Our world’s economy grows every single day, new advancements are made, and to compensate with these advancements, come new technology. As the world begins to open its mind to new ideas and concepts, the idea of a cashless society has sprung up. There are many perks to such a society, the idea of no longer being hassled by cash is appealing to many, and for these reasons. Payment cards, such as credit and debit cards, allow more consumer freedom. The production and circulation of paper bills adds more to consumer bills in terms of marginal fees, which nobody wants to pay. Also, payment cards are safer for consumers opposed to cash. Because payment cards are economically friendly and are coupled with supporting technology, a cashless economy
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But cash can often be limiting, and with payment cards the possibilities are endless. An example of this is when using a payment card the possibility of earning rebates and points back is offered, whereas with cash, a dollar is a dollar. While there are limits on the amount of money a consumer can spend within the said payment card, such restrictions can easily be managed (Marimuthu 2). A rather major inconvenience with cash is the process of withdrawal from an ATM. With a payment card a consumer is able to have a larger balance on their card, than opposed to a maximum of a three hundred dollar withdrawal at standard ATMs (Marimuthu 3). Another large freedom that comes from a cashless society is that payment cards provide varied use at varied businesses. Many businesses are changing from cash payments to credit or debit only. The majority of consumers find that a cashless society would infact improve many drowning in debt, due to the marginal fees presented from the circulation and use of …show more content…
Such fees are burdens upon those that work steady jobs, have a family, or are living off of a one person income. For that reason, the production and circulation of paper bills adds more to consumer bills in terms of marginal fees. While the amount of a dollar is just a dollar, it costs the Federal Reserve money to produce that dollar, adding to an inclusive marginal fee that consumers have to pay (Garcia-Swartz 5). Consumers are frustrated by the fact that they have to pay for a federal branch to make cash. It takes employees to run the machines that print, press, and smooth new bills. That means that wages are “rationed” to said employees, meaning that consumers have to pay a percentage of said employee 's wages (Garcia-Swartz 3). But to “trick” hard working consumers the Federal Reserve labels this fee as a, transaction fee; however, with a payment card such a fee is not presented. Another reason why payment cards are favored amongst the idea of a cashless society. An additional feel consumers pay is a for the upkeep of the ATM 's (Garcia-Swartz 7). With payment cards no ATMs are involved, transaction fees, and marginal costs, are obsolete. Leaving more money in the pocket of the world’s hard working
But cash can often be limiting, and with payment cards the possibilities are endless. An example of this is when using a payment card the possibility of earning rebates and points back is offered, whereas with cash, a dollar is a dollar. While there are limits on the amount of money a consumer can spend within the said payment card, such restrictions can easily be managed (Marimuthu 2). A rather major inconvenience with cash is the process of withdrawal from an ATM. With a payment card a consumer is able to have a larger balance on their card, than opposed to a maximum of a three hundred dollar withdrawal at standard ATMs (Marimuthu 3). Another large freedom that comes from a cashless society is that payment cards provide varied use at varied businesses. Many businesses are changing from cash payments to credit or debit only. The majority of consumers find that a cashless society would infact improve many drowning in debt, due to the marginal fees presented from the circulation and use of …show more content…
Such fees are burdens upon those that work steady jobs, have a family, or are living off of a one person income. For that reason, the production and circulation of paper bills adds more to consumer bills in terms of marginal fees. While the amount of a dollar is just a dollar, it costs the Federal Reserve money to produce that dollar, adding to an inclusive marginal fee that consumers have to pay (Garcia-Swartz 5). Consumers are frustrated by the fact that they have to pay for a federal branch to make cash. It takes employees to run the machines that print, press, and smooth new bills. That means that wages are “rationed” to said employees, meaning that consumers have to pay a percentage of said employee 's wages (Garcia-Swartz 3). But to “trick” hard working consumers the Federal Reserve labels this fee as a, transaction fee; however, with a payment card such a fee is not presented. Another reason why payment cards are favored amongst the idea of a cashless society. An additional feel consumers pay is a for the upkeep of the ATM 's (Garcia-Swartz 7). With payment cards no ATMs are involved, transaction fees, and marginal costs, are obsolete. Leaving more money in the pocket of the world’s hard working