Multi Currency Cards
Asked 4w ago
What would be the pros and cons to a fully cashless society? Is this viable?
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.
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.
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.
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.
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.
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