantages of this phenomenon?

It is an irrefutable fact that the move towards creating a cashless society, in this contemporary world, seems to have become the reality of consumers’ lives. Considering this, this essay will ascertain the pros and cons of using credit cards for all our economic activities before suggesting a conclusion.

There are numerous advantages of using the plastic money for all our transactions. First and foremost, being convenient for shopping could be a substantial benefit to be considered. It is generally believed that making the purchases by using credit cards or debit cards is not only quicker for the consumers, but also time saving because they do not have to travel to different places. A recent article published in The Age revealed that 80% of the consumers agreed with the aforementioned benefit, which could be taken as an espousing example to substantiate this advantage. Moreover, curbing the incidents of robbery or theft associated with physical money could be another noteworthy advantage to take into account.

Despite the advantages discussed above regarding the usage of credit card, there is a disadvantage as well, which should not be neglected without careful consideration. Lack of technological awareness could be the single most detrimental impact of this trend. It may be defined as senior citizens are not comfortable with the technology of using a credit card; therefore, they will face lot of issues if it used wrongly.

In the end, in spite of having lost of advantages of the phenomenon of cashless society, the negative aspect of this trend needs careful consideration.