Cashless Systems

Cashless Made Effortless – Types of Cashless Systems | Advantages of a Cashless Society

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What’s your take on the phrase ‘cashless made effortless’? Have you ever imagined what it would feel like moving to a cashless society? A cashless society is what used to be seen by so many as impossible. Those who even see it coming to life never anticipated it in such a short time. But do you know that we are already halfway into a cashless society? If you want to find out more about cashless made effortless, then this article is for you. Continue reading.

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Cashless Made Effortless

Before venturing further in this article, do you know what it means to go ‘cashless’? When a society is said to be cashless, it means that the said society no longer accepts cash. Although we are already on our way to a cash-free world we are not there yet. It is understood that both the government and huge financial platforms are pushing for this move.

There are those who are in favor of this, while on the other hand there are those who are not in favor of this. For you to understand and accept a cashless society and approach, you first need to understand it and how it works. A cashless society is a system whereby cash is being replaced by other means of transactions such as electronic payment apps, credit and debit cards, mobile payment services and cryptocurrencies.

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Advantages of a Cashless Society

In other to get a full grasp of this topic, I will be giving you some of the advantages associated with it. This does not mean that there are no disadvantages associated with it. With the advantages I will be listing it simply shows that there are more benefits to this system of making financial transactions. The advantages are;

  • Less crime rate. With cash it is easy to steal money and also the amount of illegal transactions is relatively high as there is sometimes no record of transactions.
  • Paper trails. There is always a record of transactions, therefore activities such as money laundering become harder.
  • Little to no cash management fees. It actually cost money to print bills and coins, but with a cashless society these costs of management are easily boycotted and managed.
  • International payments become easy. Normally when we visit a foreign country we may need to buy local currencies, but with a cashless policy instead of purchasing and figuring other currencies, your mobile device does everything for you.

These are the advantages of a cashless society. Some disadvantages of this system are privacy, hacking and others. But these can be easily managed; therefore you have nothing to worry about.

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Types of Cashless Systems

In the absence of cash, there are other technologies or systems that will be used and they are;

  • Credit and debit cards.
  • Electronic payment apps such as PayPal, Venmo, and others.
  • Mobile payment services and mobile wallets such as android pay, Samsung pay, apple pay, Google pay, and others.
  • Cryptocurrencies.

These are the technologies and systems that will replace the cash society. Some nations are already moving full gear towards this direction and an example of such a nation is Sweden.

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