Cashless Society

Topics: Credit card, Debit card, Payment Pages: 1 (384 words) Published: August 27, 2013
Are we going to have a “cashless society”?

I believe that our society will become “cashless” one day. Cashless is closer than you think. Only seven percent of all transactions in the United States are done with cash, and most of those transactions involve very little money. In some places around the world like Sweden, only use three percent of cash to pay for transactions. We may be close behind them. I think this because most people are shopping online more, and to do so you must need a credit card. Almost everyone pays their bills online. You can buy almost anything you want with a credit card. It is also easier to just carry a credit card then cash. We live in a digital world where we do not use paper as much as we used to. Everything is going digital, why not money? Bigger banks would like to go cashless because they would earn a profit from the fees from a debit card. With cash they don’t earn a profit at all. Cash will become more expensive to print, look at nickels and pennies they cost more than they are worth. Cash is also expensive to inspect, move, sort, and guard. Cash is favored by criminals because it does not leave evidence that you would need to catch them. Cash is easier to rob and if you lost it you would never be able to get it back. If we stopped using cash, drug dealers, prostitutes, and other criminals would go out of business. A cashless society would give governments more control. Governments would be able to track virtually all transactions and would also be able to monitor tax compliance much more closely. If you were to buy something with cash you would have a limit to what you have in your pocket, you wouldn’t be able to buy what you need or want. Eliminating cash would mean that we wouldn’t need to cut as many trees down. Only using credit cards would help the environment, because you wouldn’t need to drive somewhere to buy something or even drive to an ATM. Add up all the times you go to the bank to get money out, imagine how...
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