Cashless Powerpoint2

A cashless society is one where all transactions are electronic and there is no physical paper money or coins in circulation. It relies on electronic payment systems like EFT and digital payment methods using microchips, smart cards, fingerprints or retinal scans. While a cashless system offers security benefits like transaction records and fewer errors, it also presents security risks around privacy, potential for new cyber crimes, and difficulties for those reliant on cash. The impacts of transitioning to a fully cashless system would be significant and require education as well as addressing economic and acceptance issues.