Are you Team Cash or Team Cashless? How might businesses or organisations stand to gain or lose from a fully cashless society? - Seedly
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Clara Ng

Asked 4w ago

Are you Team Cash or Team Cashless? How might businesses or organisations stand to gain or lose from a fully cashless society?

What would be the pros and cons to a fully cashless society? Is this viable?

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Davin
Davin
Level 7. Grand Master
Answered 4w ago

There will be less manual work if we go cashless and reduce business cost, but this is difficult to implement in some countries like Japan, Singapore as there are many old folks that are not tech savvy.

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Sj Oh
Level 5. Genius
Answered 4w ago

Team Cashless! However, it is for personal gain, as cashless seems to have more benefits than paying cash.

Easier for everybody to be tracking whatever transaction.

Only cons will be the higher cost involved...

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Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered 4w ago

I'm on the side of team Cashless, and I believe modern businesses will stand to benefit due to the speed and transparency of transactions. However, traditional businesses might be on the long end if they still need to depend on Cash and might not be able to leverage economies of scale to minimise the costs of taking up cashless payment methods.

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Team cashless for the win.

There will be a digital records so I can track down my expenditure.

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Rais M
Rais M
Level 7. Grand Master
Answered 4w ago

Team cashless for me! These days, i only keep 5 piece of $10 notes in my wallet for emergency use. Emergency means the merchant does not accept credit card.

I believe most existing merchants would already have the credit card facilities and this would not impact them much as it is business as usual as they had already incurred the set up fees. They might incurr more transactional fees as more and more people switch to cashless.

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Definitely team cashless for me! Businesses will need to invest in technology to implement cashless processes and there may be fees involved but the good thing about this is there is always a digital record for every transaction, easier for audit and able to prevent theft etc.

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Team cashless!

I am proud to have survived two months with only a single $2 note.

There may be a higher cost associated with a cashless society, e.g. equipment rental, merchnat fee.

On the other hand, there is less manual work in accounting by going cashless.

Here is everything about me and what I do best.

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