Advantages & Disadvantages of Cashless Society
The current society is gradually becoming cashless. Therefore I would like to discuss on the advantages and disadvantages of moving towards this move.
Firstly, being cashless means the use of credit or debit card together with internet banking. Moving on to the new trend people can secure their money than carrying cash along them. Besides that people can spend money beyond their purchasing power because credit card allows them to purchase on credit under some conditions such as repayment time, interest and maximum level of credit.
Cashless society also facilitate people in transferring money through out the world irrespective of the distance of locations which contributes to healthy economic relationships among nations.
Neverthelss there is a possibility of caught in e-frauds by using cashless transactions. Not only that a cyber attack can destroy particular country’s overall financial position which was recently experienced by Russian citizens.
However use of credit cards influence people to spend more without being sensitive to their income levels. This trend had collapsed the whole British economy in the year 2008 which finally ended up in a recession for the whole world due to the fact of globalization.
In conclusion I recommend being a part of cashless society makes people life comfortable and relaxed because people do not have to carry lucrative amount of cash according to the inflation rate fluctuations. Modern technology has influenced the society to avoid cash by introducing mobile banking to the world. Since majority of the world has mobile phones ontheir palms, almost all the banks has introduced internet banking to their customers in encouraging the society being cashless.
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Sentence: Since majority of the world has mobile phones ontheir palms, almost all the banks has introduced internet banking to their customers in encouraging the society being cashless.
Error: ontheir Suggestion: on their
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