cards are stolen. The biggest disadvantage of going cashless is the amount of interest you’ll pay when you don’t pay off your balances at the end of each month. It may be extremely convenient to swipe your card everywhere you go‚ but when your statement comes you better hope you have enough to cover it or else each of your purchases are going to cost you well more than the price tag indicated! Deciding whether to carry cash or go “cashless” is a personal decision for now‚ as we still have the ability
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speculation about a cashless society. With a cashless society in the near future there are many benefits‚ as well‚ as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that‚ if society moves toward a cash free economy‚ the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as
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A Cashless Society A world with electronic banking Latisha N. Patterson J. Sargeant Reynolds Professor Anderson ECO 120-DL01 November 18‚ 2010 Abstract Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment‚ and a method of preventing
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Are we going to have a “cashless society”? I believe that our society will become “cashless” one day. Cashless is closer than you think. Only seven percent of all transactions in the United States are done with cash‚ and most of those transactions involve very little money. In some places around the world like Sweden‚ only use three percent of cash to pay for transactions. We may be close behind them. I think this because most people are shopping online more‚ and to do so you must need a credit
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CONCEPT OF CASHLESS SOCIETY Today this world is heading towards industrialization‚ privatization and globalization and the only thing which plays an important role is strong capital. Globally the most dominant currency is GREEN BAG ($dollar) & everyone is headstrong to grab this. Now a days money is everything name‚ fame‚ power‚ desire‚ health and wealth. Let us halt here for a second and use our divine senses. Is that money really important for us to become a good soul???? With
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Would a Cashless Society Have Less Crime? How paper money facilitates tax evasion and the black market. By Katy Waldman|Posted Friday‚ March 9‚ 2012‚ at 11:39 AM A cashless society could reduce crimes that depend on untraceable currency (and not just muggings). By Andrey Armyagov/iStockphoto. Like gasoline in a getaway car‚ cash fuels all kinds of black market activities. Drugs‚ blood diamonds‚ sex work—these and other illegal goods and services are often purchased with paper money‚ because
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Cashless Society Pros and Cons Pros: 1. reducing crime rate 2. robberies’ prime targets - less chance of robbery 3. illicit activities use cash for drug dealing or prostitution 4. card is much more convenient and easier to use 5. no need to pay cash in person 6. online shopping requires cards 7. phone/online banking saves more time that allows you to transfer money or pay bill in time and instantly 8. easy to carry with low risk of money explosion 9. easy to keep track of your money
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Cashless settlement Nowadays‚ a lot of settlements are being made without using any coins or paper money. With the increasing progress of technology‚ goods and services can be paid with cash cards or over the internet. There are several options the costumer can use to pay for a purchase. Credit cards A credit card is a card issued by a financial company giving the holder the opportunity to borrow money or buy products or services on credit. The credit card provider sets a credit limit after approving
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using electronic payment systems for many years now. However‚ the retail sector still has predominance of cash transactions‚ and payment through cards is yet to pick up. Cards (both credit and debit) are one of the most secure and convenient modes of cashless payment in retail market. The card payments data shows that even though we have 19 million credit cards‚ 190 million debit cards and half a million point-of-sale terminals‚ on an average there is just one transaction annually for every debit card
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Impact of Cashless Economy in Nigeria By Omotunde M. Sunday T. John-Dewole A.T. Greener Journal of Internet‚ Information and Communication Systems Vol. 1 (2)‚ pp. 040-043‚ April 2013. Research Article Impact of Cashless Economy in Nigeria *Omotunde Muyiwa1‚ Sunday Tunmibi‚1 and John-Dewole A.T.2 1 School of Computer Science‚ Mathematics and Information Technology‚ Houdegbe North American University‚ Republic of Benin. 2 Department of Computer Science with Electronics
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