A cashless society refers to a system where all transactions are electronic and there is no physical paper money or coins in circulation. The document discusses how a cashless system would rely on electronic payment systems, digital transfers, and biometric identifiers stored on microchips or smart cards. While a cashless system could offer security benefits like transaction records and fewer errors, it also poses security risks around technology misuse, potential new forms of crime, and less privacy for individuals. Overall, the document argues that a cashless society may be beneficial once people adapt, but it also has challenges to consider around security, privacy, and the impact on those who rely on cash.