A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information as a form of an electronic representation of money between the transacting parties.
The Pros and Cons of Moving to a Cashless Society are enormous and scary at the same time.
Cashless payments will eliminate several business risks at a time such as theft of cash by employees, counterfeit money, and robbery of cash.
Moreover, it also reduces costs of security, withdrawing cash from the bank, transporting, and counting.
So the question goes like this Is it Time to Prepare for a Cashless Society?
let us know in the comment section how you feel about the now-coming cashless society.