Money and Payment System
The cashless society means that the normal course of the transaction of the cash is done with the help of electronic methods such as credit cards, PayPal and other electronic wallets available today. The improvements in the technology are increasing the use of electronic cash as compared to the use of actual cash or bank check. The main advantage of using the electronic way of transferring the cash is that it is normally used by the customers who are making transaction for smaller transactions such as buying grocery, paying the online fee and utility bills. These consumers can avail this facility and save their time in withdrawing cash from banks and then depositing it. Another main advantage of using the debit or smart cards of the banks for the daily use is that it provides the highest levels of security. (Singletary, 2012)
The main disadvantage of using the electronic money is that it increases the number of transactions and the workload for the banks. Moreover, if the server of the bank is down or the internet facility is not working properly, then it is highly probable that there will be no transaction. Another main disadvantage of using the debit cards is that in most of the online shopping websites, the opt-in facility is used for their customers to send information about their new products. These opt-in facilities charge minor fee without informing the customer on an annual basis. Therefore, it is very important to read all the important information before using the electronic cash method to avoid any misuse. If the information or codes of electronic payment methods are disclosed or lost, then the loss of money is unlikely to be recovered. (Singletary, 2012)
Singletary, Michelle. "The Pros and Cons of Ditching Cash for Electronic Currency."
Washington Post. The Washington Post, 10 Mar. 2012. Web. 21 Jan. 2016. <https://www.washingtonpost.com/the-pros-and-cons-of-ditching-cash-for-electronic-currency/2012/03/05/gIQAhCTC4R_story.html>.