Cashless Society Pros and Cons
reducing crime rate
robberies' prime targets - less chance of robbery
illicit activities use cash for drug dealing or prostitution 4.
card is much more convenient and easier to use
no need to pay cash in person
online shopping requires cards
phone/online banking saves more time that allows you to transfer money or pay bill in time and instantly 8.
easy to carry with low risk of money explosion
easy to keep track of your money spent and owned
digital cash has the advantage of speed and convenience
no need to carry cash and coins - they are heavy
when travelling, there's no need to look for or hold different currency 13.
no contact of fake currency
pay exact value of things you purchased, no rounded up or down value 15.
online shopping often offer discounts or special deals for card-preferred customers - free delivery service 16.
long queues just waiting in front of ATMs
cost reduced - transfer costs, processing fees
cost of printing money
promotes trades and business across borders by destroying the barriers of differences in national currencies
high risk/ chance that thieves can get cash out of your cards - pay pass, cash out 2.
people often use their birthdays and simple passwords as their pin - even friends or relatives know how to crack the passwords 3.
cybercrime - hackers' prime targets
there's high chance of losing your cards, even without your notice 5.
it takes at least 5 to 7 working days to get your hands on new cards 6.
cash is always welcomed at anytime and anywhere
power outage or internet connection failure obstruct you to make electronic transfers 8.
privacy issue - identity thefts, monetary personal info exposed 10.
too easy to make purchases because of a lower sense of the value of money - overspending problem 11.
no sense of controlling money - spending > earning
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