Essay on A Cashless Society

1750 Words May 8th, 2011 7 Pages
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 crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates.
The move to use electronic cash in an ironically termed society dubbed “cashless”; there are many issues that include
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Making paper payments is no longer viable in the 21st Century (LLBlynch, 2009). The paying of bills used to be a matter of sending checks in the post, now people set up direct debits to pay for their bills and they are encourage to do so by being offered discounts on the bill. This form of payment is quicker and more reliable. The same arguments can be made for completely replacing cash with card payments. The internet has been a major factor in moving away from a cash society. We have become more accustom to using card payments. We now shop online and are very much used to the process. From furniture, to holidays, to cloths to electrical goods, we have seen firsthand how easy it is to buy online. This has drawn us in to this form of cashless shopping. With our attitude towards card payments becoming increasingly more amicable, eventually it is inevitable that we will do away with the time consuming cash and start using card for every form of payment. Crime will become less of a problem because the black market would suffer. People would not be able to make cash payments in back alleys for drugs and other illegal products. They would also not want to use the card payment system because this is traceable. It is the way cash can be traced that makes the authorities want to get rid of it. With no cash, there would be no cash in hand jobs. Therefore, every penny earned would be counted in our

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