A cashless society might sound like something out of science fiction, but we’re already on our way. Several powerful forces are behind the move to a cash-free world, including governments and large financial services companies. Even critics of the mainstream financial system and government-issued currencies favor doing away with cash.
But we’re not there yet. In addition to logistical challenges, we need to address several social issues before giving 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. Read more
Disadvantages
- Exposes your personal information to a possible data breach
- If hackers drain your bank account, you'll have no alternative source of money
- Technology problems can leave you with no access to your money
- The poor and those without bank accounts will have difficulty paying and receiving payments
- Some may find it harder to control spending when they don't see physical cash leaving their hands
- Banks may start charging fees to compensate for possible negative interest rates
Cash will always be useful according to Jeffrey Goh
