Cashless society: What do we gain and lose when cash is no longer king?
Thesis:
What do you think of a cashless world? A cashless world may sound like something out of
science fiction, but it is on its way.
Many modern financial processes and transactions are now taking place without the use of
currency. To be more specific, a cashless society is one in which financial transactions are
conducted without the usage of cash (including paper and coin currencies).
Instead, all transactions are conducted electronically, with debit or credit cards or payment
Services.
Like two sides of a coin, a cashless society has its own advantages and weaknesses.
The first advantage of cashless society is convenience. People do not need to carry cash when
they want to make a transaction.
Another advantage is that crime rates are lower. Carrying cash makes people a high-value target
for thieves.
It will be impossible to track their money or show that it is theirs once it has been removed from
their wallet and placed in a criminal’s wallet.
Arguments
Similarly, in a cashless society, financial crime should disappear. Cash is commonly used in
unlawful activities, such as illegal gambling or drug trafficking, because there is no record of the
transaction and the money is easier to launder.
If the source of the money is unknown, money laundering becomes much more difficult. When
every payment people get is recorded, it is more difficult to hide income and evade taxes.
Furthermore, going cashless is thought to be more than just handy. Printing bills and minting
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coins both cost money.
Businesses must store money, obtain more when they run out, deposit cash when they have an
excess of it, and in some situations, pay firms to transfer cash safely.
To defend their branches from physical bank robberies, banks hire massive security teams. In a
cashless future, wasting time and energy moving money around and protecting big sums of cash
may become obsolete.
People may need to exchange their dollars for local currencies while traveling. If people are
traveling in a country that supports cashless transactions, though, they will not have to worry
about how much local currency they will need.
Instead, their mobile device takes care of everything. Going cashless, on the other hand, may be
more difficult than useful.
First of all, electronic payments do not have the same level of privacy as cash payments. Hackers
are the electronic equivalents of bank robbers and muggers.
People are more vulnerable to hackers in a cashless culture. If people are targeted and their
accounts are emptied, they may be left with no other options for spending money.
Secondly, glitches, outages, and unintentional errors can all cause issues, leaving buyers unable
to purchase items needed.
Similarly, when systems fail, merchants are unable to take payments. Finally, negative interest
rates may have a more direct impact on consumers once all money is electronic.
Negative interest rates, according to the International Monetary Fund, lower bank profitability,
and banks may be motivated to raise costs on customers to make up the difference.
Customers can easily withdraw their cash from the bank if they do not like the fees, therefore
banks are constrained in their capacity to pass on those expenses.
Customers may have to accept any additional fees if they are unable to withdraw cash from the
bank in the future.
Conclusion/Reiteration:
Cash currency is becoming less and less prevalent as a result of several technological and
sociological shifts toward digital and virtual financial transactions.
However, there are other potential negatives to a truly cashless society, and only time will tell
whether cash has a unique place in society.
Artikel ini telah tayang di https://www.sonora.id dengan judul "7 Contoh Argumentative Text:
Singkat, Beragam Tema, dan Artinya".
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