Cashless society and it's policy ( part 1 )

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7 Sept 2022

What is a cashless policy?

A policy that supports the use of bank transfers, ATM cards, point-of-sale terminals, and other financial tools for moving money in transactions while discouraging the usage of large amounts of raw cash for transactions.

A society without cash is what?

A society that does not use paper money or coins for financial transactions is one that is cashless. Instead, all purchases are carried out electronically using credit or debit cards or online payment methods like Apple Pay, PayPal, Zelle, and Venmo. It's hard to predict which nations will completely phase out currency, although many are headed in that way.
Though it may sound like something from science fiction, a cashless society is already a reality. Many financial organizations, service providers, and even governments support the move because many financial practices and transactions in the modern world already take place without currency.

Some aspects of a cashless society's operations

1. Cards: are among the most widely used forms of payment today, yet they might not be sufficient to enable a completely cashless society. Alternative payment methods could be made primarily using mobile devices.

2. Apps for electronic payments: For person-to-person transactions, apps like Venmo, PayPal, and Zelle are useful (P2P payments). Bill-splitting apps also make it simple and equitable for pals to split expenses. Business-to-consumer (B2C), business-to-business (B2B), or what they currently combine into account-to-account (A2A) online payments are supported in a reliable and prompt manner by fintech businesses like Stripe, Adyen, and Fiserv.

3. Mobile wallets: like Apple Pay and mobile payment services like these both offer safe, cash-free transactions. Mobile devices have already started to replace traditional payment methods in many countries that use cash infrequently.

4. Virtual currencies: The topic of cryptocurrency has already been brought up. Cryptocurrency is utilized for money transfers, and it fosters innovation and competition that could aid in lowering costs. Cryptocurrencies may not be ready for widespread use yet because to hazards and regulatory obstacles that make them unworkable for the majority of customers.