A cashless society represents a digital way to make transactions, payments or other fees. Paying or receiving money cashless is a modern method which combines banknotes-free transfers with convenience and practicability. This essay will explore the benefits and concerns that are associated to a cashless system.
On the one hand, paying online simply with a card is even more easier than paying cash, whereas little money usage means fewer chances to get robbed or stolen, because with a debit card you can protect your amount of money properly without any risk. For example, Allied Irish Banks (AIB) provide a huge security guarantee for their customers, since if they have noticed something suspicious, they immediately call the owner to ask about the issue, and that measure made many Irish people to choose to keep their money on an AIB card.
On the other hand, digital banking system faces sometimes some concerns, such as dysfunction if a power outage occurs or limited access for those who are unable to connect, like less-digital people. For instance, in Moldova, many middle-aged people deal with serious technical difficulties, because they are not able to access money online properly, and that may lead to online bugs or hacking issues for these people.
To conclude, I would like to say that it is essential to understand correctly how does the financial technology work and how to use it effectively to prevent future losses.