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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.
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:
Restrain the generation of black money, reduce corruption.
Reduces the occurrence of illegal nonpayment or underpayment of tax.
Reduces illegal monetary transaction
Reduces the carbon footprint.
Less contact, less chance of transmission of different microorganisms.
But there are also disadvantages when it comes to being cashless. Here are some:
Identity theft
Information loss
Less control in spending
Extra charged imposed by the merchant
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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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❤