Cashless Society and its wonders

[A.P. Richelieu]

A cashless society is one where financial transactions are executed digitally, without physical banknotes changing hands. A cashless society makes use of electronic forms of payment such as credit and debit cards, mobile wallets, payment apps, internet banking, cashless point of sales (POS) systems, and other forms of digital payments.

There is no escaping the fact that we are already on our way towards a cashless society. Which brings us to the question ‘Why do we need a cashless society’? Well, the simple answer is there are many benefits to be gained from a cashless society. Primarily, cashless transactions are faster and much more convenient compared to cash transactions. Furthermore, a cashless society eliminates the need to carry cash and count it out every time a transaction occurs.
In a country like Pakistan where money laundering, bribery and tax evasion are huge issues a cashless society can almost entirely eliminate these problems. Cashless transactions hinder the generation of black money and therefore curbs corruption. A cashless society fosters lower crime rates as there is no tangible money for criminals to steal. A cashless society facilitates easier currency exchange while travelling abroad. There is no need to figure out currency exchange rates as technology assists you in more ways than one. By collecting extensive data through digital transactions, consumers can use behavioral insights to manage their spending habits and preferences. The risk of handling, storing, and depositing cash is eliminated. The risk of losing money is lower as credit cards, mobile wallets, and other platforms for digital payment can be blocked if stolen, but lost cash is nearly impossible to recover. Digital payments mostly result in cost savings through improved transaction speed and efficiency. Digital payments can foster better financial inclusion for the general populace by increasing access to a wide range of financial services. Digital payments can empower women, especially in developing countries, by giving them more control over family finances and therefore improving their economic opportunities.

I would the Chinese and Swedish members on this forum to discuss and share their experiences living in a cashless society.

@Bilal Khan (Quwa) @Tipu7 @Imran Khan @Signalian @Aspen @LKJ86 @IblinI @Beast @beijingwalker @SQ8 @ghazi52 @Horus @Arsalan @waz @AgNoStiC MuSliM @LeGenD @PanzerKiel @Joe Shearer @Irfan Baloch @TaimiKhan @Areesh @Moonlight @MastanKhan @jaibi @krash @Kambojaric @Foxtrot Alpha @Deino @BHarwana @PakSword @PAR 5 @Spring Onion @denel @Figaro @samsara @Grandy @JSCh @Feng Leng @bbccdd1470 @Sasquatch @Jungibaaz @PAKISTANFOREVER @TNT @Pan-Islamic-Pakistan @vi-va @A.P. Richelieu

I withdrew $50 in cash in April.
They are still in my wallet.

 

[Clutch]

A cashless society is one where financial transactions are executed digitally, without physical banknotes changing hands. A cashless society makes use of electronic forms of payment such as credit and debit cards, mobile wallets, payment apps, internet banking, cashless point of sales (POS) systems, and other forms of digital payments.

There is no escaping the fact that we are already on our way towards a cashless society. Which brings us to the question ‘Why do we need a cashless society’? Well, the simple answer is there are many benefits to be gained from a cashless society. Primarily, cashless transactions are faster and much more convenient compared to cash transactions. Furthermore, a cashless society eliminates the need to carry cash and count it out every time a transaction occurs.
In a country like Pakistan where money laundering, bribery and tax evasion are huge issues a cashless society can almost entirely eliminate these problems. Cashless transactions hinder the generation of black money and therefore curbs corruption. A cashless society fosters lower crime rates as there is no tangible money for criminals to steal. A cashless society facilitates easier currency exchange while travelling abroad. There is no need to figure out currency exchange rates as technology assists you in more ways than one. By collecting extensive data through digital transactions, consumers can use behavioral insights to manage their spending habits and preferences. The risk of handling, storing, and depositing cash is eliminated. The risk of losing money is lower as credit cards, mobile wallets, and other platforms for digital payment can be blocked if stolen, but lost cash is nearly impossible to recover. Digital payments mostly result in cost savings through improved transaction speed and efficiency. Digital payments can foster better financial inclusion for the general populace by increasing access to a wide range of financial services. Digital payments can empower women, especially in developing countries, by giving them more control over family finances and therefore improving their economic opportunities.

