Pros:
- Convenience – easier access and quick payment
- Boosting Economy – people tend to spend more and stores do not have to carry cash
- Reduction of “black economy” – transactions are transparent for crimes, drug money, tax evasion and undocumented work
- No more printing money
Cons:
- Privacy and security – data are easier to track
- Wealth disparity – people without bank accounts or smartphones
- Financial institution and government gets too much power
Opinion – A cashless society is the final step in moving towards a completely paperless society just about anything can be handled electronically. It is a matter of time.
Benc Tan 