Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question we might ask ourselves is what is a cashless society? What are the implications of living in a cashless world? To begin with, a cashless society could be regarded as a world where all bills and debits are paid for with the use of electronic money such as bank and credit cards, direct debits, and online payment. (Business Defintion for: Cashless Society, 2009). Looking back to history, we could see that our ancestors once lived in a cashless world. One might asked how this was possible. The system was based on barter trade in which goods are exchange for something else. My dad once told me how people from the neighboring town used to come to our town back in Edo State, Nigeria using a gallon of red oil, palm wine, cattle, and cow in exchange for a plot of land for farming. Furthermore, people from the city also exchange materials such as clothing, shoes etc in order to get a plot of land for farming. When money became available, the pace at which people uses barter trading system substantially reduce in the sense that only few people were still adopted to barter trade after the use of money was institutionalized as a means of exchange. The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar... ... middle of paper ... ...society, I will say that living in a cashless society is the way to go. Let work together to make this future dream a reality so that we can be proficient, competent, and capable in abating the crime in our society. Works Cited Arbeau, S. (2009, October 16). Electronic Cash. “The Cashless Society.” October 18, 2009. . Avusanjin1. (2009, June 27). OPPAPERS.COM. “Cashless Society.”, pp. 1-4. October 19, 2009. . Business Defintion for: Cashless Society. (2009, October 6). Retrieved October 17, 2009, from BNET Business Dictionary: . CreditorWeb. (2009, October 11). Going Cashless. Retrieved October 21, 2009, from CreditorWeb: Credit Cards made easy: .
Rose, Nelson I. "Dealing with Card Counters." How Casinos Stop Card Counters and Card Counting. Casino City Network, 8 Aug. 2002. Web. 30 Mar. 2014.
Cullen, Lisa. "What It Means For Your Wallet". Time. April 10, 2006. Off of NewsBank
With the disadvantages comes the advantages, sure using cash can sometimes be dangerous among other things, but there are some safety advantages that come associated with using cash as well. When choosing to use cash instead of credit you won 't have to necessarily worry about your credit card being encrypted at checkout. Although people have become more financially safer with how they use their card and the risk of data breaches have lowered in the last couple of years. Just three years ago the “Data breaches totaled 1,540 World wide were a little over 10% of that 1,540 breaches were in the retail sector” (Holmes1). And with the growing rate of fashion and the standard of looking good and fitting into society I would say the outcome of your card being stolen or even encrypted at checkout is still there. If you 're worried about your card being encrypted next time you 're at checkout just use cash not only will you avoid encryption you will also be able to see how much you 're actually spending.
Money has evolved with the times and is a reflection of the progress of man. Early money was itself a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money in to a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27) Today money is faith in the person paying us and belief in the person issuing the money he uses or the institution that honors his money. This trust has no end it can be extended to a greater number of individuals.
The world revolves around money. Not only is money the base of our society, but people also depend on money to live a healthy and secure life. People have lost their homes, their families and th...
UBM Tech. (2014). How Banks Can Overcome Disintermediation. Available: http://www.banktech.com/payments-cards/how-banks-can-overcome-disintermediation/240145542. Last accessed 9th march 2014.
When it comes to convenience credit outweighs cash. It’s always easier just to pull out a card and swipe rather than pull out cash and should give exact change. Swiping a credit card is also less time consuming which can be convenient when running low on time. Credit also lets you keep track of your transactions, that way you know where your money is going. I know personally that keeping track of my
4) In the occasion that banks require more cash, they basically print progressively or summon more digits in their electronic records. This system is viable abused and gamed by banks since paper money is fundamentally paper checks with a certification to have regard, with no genuine physical gold off camera to back those
You have a choice of paying by cash, debit card, online account or credit card. If you do not have money in your bank or online accounts, then either you go without, or you use your credit card. But, what about the people who have money in their bank account and still use their credit card.
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore. Bills are often times paid online, babysitters are accepting electronic payment such as PayPal and even food trucks now take electronic payments. According to a Washington Post column by Michelle Singletary society and businesses embrace using cashless ways to pay for things than the old time traditional “cold hard cash”. In my opinion there should still be cash circulating out in the world. My first ...
Management: The organization and coordination of the activities of a business in order to achieve defined objectives. (businessdictionary.com 2014)
Credit may have some advantages over cash, but cash has more advantages. Credit has fees, debt, and no emotions to go along with it. One is more emotionally attached to cash. The debt one can go into using credit is unreal. The way that credit card companies make their money is with the unnecessary fees they tack onto using credit. One should think twice before getting drawn in by the hounding credit card companies; they are not a multibillion dollar industry for no reason. “When you pay with cash you “feel” the money leaving you” ().
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
Web. 16 Feb. 2010. Mari, Angelica. " Computing: Cashless plans need retailer buy-in." Computing (England) 9 Apr. 2009,: NewsBank.
In conclusion a cashless society seems positive and quite close that we actually think, but the main issues of these opportunities will solely depend on whether the benefits would outweigh the disadvantages. We can already see that many people agree with the government on the cashless economy but on the other hand other people such as Christians will not probably accept this as a norm. It is vital to understand if society moves to a cash free economy, the benefits must distinctively overshadow in the end. It appears that much has been done in terms of the awareness of a cashless society as technology advances in progression with the use of electronic devices and system without the exchange of anything tangible. However