The World of Cashless Economy

[Jasz]

The world has been running on cashless economy for the past few decades. Still, we are yet to see a completely cashless world. The reason is that most of us are still afraid of losing their money. This fear can be overcome by introducing a system where the digital wallet will be linked to your account and you will not need to carry any cash with you. At first, this may sound like a good idea but it has its own demerits as well. For example, there are certain people who have no access to internet or mobile phone and hence they would not be able to use these services. Also, if someone loses his/her wallet or wallet gets stolen then all the money stored in it would get lost along with the password of that wallet.

To overcome all these problems we should introduce an alternative way of storing our money which is called “cashless economy” or “cashless society” or “cashless nation” etc., which means that everything in this society is being done through digital payments instead of physical cash.

 

[saoussen5765]

First of all, this could be applicable if everything is paid by QR code so you have to scan the QR code to pay everything with no need for cash but this is still far from being realized. Credit cards and debit cards and cash are outdated means of payment.