As society moves towards a cashless future, electronic currency is gaining acceptance. Governments and financial institutions have been striving for this since the 1960s to provide convenient payment options and fight against crimes like robbery and money laundering. However, the transition to digital money in a cashless society raises concerns about security, privacy, crime, and computerization.
As a society, we need to embrace the new shift in order to prevent a strong inclination towards rebellion. The implementation of financial tools like debit cards, credit cards, and internet banking has gradually guided society towards acceptance, opening doors for further progress. If society doesn’t fully understand the pros and cons of electronic cash, we might miss out on the potential advantages of a cashless society. Welcome to a world with electronic banking.
The objective of this text is to raise awareness about the issues related to electronic cash and its impact on moving towards a cashless society. Electronic cash, as well as other concealed methods for conducting business transactions without physical currency, have been present since the 1960s and have experienced greater prominence in contemporary society. This essay will address certain critical concerns regarding a world without tangible money, a concept that may seem fictional to some.
The text addresses the significant problem of the elderly’s resistance to electronic cash, which remains prevalent. Although there is a clear shift towards the adoption of electronic cash, particularly in the past decade, there are still certain groups opposing this trend. However, the use of electronic cash has expanded significantly, particularly in internet banking and bank card services. The social implications of electronic cash are integral to our daily lives and should not be disregarded. This article will explore a few aspects of the social effects of electronic cash, such as time and convenience.
The article discusses the potential implications of electronic cash on criminal activities. It recognizes that although technology has revolutionized different aspects of society, such as banking via ATMs and online transactions, there is a downside to using technology for financial purposes. The concern stems from the traceability of electronic transactions, which raises concerns about surveillance and may prompt criminals to resort to more advanced white collar crimes.
Privacy is a crucial element in society that will be explored further in this essay. It is essential to acknowledge that electronic cash and money are not inherently negative, but rather, it is the excessive longing for wealth that can result in unfavorable consequences such as evil, greed, and other undesirable behaviors. The advancements achieved in electronic cash signify our shift towards a society that depends less on physical currency like coins and bills, with transactions now occurring through computers. This emphasizes the importance of electronic cash (Regan, 2007) within the realm of digital transactions.
There is a certain quality to physically handling money rather than using plastic cards or internet banking, a sentiment shared by many elderly individuals. Despite the existence of credit cards, bank cards, and other advancements for almost 50 years, they prefer to avoid them. The global trend is gradually shifting towards a society that relies less on physical cash. Opinions on this transition vary, with some considering it positive while others see it as negative. Electronic banking brings several advantages, such as rendering checks obsolete. The Payments Council announced that checks would no longer be in use by 2018.
In the 21st Century, making paper payments is no longer a feasible option (LLBlynch, 2009). Previously, bill payment was done through sending checks by mail. However, nowadays people opt for setting up direct debits to fulfill their payment obligations. They are incentivized to do so with bill discounts. This mode of payment is faster and more reliable. The same reasoning applies to replacing cash with card payments entirely. The internet has played a significant role in transitioning away from a cash-based society. We have become more accustomed to using card payments, especially since online shopping has become the norm.
We have personally witnessed the convenience of online shopping in various aspects such as furniture, holidays, clothing, and electrical goods. This has enticed us to embrace this cashless form of shopping. As our acceptance of card payments grows more favorable, it is inevitable that we will eventually abandon the time-consuming use of cash and rely on cards for all types of payment. The prevalence of crime would decrease as the black market suffers from the inability to accept cash payments for illegal products like drugs in illicit locations. Additionally, individuals would be wary of using card payment systems due to their traceability.
Authorities aim to eradicate cash for its trackability, thereby eliminating under-the-table jobs and ensuring all earnings are reported in the tax system. While there is debate about the convenience and time-saving advantages of electronic cash, we must not overlook its social impact. The elimination of physical payment methods would alter people’s interactions and their ability to fulfill responsibilities. This raises concerns about the repercussions on society and potential negative consequences (Smith, 2009).
Although electronic payments save time and offer convenience to many individuals, we should consider that it may be the sole means of social interaction for some people. For example, online shopping enables individuals to order groceries with delivery within an hour. However, by prioritizing convenience and efficiency, we might neglect the traditional social connections associated with in-person shopping, which could harm society.
Both young people and those who depend on socialization in their daily lives should have the opportunity to live a cashless life. Financial institutions globally have embraced the transition towards a cashless society by integrating electronic funds transfer through ATMs and more recently, the internet. By utilizing a single plastic card, society can eliminate the need for physical cash, leading to advantages for consumers, governments, and merchants.
Eliminating physical currency has addressed concerns about theft as there is no tangible money to be stolen. This eliminates thieves as a societal concern since there is simply no cash for them to pilfer. Furthermore, reduced crime rates due to the lack of physical currency mean that society no longer needs to allocate significant tax funds towards supporting the criminal justice and incarceration system. Additionally, merchants can simplify their transaction records by relying on computerized systems for managing transactions. However, it is important for us to exercise caution when something appears too good to be true because upon closer examination of the larger perspective, we realize that there are indeed downsides to this situation.
The main theme of this passage is the government’s acquisition of complete control over all facets of our lives in a novel system. This encompasses the regulation of societal norms and the establishment of acceptable behaviors (Morrow, 2007). Despite the benefits of a society without physical currency, sacrificing personal privacy presents a significant drawback. Numerous people may oppose constant surveillance by an entity reminiscent of “Big Brother” that monitors their activities.
One argument posits that as long as a person is not engaged in illegal activities, there is no need for concern. On the flip side, if someone’s actions do not negatively affect others, it becomes irrelevant to them what those actions may be. A significant number of individuals appreciate the freedom to conduct certain transactions with physical currency as it guarantees their privacy without any digital evidence or records. Electronic cash presents a modern method that enables individuals to acquire goods or services without the necessity of physical exchange.
This paper discusses the challenges and implications of the increasing use of electronic cash in today’s society. It compares electronic banking with traditional check systems, examines social implications, considers the underground market, assesses the impact of computerization, and addresses privacy concerns. The paper explores both advantages and concerns associated with these issues. However, it is important to note that this study does not comprehensively cover all aspects and further research is necessary for a complete understanding.
Works Cited
LLBlynch. (2009, January 12). Is a Cashless Society Likely? Retrieved November 18, 2010, from Debatewise where great minds differ: http://debatewise.org Manchester, D. (1997, January 1). Smart cards: key to cashless economy. Retrieved November 17, 2010, from All Business: http://www.allbusiness.com/professional-scientific Morrow, G. (2007). A Computerized Cashless Society. Creative Computing , 271. Regan, K. (2007, March 24). The New Cashless Economy. Retrieved November 17, 2010, from E-Commerce News: http://ecommercetimes.com Smith, M. (2009, June 24). Going Cashless. Retrieved November 17, 2010, from Creditor Web: http://www.creditorweb.com/articles/going-cashless
