I was reading an interesting article earlier today on the CBS News website about how Sweden is moving towards a “cashless” society. Here is the link to the article, .
Many transactions in Sweden are doing electronically with debit cards, credit cards and smart phones. Very few people use actual paper cash or coins. It seems like most of the elderly people in the country tend to use cash because they are not really knowledgeable about the new technology.
They have even gone so far as allow people to donate to their church during service electronically. No more fumbling through your pockets to find change for the collection plate. You can just hand over your debit card and key in your donation amount and pin number.
Some people feel that using cards and smart phones in lieu of cash will help cut down on bank robberies. That might be true but at the same time there would be a massive increase in cyber crimes. If every penny you owned was accessible online just think about how many more incidents of hacking and card skimming there will be? That is a really scary thought.
There is also the concern about banks fees. Many banks charge fees for credit and debit card transactions. Some even charge for transferring funds between your accounts. Can you imagine how much in fees we would be spending if we went to an entirely cashless society.
Another concern that was mentioned in the article was how electronic transactions leave a trail. Meaning you would not be able to do anything without there being some record of it. That might be good to know when you are dealing with an unfaithful spouse or illegal drug transactions. But at the same time what you do with your own money, as long as it’s not illegal, is no one’s business but your own.
I can see the pros and cons of both options (cashless vs. cash). It’s certainly a lot easier not having to worry about carrying cash around, but at the same time I rather pay $1.50 in cash for my coffee then have to worry about breaking out my debit card and incurring an additional fee. I’m still in favor of cash. I think it’s easier.
What do YOU think? Do you think we should aim to have a cashless society? Are you for cash or against cash? I’d love to hear your thoughts.
Kimberly
Robin says
Its just another way for the government to control us. If you think about it if you buy someone a visa or mastercard , you pay extra for it. When they use the card it cost the merchant , so in reality the card cost more than the value stated on the card and who is getting the money the banks. I feel this a money maker for the Banks.