Essay On Cashless Economy

987 Words4 Pages
Once Ronald Reagan have said: “Money can’t buy happiness, but it will certainly get you a better class of memories.” Even though in today’s society there is many various definitions for the concept “money”, generally it is accepted as a medium of exchange – something that people use to pay for goods and services, the main reason why mostly people go to work – and also has the functions as a unit of account and as a store of value. Sadly, but common people are not interested in money’s functions, all they think of when heard word “money” is paper notes and metal coins that are likely to be eliminated in the near future! As technologies are improving rapidly, more and more countries in Asia and Europe starts preaching cashless economy.
The given article „Emptying the tills“ reveals that in today’s society people’s opinion whether to pay in cash or with card slightly differs. In some Europe countries,
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In my opinion, eliminating cash from the market will have a negative impact to the future as it is impossible to trust on technologies 100 percent, the systems might broke down and it is impossible to guarantee insurmountable database protection from unauthorized hackers. Even both article’s authors agree that the mainly reason why payments using electronic money are not prevalent in most countries is that people still have trust issues about their data security. Also installing card machines into the business is very expensive as it is needed to set up all computers, card readers and telecommunications networks that are necessary for successful payment system. As the result, even though it is much easier to pay by card for customers, all the additional costs that were required to set up the system will lead to the rise of products and services
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