Campaign for A Cashless Society

 

Introduction:

In this era of sophisticated technology, cashless systems are increasingly becoming a part of modern society. This development is driven by advances in digital technology, which allows financial transactions to be carried out faster, easier, and safer without the need for physical cash. Cashless systems are not only well-received in urban areas, but are also beginning to gain attention in rural areas. They have changed the way we shop, make payments, and manage our finances. However, while the advantages of this system are undeniable, there are still challenges that need to be overcome to ensure that its use can be fully utilized by all levels of society. This approach is increasingly popular because it is faster, easier, and reduces the risk of losing cash or fraud cases such as robbery. However, it requires access to technology, such as a smartphone or the internet, and a stable financial support system.

 

The advantages of Cashless Society:

As the global landscape continues to evolve with technological advancements, the shift toward a cashless society is gaining momentum. Moving away from physical cash and embracing digital payment systems presents a host of significant benefits, ranging from increased security to greater environmental sustainability and improved public health. As digital technology continues to reshape the way we live, moving away from physical cash holds the potential to transform many aspects of daily life and business operations. The benefits of cashless society, illustrating how this transition could positively impact individuals, businesses and whole society.

One of the most compelling arguments for a cashless society is increased security it offers. Digital payments are typically more secure than cash because electronic transaction leave a trace. Each transaction is logged in digital systems, making it easier to track spending patterns and detect fraud activity. This transparency makes it more difficult for criminals to engage in theft, money laundering or other illicit financial activities. Besides, many digital payment platforms such as credit or debit cards, mobile payment apps come with advanced security features like encryption, biometric authentication, and two-factor authentication (2FA). These measures help safeguard users’ financial information and reduce the risks associated with event of lost or stolen card or phone, these security features enable users to quickly disable their accounts and prevent unauthorized access.

Another significant advantage of cashless society is its positive impact on the environment. The production and circulation of physical currency require vast amounts of resources, including paper, ink and metal. Bills and coins are regularly printed, minted and distributed by national governments, leading to high costs and environmental consequences. This process contributes to deforestation, waste generation and carbon emissions, all of which add to the environmental footprint of currency production. In this cashless society, these environmental impacts can be minimized. Countries could reduce the consumption of natural resources and the energy required to produce and transport physical currency. Additionally, digital payment methods such as mobile wallets, contactless cards, online banking are inherently more sustainable, as they rely on electronic infrastructure rather than tangible materials.

 

 

The disadvantages of a cash less society:

Although the move towards a cash less society has many positive attributes, there are many very big disadvantages that need to be seriously considered. The digital divide is one main concern. In a cashless economy, without the ability to use banking or digital literacy, people without access to banking services are excluded from some of the most basic financial transactions. To give a specific example, suppose you’re in a small rural village where internet is rarer and access is sparser, and few people will have smartphones or even bank accounts, and therefore don’t participate in the digital economy. Cash reliant street vendors could lose customers who can only pay digitally and lose income.

There’s also the issue of privacy. Cash transactions provide anonymity but every digital transaction leaves a data trail. For example, exchanging sensitive health information through purchasing medication at a pharmacy digitally. If this data gets into the hands of the wrong people, privacy violations will happen. There are concerns about the security of the data that would be collected by corporations and governments tracking the spending patterns of their customers.

Digital payment systems also have a challenge of reliability. What if you are at a grocery store checkout with a cart full of groceries and the payment system failed? And such technical glitches can be very inconvenient and very frustrating. Virtual systems are vulnerable to cyber-attacks that can impact systems responsible for certain financial obligations and place the funds into jeopardy or personal data at risk.

In addition, it can leave out certain populations dependent on technology. By way of example, elderly people have trouble navigating digital payment apps or devices. A 70-year-old going to pay their utility bills online might be confused and stressed out. Technology is relied on and not everyone will be tech savvy.

 

Conclusion:

In conclusion, the use of e-wallets offers many advantages and benefits to society. The transition to a cashless society offers numerous potential benefits, such as greater convenience, efficiency, and security in financial transactions. It can enhance economic transparency, reduce the costs associated with handling physical money, and provide easier access to financial services.Overall, the majority of users think the payment system is cashless improve their daily work efficiency. The advantages of a quick, fast and easy system helping users in a more efficient daily routine. The results of the study are also included shows that most users have a positive view of cashless payment. Apart from the high consumer trust in services used, they view this facility is clear, simple understood and safe. However, this shift also raises significant concerns. Key issues include digital privacy, security risks like hacking and fraud, and the potential exclusion of certain group especially those who rely on cash or have limited access to digital technology.

Prepared by:

1. Mohamad Noor Ihsan Bin Mohamad Nadzri - 22200446
2. Nurul Shuhada Binti Salehuddin Haqe - 22200704
3. Siti Fatimah Binti Mat Ramli - 22200768
4. Muhammad Izran Bin Addenan - 22200547
5. Muhammad Zameer Zamani Bin Sahalan - 22200571