The pros and cons of moving to a cashless society
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By Justin Pritchard
A cashless society might sound like something out of science fiction, but it’s already on its way. Several powerful forces are behind the move to a cash-free world, including some governments and large financial services companies.1 2
However, no society has gone totally cash-free just yet. In addition to logistical challenges, several social issues need to be addressed before society can give up on cash entirely. The benefits and disadvantages below can give you an idea of the myriad of effects going cashless can have on money and banking as you know it.
Benefits of a cashless society
Those with the technological ability to take advantage of a cashless society will likely find that it’s more convenient. As long as you have your card or phone, you have instantaneous access to all your cash holdings. Convenience isn’t the only benefit. Here are some other benefits.
Lower crime rates
Carrying cash makes you an easy target for criminals. Once the money is taken from...
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