A world with electronic banking
Latisha N. Patterson
J. Sargeant Reynolds
November 18, 2010
Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment, and a method of preventing crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates. The move to use electronic cash in an ironically termed society dubbed “cashless”; there are many issues that include security, privacy, crime and computerization. We as a society must as a whole be comfortable with this new shift or the tendency to rebel becomes prominent. As the financial institutions have implemented such things as debit cards, credit cards, internet banking, etc, it has slowly brought society into the acceptance zone whereby another step could be taken. Without society being able to understand the pros and cons of electronic cash, the full benefit of the cashless society may never be realized.
A Cashless Society
A World with Electronic Banking
The purpose of this writing is to make people aware of the issues surrounding the topic of electronic cash and it’s tendencies towards the cashless society. Electronic cash, or other disguised methods of conducting business transactions without cash, have been around since the 1960’s, and have become more predominant in today’s society.
This essay will discuss some of the main points of concern when talking about a world without visible cash, a world that seems to some as “make-believe”. It discusses the very important issue of non-acceptance of electronic cash, which is still predominant among the elderly. There does seem to be an undeniable trend towards the use of electronic cash, especially during the last decade. Despite small pockets of society rebelling against this movement, it has grown dramatically, especially in the use of internet banking and bank card facilities.
Social aspects are a part of our everyday lives, and certainly not trivial in regards to this topic. A few points of interest of the social impacts of electronic cash will be discussed, such as time and convenience. A darker side of money will be briefly talked about, and whether electronic cash will make criminal activities a thing of the past, or simple move them to a white collar level.
The world is run by computers in today’s society. It was only a matter of time for this to be transferred into the money market. Waiting in line at a bank is now a thing of the past, ATM’s and internet banking have entered the market share. One thing that will be discussed is the “Big Brother” image that leaves a bad taste in your mouth when you know that anything done on a computer can be traced. Privacy now has an important role to play in society, and will be discussed further in this essay.
Electronic cash in itself is not evil, nor is money itself; it is the love of money that is evil and breeds greed and other nasty habits. The age of electronic cash is slowly ushering in the cashless society, where no buying or selling will be done with cash; rather it will be computer based, hence the need for electronic cash (Regan, 2007).
The world of electronic cash is slowly squeezing out the coins and dollars we know and put value on. There is something about being able to feel that money, rather than a piece of plastic. In fact many of the elderly do not want anything to do with plastic (credit cards, bank cards, etc.) let alone internet banking, even though some of the previously mentioned have been around for almost 50 years.
The entire world is slowly moving towards a cashless society. This can be considered good, or it could be considered bad by...