Paper Money: your time is almost up!

What's up with tangible money, anyway?

The influence of cashless payments is expanding quickly. For the average person, it is
increasingly becoming an inescapable experience in a culture where practically everything can
be done with a simple push of a button. In fact, a mind-boggling amount of people use cashless
payment methods like credit cards or debit cards nowadays.
Cashless payments like credit cards and octopus cards allow people to pay for their daily
necessities. But, while cashless payments may seem genuinely practical, some things about
them may pose grave dangers to the people who use them. So, is it all worthwhile? Or are
cashless transactions introducing a deadly blade into people's lives? Let's investigate!

We love fast services, don't we?

The convenience of cashless payment is one of its benefits. In comparison to using regular
cash, using your credit or debit card is much faster and more convenient, and it can also help
you save time.
For instance, it would take a long time to go to a store to get change if you didn't have any and
needed it for the bus fare. The bus fare can be swiftly paid with your card if you have an octopus
card, though.

Private and protected

The next and far most important advantage is reducing the crime rate. Cashless payments still
have better and stronger security than paper money, despite being neither hacker-proof nor
resistant. One of the factors is that there isn't any actual money available for theft.
Here's an example, it would be extremely difficult for you to recover your money if you were
robbed and had a large amount of cash on you. However, you would have a better chance of
getting your money back if the thief had used your credit card or debit card since you could
immediately notify your issuer of losing your card number and prevent the thief from accessing
your money.

You are never safe from devilish hackers

Cashless payments have advantages, but they also have drawbacks, just like everything else.
Now let's talk about a severe disadvantage of cashless payments. They have the drawback of
being vulnerable to hacking. This has the disadvantage that you can become a victim of theft if
your credit card information is stolen.
 For instance, if someone obtains the details of your credit card, they can use them to access
your bank account and cause havoc. The only ways you can lose money when you pay with
cash are if it is stolen from you or if you misplace it.

Temptation to overspend
Nearly all of my points have been covered, but before I wrap up, let's discuss the most
prevalent drawback of contactless payments: overspending. This is a disadvantage because if
you don't have a budget, you'll want to spend more and more money.
For example, if you use a credit card, you'll discover that paying for your everyday needs is
simple, encouraging you to spend more. The only distinction is that if you pay with cash, you will
be subject to a spending limit and won't be able to overspend because you are dealing with a
fixed sum of money.

Future of cashless payments

The future of cashless payment is highly foreseeable and easily anticipated. Because of the
benefits, I believe consumers will use contactless payments more frequently in the future. My
final piece of advice is that, as society develops, we should begin to create the habit of using
cashless transactions since they may come in handy in the future.