Modern society has evolved rapidly in recent times and the digital era is well and truly here with many of us using our smartphones extensively throughout the day.
Another fundamental difference between this generation and their predecessors is the fact that cash is no longer king and there are plenty of other ways to pay for things without resorting to pulling out some notes from your wallet or purse.
While some might mourn the demise of good old fashioned money in your pocket there are plenty who would argue that a cashless society is no bad thing at all.
1. Society could better if we all go cashless
There has always been a criminal element operating within society and despite the fact that they are greatly outnumbered by the number of law-abiding citizens around it is clear that the temptation to steal cash or hide it from the authorities is too great for some.
Criminal activity would be seriously diminished if no cash existed and every transaction had a traceable digital footprint to follow.
2. More convenient
Another big advantage attached to the idea of a cashless society is the fact that transactions tend to be quicker and easier when no physical cash is involved.
Queues tend to form when everyone is trying to do something with cash, such as paying for items or visiting the bank.
If all transactions when digital and cash was no longer in circulation it should prove to a faster and more convenient way to complete transactions.
3. Greater security
Another obvious point to consider is that if you are carrying cash around with you you risk losing that money for good if you have it stolen, lose your wallet, or suffering at the hands of a pickpocket or burglar.
Having money stored digitally provides a greater level of security that you “cash” is safe is just a number on the screen rather than something physical that you could lose at any moment.
4. You have greater control over your money
Even if you then tend to rely on using your bank cards to pay for things rather than cash there is still the potential prospect that your card could be lost or stolen.
A great point with a cashless option is the fact that you can quickly block access to your money in the bank by getting the card block almost instantly.
You don’t have that level of control with cash.
5. Great for business
A cashless society could also provide noticeable benefits to many different types of businesses.
Retailers wouldn’t have so many security issues if no cash was on their premises or needed transporting and handling cash tends to be expensive as banks often charge for processing physical money.
It is also worth noting that the average transaction value is greater when people pay by card rather than cash.
When you look at all the major advantages attached to developing a cashless society you would have to think that it is only a matter of time before we reach the point where nobody carries cash on them anymore.