I would the Chinese and Swedish members on this forum to discuss and share their experiences living in a cashless society.

@Bilal Khan (Quwa) @Tipu7 @Imran Khan @Signalian @Aspen @LKJ86 @IblinI @Beast @beijingwalker @SQ8 @ghazi52 @Horus @Arsalan @waz @AgNoStiC MuSliM @LeGenD @PanzerKiel @Joe Shearer @Irfan Baloch @TaimiKhan @Areesh @Moonlight @MastanKhan @jaibi @krash @Kambojaric @Foxtrot Alpha @Deino @BHarwana @PakSword @PAR 5 @Spring Onion @denel @Figaro @samsara @Grandy @JSCh @Feng Leng @bbccdd1470 @Sasquatch @Jungibaaz @PAKISTANFOREVER @TNT @Pan-Islamic-Pakistan @vi-va @A.P. Richelieu

I have been cashless now for over 7 years. My kids don't even know what cash is.

 

[denel]

I withdrew $50 in cash in April.
They are still in my wallet.

Noted, i am in farming area; a lot of it is barter and in kind service. Cash still remains king in our area here; but cards use is all over. It was funny long back we had a few backpackers coming thru here from Europe; they were saying we had better card acceptance then (2009) than in north america. if you come this way, do not bring Amex; it is not accepted anywhere.

 

[A.P. Richelieu]

Noted, i am in farming area; a lot of it is barter and in kind service. Cash still remains king in our area here; but cards use is all over. It was funny long back we had a few backpackers coming thru here from Europe; they were saying we had better card acceptance then (2009) than in north america. if you come this way, do not bring Amex; it is not accepted anywhere.

It is either card or you can transfer money from your bank account to someone using their telephone number as account.
You fill in the telephone number (possibly from your contact list), the amount and a textmessage. You then insert a pin code you agreed with the bank.
A few seconds later, the recipient is informed about the money transfer.
If you buy something on Internet, many companies transfer the payment to a financial company, and you get a notice in their app. In the app you can schedule the payment. If you forget the payment, you will get warnings.

 

[razgriz19]

I agree with you.
I'm not an expert on the subject matter but it's definitely ancient.

I live in Toronto and i haven't carried cash 99% of the time for the past 3 years

pakistan is 100 years behind . you need to go bank write checks use three signatures you need to be there for every job .hell i have account in habibi bank bahwalpur when i shifted islamabad i thought its just fine to use my same account here . but bank said no you can windrow only 5 lakh here or open new account in habib bank islamabad . what a stupidity . while when i was in gulf my account was open from one city but i can print my atm from any brach can deposit widrow money from any brach it was same just they need ID card . paksitani financial system is a big joke for me . because i have seen real good financial system of some good countries . another thing pakistan lack united payment system for all banks . ATM cards in pakistan seems to me useless . another method easy pesa or bla bla is scrap total BS .


world even move to stop printing cars documents and police car computers have all the data of car if they want to check .

while in pakistan still people worship original copy like holy book and keep it safe like if lost car price will fall down 1 to 3 lakh [emoji38]

 

[_NOBODY_]

I have been cashless now for over 7 years. My kids don't even know what cash is.

Where do you live sir?

 

[letsrock]

THe impediment for things like cashless society is not technology - it is in plenty and even if you dont have the market is willing to sell at reasonable rates. But it is govt and social morality. Some of the governments in the world are so corrupt that data in their hands make corruption worser not better.

 

[Bouncer]

Going cashless? That's crazy talk. How will we steal money then? How will politicians, generals, patwaris, clerks, puncture guy on Motorway, local traffic warden.. basically anyone with any bit of opportunity feed their stomachs with haram?