A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.
Cash is predicted to make up only 2 percent of all payments by 2022.
Below are few factors on how the cashless payment could benefits us in so many ways.
- Reduced queuing times – 3 Times Faster than Cash!
- Ever experience needs to queue for hours? Worry no more!
- Eliminate cash handling costs – No need for cash floats
- You want to go shopping without ever lifted a single cent? Yes. We all are.
- Save time – No cash balancing required
- Honest transaction with zero mistakes!
- Reduce risk – Greater security
- You don’t have to worry you might dropped out your money anymore. (Admit this that we all have experienced this situation)
- More efficient hygiene routines
- Money is one of the most frequently passed items in the world.
- The general hygiene levels of a community or society may contribute to the amount of microbes found on coins and notes, and thus the chance of transmission during handling of money.
- One study in New York City published in 2013 found as many as 3,000 types of bacteria lurking on US$1 notes, including bacteria known to cause skin infections, gastric ulcers and food poisoning.
- Coordination of all paid for facilities
- One card for all kind of transaction!
- Canada leads the world in cashless transactions, with 57 percent of transactions made using alternative methods
- In 2016, India removed its highest denomination bills — removing 90 percent of paper money from circulation.
- The People’s Bank of China is looking into digital currencies and has acknowledged that physical cash may one day become obsolete.