Cashless society

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Written by
4 years ago

Hello again everyone! This is me Kli4d. I hope you enjoy today's articleee.

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Money is a carrier of millions of microorganisms. Based on the study published by PLOS ONE, they have found 400 kinds of microorganisms on a 1 dollar bill from a bank in New York. The most abundant is the one that causes acne, as well as other harmless skin bacteria. They also identified vaginal bacteria, DNA from pets, and viruses. Although there is no scientific evidence that coronavirus can be transmitted thru money, some people shifted to cashless transactions.

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What is a cashless transaction?

According to Merriam Webster, being cashless is not having or involving cash specifically: relying largely or entirely on the monetary transactions.

Credit cards, debit cards, mobile wallets, mobile banking, etc. are some of the examples of this.

Then, what? Why do people go cashless?

Besides what I mentioned above, there are other more factors why some people choose cashless transactions.

Convenience

People hate the hassle and confusing things. That's a fact you can't ever deny. By going cashless, in just a few taps, you can pay your bills and buy the things you like online.

Less prone to criminals.

Without bringing a large amount of money, criminals can't get something in you. If your credit or debit card was missing or stolen, you can immediately request to void the card.

That's all? Oh, come on.

Here are the other advantages:

  1. Restrain the generation of black money, reduce corruption.

  2. Reduces the occurrence of illegal nonpayment or underpayment of tax.

  3. Reduces illegal monetary transaction

  4. Reduces the carbon footprint.

  5. Less contact, less chance of transmission of different microorganisms.

But there are also disadvantages when it comes to being cashless. Here are some:

  1. Identity theft

  2. Information loss

  3. Less control in spending

  4. Extra charged imposed by the merchant

  5. Inactivity of the electronic device during the transaction.

Due to our current situation, cashless transactions are widespread. Most of us are forced to use this to avoid crowds. If this will continue, little by little, we will become a cashless society.

Referrence:

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0175527

https://time.com/4918626/money-germs-microbes-dirty/

https://www.digipay.guru/blog/towards-a-cashless-society-major-benefits/

https://www.xpressmoney.com/blog/industry/the-pros-and-cons-of-a-cashless-society/

https://businessnovice.net/definition/cashless-society/


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4 years ago

Comments

Indeed. Especially now, the era of pandemic, we are force to adopt cashless transaction to avoid crowds and interacting with people as we believe that yhey might be a carrier or something. Well for me this woukd be great but let us not forget the transaction we grow up with. Adopting new things are not bad. As long you wont forget the first one. Thank you for this article. Indeed helpful❤

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4 years ago

Sabi nga nila, "Lumingon sa pinanggalingan." :)

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4 years ago

I've been pretty much cashless since the start of the coronavirus crisis. Even the last few local businesses that only accepted cash (the barber's, and the fish and chip shop) now accept card payments. I've checked just now and I have no cash in my wallet at all!

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4 years ago

This is real. Paper money will also one of the carrier of viruses or bacterias. It can travel from one.hand to another. Cash less society will be beneficial to most of the people. But we must be careful always in engaging transactions even if it is cashless because there might be hackers or scammers that can assault your account.

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4 years ago

Cashless society is indeed beneficial. But there are still a lot of things to improve. Like you say, hacker and scammers are prevalent. Authorities should work to improve security and prevent these people from stealing money.

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4 years ago

Woah. We are doing the cashless transaction sometimes especially this pandemic but I didn't realize the advantages it has! Thank you @kli4d!

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4 years ago

Your welcome :))

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4 years ago

Woahh😱

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4 years ago

Hello Akatzukiiiu! I hope youre having a good time in reading my article. Thank you so much. :)

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4 years ago

Yeah!This article is really helpful. In Bangladesh,we saw a data where money contains several strains of bacteria. Even it also contains stools bacteria,,,

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4 years ago

Like I said, by going cashless, we can prevent touching these 'eewy' things. If using physical banknotes and coins are inevitable, we should practice proper hand washing after using them.

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4 years ago

yeah,its a great way to stay hygiene.

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4 years ago

Nice too meet you. Stay home and stay safe

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4 years ago

Nice to meet you too. I subscribed to you :))

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4 years ago

If our world would have been cashless pre- covid 19, I bet the number affected by the virus would have been quarter to the number now. Btw, great article.

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4 years ago

Cashless banking has is advantage and also it's disadvantage but in seasons like this, I think it has been of great assistance to people.

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4 years ago