Please note! This essay has been submitted by a student.
Cash, is money in the physical form of currency. Previously, we couldn’t live without cash because we need cash to buy everything that we need. Now, we can start living without cash because we have many ways to purchase something such as credit card, digital wallet or check. There are many people in United States started their transactions from cash to cashless and they think that cashless society is coming right now. But many skeptics don’t believe that cashless system will replaces cash system. They think cashless society will make the transaction become more complicated and the security problems. We shouldn’t stop a cashless society and we should have a cashless society in 21st century.
One reason why we should have a cashless society is lower crime and less money laundering. Cashless can make it difficult for people to do money laundering, tax evasion, performing illegal transactions, and funding illegal activity in a cashless society. In cash society, people can hide a large amounts of their illegal cash in houses, antiques, or some jewelry like diamonds, gold, silver, and platinum. Also, many countries have banned some private crypto currencies like Bitcoin, use in their society. If we have a cashless society, we will track the payment very cleary. After that, cashless payments can decrease the risk of the employee because robber can’t rob the money by cash.
Another reason that we should have a cashless society is convenience. In the past, people who wanted to send money to others, it was troublesome to send the money. They need went to the bank, fill a form and queue up. It might have been take a half day to get it done and the recipients had to wait up to 3 days to receive their money. Nowadays, we can use digital wallet to pay or send money to someone very quickly, and the receiver can get the money in time. After that, Restaurant chain Sweetgreen found cashless with customers using payment cards or the chain’s mobile app could process transactions 15% faster.
A final reason why we should have a cashless society is costs saving. If we have a cashless society, we will save a lot costs and resources. People found out digital payment can makes it easier for government to track the tax evasion, they can save a lot of time and save a lot of costs to do the job well. In addition to this, bank can save a lot of cost because they can reduce the amounts of ATM and the cost of transportation. They can save times, costs and human resources to do better service to the consumers.
As the conclusion, cashless society is not far from the reality. In China, there are already 1 billion people using cashless payment, such as AliPay and WeChat pay. In our country, the amount of people use cashless payment are growing very fast in every years. Cashless payments became an important ways for people do payment. We should keep cashless payments grow until replace cash payment because it can make our society more progressive and prosperous.