It seems inevitable to many people around the world that we will all eventually be living in a cashless society where physical currency (e.g., banknotes, coins, and cheques) is no longer used by people to pay for goods or services. The question being asked here is, what would a cashless society actually look like? Find out more about the pros and cons of a cashless society right here.
What would a world without cash look like?
A cashless society is a society that is able to function successfully and entirely without any physical money being used by consumers to pay for goods or services. The term physical money refers to coins, banknotes, bank cheques, credit cards, and debit cards. It’s essentially the same kind of society that we live in today, albeit without the need to carry cards, notes or coins around with us, and a cashless society is where many people believe we are heading.
For some of us, a cashless society has already arrived. For example, a growing number of people today (more people than ever before) are regularly using digital wallets to pay for things online and offline. There are also many casinos that accept PayPal and several other trusted digital online payment solutions.
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What are the benefits of a cashless society?
Digital wallets are also sometimes referred to as web wallets, e-Wallets or electronic wallets, and they are regarded by many as being much safer than traditional payment methods. For example, when your funds are stored in a digital wallet, you don’t ever have to worry about losing it or getting it stolen by anyone. Digital wallets like PayPal are also seen by many people as being far more reliable and secure alternatives to traditional payment solutions.
A cashless society could also potentially lead to less crime (fewer people being mugged because nobody would be carrying around cash with them). Transactions are much quicker with digital wallets than with credit & debit cards and cold hard currency. It’s also much easier to monitor your finances and transactions when using a digital wallet and far easier to purchase goods and services.
What are the most popular digital wallets in the world?
Apart from PayPal, there are several popular digital wallets that are also worth looking into, especially if you’re keen to use a digital wallet to pay for things. Some of the other trusted digital wallets to keep an eye out for are:
- Google Pay
- Microsoft Wallet
- Apple Pay
- Amazon Pay
Other honorable mentions
Wise, Cash App, Venmo, Facebook Pay, Fitbit Pay, Garmin Pay, Zelle, Dashlane, and Mozido, are just some of the other top-performing digital wallets that you may also like to try. Some of these payment solutions can only be used at one site or can only be used on certain smartphone operating systems (otherwise known as closed or semi-closed wallets), whereas others can be used across multiple devices at hundreds of thousands of trusted merchants in more than 200 countries.
What are the downsides of a cashless society?
Firstly, not everyone wants to use a digital wallet to pay for things. Some people still prefer to use cash and bank cards to pay for goods and services. One of the only other real downsides is that there’s a very slim chance a digital wallet could be hacked. Also, when using a digital wallet, a third party has complete control of your money. Finally, you may also be charged a small fee for using certain digital wallets, plus a small percentage of digital wallets may charge you an annoying annual maintenance fee.