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Over the past century, technology has revolutionized the way we pay for goods and services. From painstakingly counting out coins by the checkout in order to purchase a pint of milk, to buying a brand new Mercedes with a single tap of a thin piece of plastic on a
card reader
.
American consumers now use cash in only 26% of purchases , and this figure is falling every year. There are many more convenient ways to pay for things, and the act of carrying cash around now seems archaic and outdated. Contactless debit cards and mobile apps allow us to pay for items without a second thought while keeping our money and personal data secure at the same time.
Only a few years ago, services like vending machines and taxicabs required you to pay with cash, but now it’s more difficult to find one that will accept your dirty pennies. It’s clear that we are rapidly moving away from a reliance on physical currency, but will we ever become a truly cashless society?
There are several implications of a cashless society, only some of which are positive. To determine whether it is a good idea to become completely cashless, it is worthwhile to delve into the pros and cons.
Although it will lead to a much more sustainable and reliable form of currency, going cashless will present a few risks that must be managed if we are to completely abandon physical money.