Presentation # 72: World as Cashless Society: A Review on Its Feasibility

Title: World as Cashless Society: A Review on Its Feasibility

World is going to be completely cashless and I partially agree with this statement. As per the Guardian, in the UK, the trend of businesses barring cash as a payment method has been evident. While a cashless future may seem promising.
On one hand, proponents of a cashless society envision a future that is more efficient, secure, and suitable. Digital payment systems like credit cards, mobile wallets, and online transactions offer speed and ease of use, removing the need to carry bulky wallets or visit ATMs. By encouraging electronic transactions, governments can reduce printing and distribution costs of cash, potentially saving resources. Additionally, going cashless could help combat black-market activities and tax evasion, as electronic transactions leave a digital trail that can be closely monitored by authorities.
On the other hand, the transition to a cashless society poses several challenges and potential drawbacks. One of the most significant concerns is digital exclusion. Not everyone has access to smartphones, banking services, or the necessary technical know-how, particularly in developing countries like Pakistan. This exclusion can marginalize vulnerable populations, deepening the digital divide and creating societal inequities. Moreover, dependence on electronic payment systems can expose individuals and businesses to the risk of cybercrime and data breaches, potentially compromising their financial security.
Looking at Pakistan as an example, the country’s journey towards a cashless society has been gradual and met with mixed results. The adoption of digital payment methods, such as mobile wallets and electronic transfers, has grown significantly in urban centers, making transactions more convenient and secure. However, in rural areas, where internet connectivity and financial literacy remain challenges, cash continues to be the dominant mode of payment.
In such regions, cash remains vital for everyday transactions, reflecting the need for inclusive policies to avoid
leaving behind marginalized communities.
In conclusion, the idea of a cashless society is both alluring and complex. While it promises increased efficiency,
security, and better tracking of financial activities, it also raises concerns about exclusion, privacy, and cyber risks.
Looking at Pakistan, we can see that a complete shift away from cash might not be feasible in the near future due to existing infrastructural and social barriers. Instead, a balanced approach is needed, ensuring the promotion of digital payment options while safeguarding accessibility for all. By striving for inclusivity and technological advancement, we can move closer to a future where the benefits of a cashless society are maximized, and its potential pitfalls are minimized.