In a cashless society, people use more credit cards. What are the advantages and disadvantages of this phenomenon? Or do you think cardless society is realistic and why? What are the advantages and disadvantages?
It is undeniable that the use of credit cards has penetratingly proliferated in this day and age. It has brought a tremendous advantage to common people in particular, and also other economic institutions have benefited from it. In spite of this, there are some drawbacks which should not be overlooked.
To begin with, people cannot get access to physical cash in a digital based economy. This eventually ushers tech giants, governments, and financial organizations to have absolute power over common people’s cash; earnings and incomes can easily be controlled if they want. Personal information is likely to be manipulated and hacked. Moreover, the use of credit cards, in one way or other, causes a great dependency on technologies, and other institutions related to finance that may detach one’s sentiments from physical currency. Hence, these issues are worth considering and draw painstaking attention.
As far as positive contributions are concerned, it has brought a huge convenience to daily lives. People can transfer and receive cash at any place in the world. For instance, online shopping, trading, and payment have been possible thanks to digital transactions. People save precious time and money as well. Similarly, it has, somehow, contributed to mitigating crime in the sense that people and their houses become safe from robbery as money is transacted through online banking. Thus, a cardless society has brought a life-changing comfort to almost all fronts of livelihood.
To sum up, digital transactions and the use of credit cards, hereby, proved to be feasible for common people. A set of smart or a card can pay bills and receive cash in real-time. Although some cons are pinpointed with the use, they can be jointly overcome; customers, banks, and stakeholders should involve in maintaining the transaction safe and secure.