A cashless society utilizes electronic funds transfers and credit and debit cards instead of cash or cheques.
The trend continues towards a cashless society because companies in the financial sector are rolling out cashless systems inspired by the digital wallet concept. Google has released the Google Wallet, which is an example of this.
Part of the trend towards cashless societies could involve the use of biometrics. Biometrics requires physiological characteristics for identification. Examples of biometrics include fingerprints or facial recognition software.
Those in favour of a cashless society site the concept as a way to save time, and a way to make financial transactions more secure. Security is enhanced with biometrics because biometric IDs are unique to each person. Digital wallets can be shut down remotely if they are stolen. As for convenience, no one would have to carry money around anymore, and digital payments could be made easily with the tap of a smartphone.
Some also speculate that having a society without cash would stop black market or underground economies.
Those against a cashless society cite problems like hackers and the failure risk of biometric systems. The aspect of losing one’s phone could create a problematic situation with digital wallets, as many smartphones don’t have totally reliable encryption capabilities.
At TSI Network, we recommend using our three-part Successful Investor philosophy:
Invest mainly in well-established companies;
Spread your money out across most if not all of the five main economic sectors (Manufacturing & Industry; Resources & Commodities; the Consumer sector; Finance; Utilities);
Downplay or avoid stocks in the broker/media limelight.
Here’s an email I received recently from one of our portfolio management clients. Lots of readers may find something they can identify with in his views.
“Subject: cashless society
Good morning Pat,
After reading an article that said that 93% of all monetary transactions in the U.S. are… Read More
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