What is a Cashless
Society?
what is says
Exactly
No paper money or coins
Everything is electronic
Software and Hardware
Used
EPS – Electronic Payment System
EFT- Electronic Funds Transfer
Microchips/Smart Cards
Fingerprints
Retinal
Impacts of a Cashless
Society
Transition process
Education process
Economic implications
Universal acceptance
What’s next?
Security Benefits
Electronic means of recognition
Verification records of all transactions
Computer errors are far less common
than human errors
Security Risks
Misuse of technology
Potential for a new crime frontier
Less regulation and scrutiny
Economic woes
Cashless Controversies
Much less privacy
Wasteful spending
People taking on more debt
Bad for those who are reliant on cash
Final View
A cashless society would be very
beneficial once everyone got
accustomed to it even though it has it’s
security risks and may leave some
people in tough situations. Moreover,
having everything done electronically
leaves less likelihood for error and
makes things more secure….
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