CLETH

What is a CASHLESS SOCIETY?

Some see cashless society as our new future, describing it as an "economic phenomena
in which financial transactions are carried out electronically" rather than with banknotes and
coins. In a cashless society, each organization may have its own electronic card or gadget to
process and finish transactions. Credit and debit cards, mobile wallets, Point of Sale (POS),
Internet banking, and mobile banking are some real-world instances of cashless transaction
systems.

HERE are some of types of cashless society…

ROANNE

1. First, BANK CARDS

Prepaid debit and credit cards are just one type of cashless payment option available to
consumers. These cards are distinguished by a magnetic stripe, a chip, and other physical features.
They provide consumers with convenience, payment flexibility, speed, and security. Visa and
Mastercard are two of the largest worldwide card issuers, and you may use their debit and credit
cards to make purchases in-store through a POS terminal or online at a variety of online stores.

DENISE

2. Second, Contactless payments

A contactless payment is made when a customer taps or hovers their card or smart device, such
as a smartphone or a wristwatch, against a POS terminal, removing any physical touch between
the buyer and the seller. They can also be tapped against mobile phones that feature payment-
accepting mobile applications. Contactless payments are enabled via Near Field Communication
(NFC) and RFID technologies.

ELDRIC

3. Third, Mobile Wallets

A mobile wallet allows a user to transfer, receive, and save money immediately on their phone.
They may go shopping and pay with their mobile device instead of a banking card. This is
accomplished initially by connecting the user's bank account to their mobile app. Sending
money to friends and relatives is simple since all the user needs to do is submit a name, phone
number, email address, or other form of identification to complete the transaction.
 STEPHEN

4. Fourth, QR Code

A Quick Response (QR) code is a two-dimensional, black and white barcode that is scanned with
a mobile device. When a merchant scans the QR code, the gadget may process payment via the
consumer's connected bank account.

CEDRIC
5. Lastly, Unstructured Supplementary Service Data (USSD)

Another cashless payment technique is USSD, which allows consumers to make payments
without the need for an Internet connection or a smart mobile phone. A consumer must phone
a particular number to reach a call center to use this payment option. Payments are then made
if the user's mobile phone and bank account are in sync and linked to each other.

ADVANTAGES

MAYLYNN
There is a lengthy list of advantages to a cashless society, many of which will not only
provide us with improved convenience but will also improve our digital footprints, leaving less
room for corruption and criminal activity.
Here are some of the advantages of cashless society (with hand gestures)

1. FIRST, DISEASE TRANSMISSION IS BEING REDUCED.

2. SECOND, CONSUMER BUDGETING HAS BEEN IMPROVED.
3. THIRD, BUSINESS RISKS AND COSTS HAVE BEEN REDUCED.
4. FOURTH, TRANSACTION SPEEDS HAVE BEEN INCREASED.
5. FIFTH, LESS TIME AND MONEY SPENT ON CURRENCY HANDLING, STORAGE, AND
DEPOSITING
6. SIXTH, COMPILING MORE DETAILED ECONOMIC DATA
7. SEVENTH, A TECHNIQUE FOR COMBATING CORRUPTION

ANDREA

With all the advantages listed previously, you may be wondering if there are any
drawbacks to a cashless society. There are undoubtedly some issues to consider and here are
some of the disadvantages of cashless society (with hand gestures)

DISADVANTAGES

1. OVERSPENDING
2. CONCERNS ABOUT PRIVACY
3. SECURITY AND SAFETY
 4. TECHNOLOGICAL ISSUES
5. ECONOMIC INEQUALITY
6. ADDITIONAL CHARGES
7. NEGATIVE INTEREST RATES

GERALDINE

DISAGREEMENT SA CASHLESS SOCIETY

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