Back in 1942, then British Prime Minister Winston Churchill famously said: “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” While this quote referred to the turning of tides in the Second World War, it remains relevant on so many levels today. Take the Cashless Economy Revolution as an example. We are not at the end of the cashless economy revolution. We are not even at the beginning of the end. But we may be seeing the end of the beginning of the cashless economy revolution.

The first shot of the cashless revolution was fired in 1997 when Coca-Cola introduced a system for paying for beverages at vending machines. You’d simply use your mobile device to text a code via SMS and the machine would dispense your drink. The cost of the transaction would be tacked on to your mobile bill. This high-tech concept then quickly evolved as eWallets like PayPal, Skrill, and others emerged. These days, people use a wide range of apps like GCash, Apple Pay, and Venmo to pay for goods and services as well as sending and receiving money from friends and family.

Advantages of a Cashless Economy

There is no denying that going cashless comes with a lot of upside. Perhaps the most significant benefit is the sheer convenience of it all. You just have to head to the point of sale, launch an app, and mash a few buttons. On top of that, modern cashless payment systems make it much easier to keep a running tab of payments and balances. This is particularly helpful to business owners who no longer have to handle, count, and physically deposit the hard currency at a bank.

Then there is the whole security aspect of a cashless economy. Today’s cashless apps feature an abundance of security features like embedded microchips, AVS, geolocation, and 2-FA. With the help of eWallets you can deposit and withdraw money at numerous services – for example, at online casinos, such as those listed at the page https://bstcasinos.com/skrill-casinos/, you can use Skrill, one of the most popular eWallets for transactions.

Furthermore, not having a big wad of cash on you will make you feel safer in terms of getting mugged although you may lose your mobile device in the process. Still, with the multiple security features available today, your money will likely remain untouched.

A cashless economy is also cleaner and more sanitary. For instance, if there was ever some kind of global pandemic in which people could pick up a scary virus through contact, many folks would likely be hesitant to handle physical currency that had recently been in countless hands.

Disadvantages of a Cashless Economy

Imagine that the internet suddenly goes down. It could be the result of a natural disaster, hackers, or something like a massive solar flare. The point is that it could happen. And if it does happen in a cashless society, it could mean a complete shutdown of commerce. People wouldn’t be able to pay for basic necessities.

One must also consider that even though cashless payments are highly secure, there is still an ever-present threat of data breaches. Falling victim to such crimes as identity theft is always a possibility as cyber-criminals continuously attempt to get ahead of the curve. This is a significant problem that has to be solved before a purely cashless system can be implemented. 

Additionally, those who send or receive money leave a detailed paper trail. This is of obvious concern to those who value their privacy. It certainly makes it a lot harder to cheat on your income tax form.

Conclusion

Yes, we may very well be nearing the end of the beginning of the cashless economy revolution, but we still have a long way to go before physical currency becomes obsolete. One thing that can be said about cash money in today’s society is that it is reliable and universally accepted. Even though there are many popular cash apps being used today, none of them are as widely accepted as cash, credit cards, or debit cards. Still, we can rejoice knowing that we have more options today than we did just a few years ago.

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