Oh, when was the last time I visited a finance bank? Stood in those endless long queues, cold silence, angry bank workers, their never-ending lunch breaks, the sound of the cash counting machine, challan laying all around, and our treasured pen tied to the stump. The neighbourhood grocery store uncle selling us off his toffees instead of returning us coins - it all sounds so nostalgic! Gone too soon.
Our ears are now buzzing with the sounds of notifications from UPI apps. From mobile payments to cryptocurrencies, it's easier to make transactions without cash. A cashless society is a financial system that operates entirely without physical cash. Instead, all transactions are made using digital means such as credit/debit cards, mobile payments, or online transfers. In a cashless society, all financial transactions are recorded in digital form, which means there is no need for paper currency or coins.
A cashless society is a double-edged sword with its own pros and cons. Some appreciable advantages are: Convenience, improved safety, better record-keeping, cost-effective, increased financial inclusion (each class of society, the able and the deprived, can easily access digital payments, hence making everyone feel included), easy to access, anywhere, anytime, quick and effective, instantaneous transactions, no worry of carrying cash, collecting change, no more paperwork, environmentally friendly, contact-free (splendid example during the COVID-19 pandemic), no fear of demonetization, the system becomes transparent, honest, and clean with just white money around the globe, money laundering will be simply cut off from its roots, thus making a fair living for the common and the riches. No bribery, no malpractices will be seen, as everything goes into record in digital transactions, creating a positive stress and fear among the culprits.
On the other side, some notable drawbacks are: Economic status of people, whether everyone can afford smartphones for digitized payments, the record of every transaction can be targeted advertising, surveillance by government or private companies, a major concern for the privacy and security of the consumer. A cashless society paves the path to hackers to misuse the technology. The most practical drawback would be technical malfunction - what if the server is down on your big day? Would you trade your commitments for a technical glitch?
Another individualistic view of youths about personal finance and budgeting. Some believe the ease of calculations, statistics, and records that digital payments give us. While some complain of overspending due to the absence of physical money, they lose track of how much money they have in hand. However, it is noteworthy to mention that a cashless society has significantly reduced thefts and crimes among common people.
The fate of small businesses: A cashless society has been both a boon and curse for small businesses. While some see it as an opportunity to expand trading, easy transactions, and a broad spectrum of customer attractions, the unaffordable small businesses have been swept away by the competition and by the big hawks in the market who attract consumers with cashless options. The government also plays a vital role in bringing about cybersecurity and planning an economy that is inclusive of all social levels, encouraging people to buy local goods, "vocal for local" as their main agenda. However, eventually, it all comes full circle, letting people decide how to use the advancements without bringing about imbalance within societies.
- Sahana A
Well said ma'am