Cashless Society

What is a Cashless Society?
The term "cashless society" loosely refers to the fact that in the future it is expected that cash, in the form of coins and notes, will not be required to finalise payment for the sale and purchase of goods and services.

The term “cashless”, however, is not quite correct because it is expected that the future will be a “paperless” society rather than a totally “cashless” society. What that means is that the use of smart cards, credit cards, digital cash and instant electronic transfer of money will gradually overtake paper currency and cheques. The paper currency used by banks at present, will become redundant and be phased out.

The use of electronic money, or digital money, is happening so fast that banks are having trouble keeping up with changing their systems and procedures to this new technology. We can expect the future to hold less paper cash and coins and more smart cards where digital cash will be the main currency used. It’s not a matter of whether this is where commerce will go, but when it will all happen.

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